Patriot.Tv's Jd Rucker Explains Billie Eilish's Comments on ICE, Offers ICE Commentary as Exhibit A of Celebrity Sound Bite Politics
By
Media News
4 min read • Published February 4, 2026
By
Media News
4 min read • Published February 4, 2026
Lack of objectivity has led to a decline in legacy programing ratings while Patriot.TV (CBMJ) growth exceeds Disney (DIS), Paramount Global (PARA), Comcast (CMCSA), Newsmax (NMAX), Sinclair (SBGI), Warner Bros. Discovery (WBD), and Fox Corp. (FOX).
ATLANTA, GEORGIA / ACCESS Newswire / February 4, 2026 / Conservative Broadcast Media & Journalism, Inc. (OTCID:CBMJ) On a recent broadcast of The JD Rucker Show, JD Rucker, President of Patriot.TV, delivered a pointed explanation of public remarks by Billie Eilish (one of our generations most respected artist) concerning U.S. Immigration and Customs Enforcement (ICE). While applauding her conviction to the issue, he used her comments as a high-profile example of what he described as "performance politics", activism driven by applause lines rather than facts, law, or context. An issue that is prevalent throughout the media as audiences increasingly do not read beyond headlines.
Rucker argued that regardless of ones view on the subject, Eilish’s statements reflected a broader celebrity trend: framing complex policy issues through emotionally charged soundbites that resonate with a narrow audience while bypassing legal realities and the larger societal picture. This does not reflect negatively on Eilish or her opinion but rather a broader trend to focus on one line sound bites during events that are intended for entertainment. The comments from the show can be seen in their entirety at www.patriot.tv
"When national policy is reduced to slogans, the public isn’t informed, it’s misled," Rucker said. He emphasized that immigration enforcement debates require consideration of statutory authority, humanitarian concerns, and long-term consequences, not just viral rhetoric.
Using Eilish’s remarks as a case study, Rucker expanded the discussion to a systemic issue across media and entertainment, where celebrity commentary often substitutes visibility for understanding. This narrative spans all sides of isle and although Eilish was merely expressing her personal opinion, he cautioned that this approach fuels polarization and undermines productive debate, particularly when amplified by platforms that reward attention over accuracy.
Independent Media Momentum vs. Legacy Media Decline
Rucker’s critique comes as Patriot.TV continues to gain traction with audiences seeking analysis over theatrics. Engagement trends increasingly favor independent platforms, while corporate broadcasters struggle to retain trust and attention. Audience erosion across legacy media has been widely observed at Fox Corporation, The Walt Disney Company, Comcast, NBC, Warner Bros. Discovery, CNN, and Paramount Global, CBS) underscoring a broader shift in where viewers place their time and trust.
The Grammys: From Cultural Event to Activism Stage, and the Audience Walked Away
Rucker also pointed to the Grammy Awards as a cautionary parallel. Over the past decade, the Grammys have experienced a sustained decline in viewership and cultural relevance, coinciding with a shift away from celebrating music toward recurring political and social messaging. Once a mass-appeal event drawing tens of millions, recent broadcasts ranked among the lowest in the show’s history.
Commentators increasingly note that as the program leaned into activism, many viewers disengaged entirely, choosing alternatives that deliver entertainment without ideological lectures. The result has been diminished anticipation, reduced advertiser enthusiasm, and a shrinking cultural footprint. "Audiences can handle disagreement," Rucker noted, "but they reject being talked down to by platforms that drift from their core mission."
For CBMJ and Patriot.TV, these trends reinforce a straightforward thesis: relevance is earned through substance, authenticity, and respect for the audience. As legacy institutions grapple with declining engagement, independent media that prioritize evidence-based discussion over applause lines are capturing attention and credibility, reshaping the competitive landscape.
About JD Rucker: JD Rucker is a journalist, commentator, President of Patriot.TV, and founder of multiple independent media outlets. Known for his investigative approach and principled conservatism, Rucker has built a reputation for challenging power, exposing corruption, and addressing the spiritual forces shaping modern politics. He also holds an executive leadership role at Patriot TV, where he has helped spearhead the platform’s rapid growth in audience and content.
About Patriot TV: Patriot TV is a conservative media network (and a wholly owned subsidiary of Conservative Broadcast Media & Journalism, Inc.) dedicated to defending liberty, faith, and the Constitution. Through original programming, investigative reporting, and unapologetic commentary, Patriot TV provides an alternative to corporate media narratives and serves a growing audience seeking truth without compromise. With a cutting-edge, multi-platform distribution strategy, Patriot TV reaches viewers via its website, social channels, and streaming apps, monetizing content through sponsorships, advertising, e-commerce, and subscriptions.
About Conservative Broadcast Media & Journalism, Inc. (OTCID:CBMJ): Conservative Broadcast Media & Journalism, Inc. (CBMJ) is a publicly traded media and digital broadcasting company focused on delivering conservative and faith-based content. Its wholly owned subsidiary, Patriot TV, serves as a premier destination for news, commentary, and original programming that reflects traditional American values. CBMJ’s portfolio also includes online news sites, e-commerce properties, and other media assets aligned with its America-first, pro-freedom mission. For more information, visit Patriot.TV.
Media Contact: Mark Schaftlein – CEO, Conservative Broadcast Media & Journalism (877) 704-6773
SOURCE: Conservative Broadcast Media & Journalism, Inc.
Reservoir Media Announces Third Quarter Fiscal 2026 Results
By
Media News
13 min read • Published February 4, 2026
By
Media News
13 min read • Published February 4, 2026
Double-Digit Growth in Music Publishing Driven by Performance and Digital Revenues
Raised Midpoint of Revenue and Adjusted EBITDA Outlook for Fiscal 2026
NEW YORK CITY, NY / ACCESS Newswire / February 4, 2026 / Reservoir Media, Inc. (NASDAQ:RSVR) ("Reservoir" or the "Company"), an award-winning independent music company, today announced financial results for the third quarter of fiscal 2026 ended December 31, 2025.
Recent Highlights:
Revenue of $45.6 million, increased 5% organically, or 8% including acquisitions year-over-year
Music Publishing Revenue rose 12% year-over-year
Recorded Music Revenue increased by 8% year-over-year
Operating Income of $10.3 million, increased by 8% year-over-year
OIBDA ("Operating Income Before Depreciation & Amortization") of $18.1 million, an increase of 11% year-over-year
Net Income of $2.2 million, or $0.03 per share, compared to net income of $5.3 million, or $0.08 per share year-over-year
Adjusted EBITDA of $19.2 million, up 11% year-over-year
Entered a joint venture with Jamaican and dancehall music publisher Abood Music and genre star Cordell "Skatta" Burrell
Acquired the catalog of yacht rock icon and singer-songwriter Bertie Higgins, including publishing and recorded music rights
Announced publishing deals with female-led disco-soul group Say She She, 2x-Platinum selling country and pop songwriter Allison Veltz Cruz, and multi-genre songwriter-producer Britten Newbill
Extended publishing agreement with multi-platinum Indian hip-hop artist DIVINE
Management Commentary:
"This quarter, we continued to execute with focus and discipline, advancing our top-line objectives while maintaining strong cost and balance sheet control," said Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir Media. "Across a range of new deals this quarter, spanning emerging talent and enduring cultural icons, and with our commitment to creators at the forefront of everything we do, Reservoir remains a trusted global partner. Our strong, diversified pipeline positions us well to continue to execute on transactions while delivering attractive returns."
Third Quarter Fiscal 2026 Financial Results
Summary Financials
Q3 FY26
Q3 FY25
Change
Total Revenue
$45.6
$42.3
8%
Music Publishing Revenue
$30.1
$26.9
12%
Recorded Music Revenue
$12.9
$12.0
8%
Operating Income
$10.3
$9.6
8%
OIBDA
$18.1
$16.3
11%
Net Income
$2.2
$5.3
(59%)
Adjusted EBITDA
$19.2
$17.3
11%
(Table Notes: $ in millions; Quarters ended December 31st; Unaudited)
Total revenue in the third quarter of fiscal 2026 increased 8% to $45.6 million, compared to $42.3 million in the third quarter of fiscal 2025. This increase was driven by a 12% increase in Music Publishing revenue, alongside an 8% increase in Recorded Music revenue, largely attributable to an increase in Digital revenue from the acquisition of additional music catalogs and continued growth at music streaming services.
Operating income in the third quarter of fiscal 2026 was $10.3 million compared to operating income of $9.6 million in the third quarter of fiscal 2025. OIBDA in the third quarter of fiscal 2026 increased 11% to $18.1 million, compared to $16.3 million in the prior year’s quarter. Adjusted EBITDA in the third quarter of fiscal 2026 increased 11% to $19.2 million, compared to $17.3 million last year, primarily because of an increase in total revenues, partially offset by an increase in administrative expenses. See below for calculations and reconciliations of OIBDA and Adjusted EBITDA to operating income and net income, respectively.
Net income in the third quarter of fiscal 2026 was $2.2 million, or $0.03 per share, compared to net income of $5.3 million, or $0.08 per share, in the year-ago quarter. The decrease in net income was primarily driven by a loss on fair value of swaps compared to a gain in the prior year period as well as increased interest expense, and change in other income, partially offset by an increase in operating income and a decrease in income tax expense.
Third Quarter Fiscal 2026 Segment Review
Music Publishing
Q3 FY26
Q3 FY25
Change
Revenue by Type
Digital
$17.4
$16.7
5%
Performance
$6.2
$4.4
42%
Synchronization
$4.6
$4.1
11%
Mechanical
$0.6
$0.9
(37%)
Other
$1.3
$0.8
66%
Total Revenue
$30.1
$26.9
12%
OIBDA
$11.0
$9.1
21%
(Table Notes: $ in millions; Quarters ended December 31st; Unaudited)
Music Publishing Revenue in the third quarter of fiscal 2026 was $30.1 million, an increase of 12% compared to $26.9 million in last fiscal year’s third quarter. The increase was mainly due to an increase in Performance revenue driven by the strong results from hit songs and an increase in Digital revenue due to the acquisition of additional catalogs and continued growth at music streaming services.
In the third quarter of fiscal 2026, Music Publishing OIBDA increased 21% to $11.0 million, compared to $9.1 million in the third quarter of fiscal 2025. Music Publishing OIBDA margin in the third quarter increased from 34% to 37%. The increase in Music Publishing OIBDA was driven by an increase in revenues, and the increase in OIBDA margin reflects decreases in cost of revenue and administration expenses as a percentage of revenues.
Recorded Music
Q3 FY26
Q3 FY25
Change
Revenue by Type
Digital
$9.3
$8.1
15%
Physical
$1.9
$2.0
(6%)
Neighboring Rights
$1.1
$0.9
29%
Synchronization
$0.5
$1.0
(47%)
Total Revenue
$12.9
$12.0
8%
OIBDA
$6.7
$6.4
5%
(Table Notes: $ in millions; Quarters ended December 31st; Unaudited)
Recorded Music Revenue in the third quarter of fiscal 2026 was $12.9 million, an increase of 8% compared to $12.0 million in last year’s third quarter. The increase was driven by an increase in Digital revenue driven by the acquisition of catalogs and continued growth at music streaming services and an increase in Neighboring Rights revenue.
In the third quarter of fiscal 2026, Recorded Music OIBDA increased 5%, to $6.7 million, compared to $6.4 million in the third quarter of fiscal 2025. This increase primarily reflects an increase in revenues. Recorded Music OIBDA margin in the third quarter decreased to 52% compared to 53% in the prior-year quarter, primarily reflecting an increase in administration expenses as a percentage of revenues.
Balance Sheet and Liquidity
For the nine months ended December 31, 2025, cash provided by operating activities was $38.2 million, an increase of $5.1 million compared to the same period last year, primarily due to an increase in OIBDA and in cash provided by working capital.
As of December 31, 2025, Reservoir had cash and cash equivalents of $20.6 million and $94.2 million available for borrowing under its revolving credit facility, for total available liquidity of $114.8 million. Total Debt was $452.3 million (net of $3.6 million of deferred financing costs) and Net Debt was $431.7 million (defined as total debt, less cash and equivalents and deferred financing costs). This compares to cash and cash equivalents of $21.4 million and $58.2 million available for borrowing under its revolving credit facility, for total available liquidity of $79.6 million as of March 31, 2025. Total debt was $388.1 million (net of $3.7 million of deferred financing costs) and Net Debt was $366.7 million as of March 31, 2025.
Fiscal Year 2026 Outlook
Reservoir increased its previously provided financial outlook ranges for fiscal year 2026, and expects the financial results for the year ending March 31, 2026, to be as follows:
Outlook
Guidance
Growth
(at mid-point)
Revenue
$170M – $173M
8%
Adjusted EBITDA
$71.5M – $73.5M
10%
Jim Heindlmeyer, Chief Financial Officer of Reservoir, stated, "Our financial results through the first three fiscal quarters underscore the strength of our portfolio of talent and our disciplined approach to sourcing deals with strong fundamentals and compelling return potential. We are raising our guidance ranges for both revenue and adjusted EBITDA for the full 2026 fiscal year."
Conference Call Information
Reservoir is hosting a conference call for analysts and investors to discuss its financial results for the third quarter for fiscal year ending March 31, 2026 at 10:00 a.m. EST today, February 4, 2026. The conference call can be accessed via webcast in the Investor Relations section of the Company’s website at https://investors.reservoir-media.com/news-and-events/events-and-presentations.
Interested parties may also participate in the call using the following registration link: Here. Once registered, participants will receive a dial-in number as well as a PIN to enter the event. Participants may re-register for the conference call in the event of a lost dial-in number or PIN. Shortly after the conclusion of the conference call, a replay of the audio webcast will be available in the investor relations section of Reservoir’s website for 30 days after the event.
About Reservoir Media, Inc.
Reservoir is an independent music company based in New York City and with offices in Los Angeles, Nashville, Toronto, London, Abu Dhabi, and Mumbai. Reservoir is the first female-founded and led publicly traded independent music company in the U.S. Founded as a family-owned music publisher in 2007, Reservoir represents copyrights and master recordings including titles dating as far back as 1900 and hundreds of #1 releases worldwide. Reservoir frequently holds a Top 10 U.S. Market Share according to Billboard’s Publishers Quarterly, was twice named Publisher of the Year by Music Business Worldwide’s The A&R Awards and won Independent Publisher of the Year at the 2020 and 2022 Music Week Awards.
Reservoir also represents a multitude of recorded music through Chrysalis Records, Tommy Boy Music, and Philly Groove Records and manages artists through its ventures with Blue Raincoat Music and Big Life Management.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made in reliance on the safe harbor protections provided thereunder. Forward-looking statements are typically identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "outlook," "plan," "possible," "potential," "predict," "project," "should," "target," "would" and other similar words and expressions. Forward-looking statements in this press release relate to, among other things: Reservoir’s anticipated financial condition, results of operations and performance, expected growth, plans and objectives for future operations, business prospects and market conditions. Forward-looking statements are based on the current expectations and beliefs of management and information currently available to management. These statements are inherently subject to a number of risks, uncertainties and assumptions, many of which are outside of our control and could cause future events or results to be materially different from those stated or implied in this press release, including the risk factors that are described in Reservoir’s Annual Report on Form 10-K for the year ended March 31, 2025 and our other filings with the SEC available on the SEC’s website at www.sec.gov or Reservoir’s website at www.reservoir-media.com. Any forward-looking statement made in this press release speaks only as of the date on which it is made and Reservoir undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Reservoir Media, Inc. and Subsidiaries Condensed Consolidated Statements of Income Three and Nine Months Ended December 31, 2025 versus December 31, 2024 (Unaudited) (Expressed in U.S. dollars)
Three Months Ended December 31,
Nine Months Ended December 31,
2025
2024
% Change
2025
2024
% Change
Revenues
$
45,567,879
$
42,303,716
8
%
$
128,167,223
$
117,287,952
9
%
Costs and expenses:
Cost of revenue
16,197,952
15,068,042
7
%
45,922,872
43,180,529
6
%
Amortization and depreciation
7,789,274
6,713,621
16
%
22,659,874
19,528,397
16
%
Administration expenses
11,253,191
10,964,096
3
%
33,123,780
29,937,510
11
%
Total costs and expenses
35,240,417
32,745,759
8
%
101,706,526
92,646,436
10
%
Operating income
10,327,462
9,557,957
8
%
26,460,697
24,641,516
7
%
Interest expense
(6,584,013
)
(5,776,861
)
(19,621,628
)
(15,796,667
)
(Loss) gain on foreign exchange
(88,508
)
(76,431
)
619,896
(172,242
)
(Loss) gain on fair value of swaps
(270,380
)
3,084,761
(1,583,543
)
(2,532,441
)
Other (expense) income, net
(103,113
)
509,263
(357,596
)
410,774
Income before income taxes
3,281,448
7,298,689
5,517,826
6,550,940
Income tax expense
1,078,418
1,987,150
1,754,665
1,540,589
Net income
2,203,030
5,311,539
3,763,161
5,010,351
Net (income) loss attributable to noncontrolling interests
(7,045
)
(67,448
)
135,006
72,100
Net income attributable to Reservoir Media, Inc.
$
2,195,985
$
5,244,091
$
3,898,167
$
5,082,451
Earnings per common share:
Basic
$
0.03
$
0.08
$
0.06
$
0.08
Diluted
$
0.03
$
0.08
$
0.06
$
0.08
Weighted average common shares outstanding:
Basic
65,600,855
65,240,858
65,512,938
65,133,225
Diluted
66,331,466
66,106,474
66,217,667
65,906,440
Reservoir Media, Inc. and Subsidiaries Condensed Consolidated Balance Sheets December 31, 2025 versus March 31, 2025 (Unaudited) (Expressed in U.S. dollars)
December 31, 2025
March 31, 2025
Assets
Current assets
Cash and cash equivalents
$
20,591,354
$
21,386,140
Accounts receivable
37,055,363
37,848,611
Current portion of royalty advances
15,328,098
15,182,463
Other current assets
4,865,554
4,867,081
Total current assets
77,840,369
79,284,295
Intangible assets, net
797,168,961
719,673,219
Equity method and other investments
2,578,144
1,100,000
Royalty advances, net of current portion and reserves
54,144,766
55,508,155
Property and equipment, net
530,554
406,784
Operating lease right of use assets, net
7,259,255
5,949,418
Fair value of swap assets
642,406
1,828,303
Other assets
1,740,980
1,376,836
Total assets
$
941,905,435
$
865,127,010
Liabilities
Current liabilities
Accounts payable and accrued liabilities
$
5,853,767
$
5,394,755
Royalties payable
47,896,461
47,210,727
Accrued payroll
1,599,390
2,588,758
Deferred revenue
4,063,269
1,885,462
Other current liabilities
6,204,969
7,954,208
Income taxes payable
11,844
803,342
Total current liabilities
65,629,700
65,837,252
Secured line of credit
452,259,334
388,134,754
Deferred income taxes
40,853,064
38,228,099
Operating lease liabilities, net of current portion
This press release includes certain financial information, such as OIBDA, OIBDA margin, EBITDA, Adjusted EBITDA, and Net Debt, which has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). Reservoir’s management uses these non-GAAP financial measures to evaluate Reservoir’s operations, measure its performance and make strategic decisions. Reservoir believes that the use of these non-GAAP financial measures provides useful information to investors and others in understanding Reservoir’s results of operations and trends in the same manner as Reservoir’s management and in evaluating Reservoir’s financial measures as compared to the financial measures of other similar companies, many of which present similar non-GAAP financial measures. However, these non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by Reservoir’s management about which items are excluded or included in determining these non-GAAP financial measures and, therefore, should not be considered as a substitute for net income, operating income or any other operating performance measures calculated in accordance with GAAP. Using such non-GAAP financial measures in isolation to analyze Reservoir’s business would have material limitations because the calculations are based on the subjective determination of Reservoir’s management regarding the nature and classification of events and circumstances. In addition, although other companies in Reservoir’s industry may report measures titled OIBDA, OIBDA margin, Adjusted EBITDA, and Net Debt, or similar measures, such non-GAAP financial measures may be calculated differently from how Reservoir calculates such non-GAAP financial measures, which reduces their overall usefulness as comparative measures. Because of these limitations, such non-GAAP financial measures should be considered alongside other financial performance measures and other financial results presented in accordance with GAAP. You can find the reconciliation of these non‐GAAP financial measures to the nearest comparable GAAP measures in the tables below.
OIBDA
Reservoir evaluates operating performance based on several factors, including its primary financial measure of operating income before non-cash depreciation of tangible assets and non-cash amortization of intangible assets ("OIBDA"). Reservoir considers OIBDA to be an important indicator of the operational strengths and performance of its businesses and believes this non-GAAP financial measure provides useful information to investors because it removes the significant impact of amortization from Reservoir’s results of operations. However, a limitation of the use of OIBDA as a performance measure is that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in Reservoir’s businesses and other non-operating income (loss). Accordingly, OIBDA should be considered in addition to, not as a substitute for, operating income, net income attributable to us and other measures of financial performance reported in accordance with GAAP. In addition, our definition of OIBDA may differ from similarly titled measures used by other companies. OIBDA Margin is defined as OIBDA as a percentage of revenue.
EBITDA and Adjusted EBITDA
EBITDA is defined as earnings (net income or loss) before net interest expense, income tax (benefit) expense, non-cash depreciation of tangible assets and non-cash amortization of intangible assets and is used by management to measure operating performance of the business. Adjusted EBITDA, in addition to adjusting net income to exclude income tax expense, interest expense and depreciation and amortization, further adjusts net income by excluding items or expenses such as, among others, (1) any non-cash charges (including any impairment charges and loss on early extinguishment of debt and to write-down an equity investment to its estimated fair value), (2) any net gain or loss on foreign exchange, (3) any net gain or loss resulting from interest rate swaps, (4) equity-based compensation expense and (5) certain unusual or non-recurring items.
Adjusted EBITDA is a key measure used by Reservoir’s management to understand and evaluate operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. However, certain limitations on the use of Adjusted EBITDA include, among others, (1) it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenue for Reservoir’s business, (2) it does not reflect the significant interest expense or cash requirements necessary to service interest or principal payments on Reservoir’s indebtedness and (3) it does not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments. In particular, Adjusted EBITDA measure adds back certain non-cash, unusual or non-recurring charges that are deducted in calculating net income; however, these are expenses that may recur, vary greatly and are difficult to predict. In addition, Adjusted EBITDA is not the same as net income or cash flow provided by operating activities as those terms are defined by GAAP and does not necessarily indicate whether cash flows will be sufficient to fund cash needs.
Net Debt
Reservoir defines Net Debt as total debt, less cash and equivalents and deferred financing costs.
Reservoir Media, Inc. and Subsidiaries Reconciliation of Operating Income to OIBDA Three and Nine Months Ended December 31, 2025 versus December 31, 2024 (Unaudited) (Dollars in thousands)
For the Three Months Ended December 31,
For the Nine Months Ended December 31,
2025
2024
2025
2024
Revenues
$
45,568
$
42,304
$
128,167
$
117,288
Cost of revenue
16,198
15,068
45,923
43,181
Administration expenses
11,253
10,964
33,124
29,938
OIBDA
18,117
16,272
49,121
44,170
Amortization and depreciation
7,789
6,714
22,660
19,528
Operating income
$
10,327
$
9,558
$
26,461
$
24,642
Reservoir Media, Inc. and Subsidiaries Music Publishing Segment OIBDA Three and Nine Months Ended December 31, 2025 versus December 31, 2024 (Unaudited) (Dollars in thousands)
For the Three Months Ended December 31,
For the Nine Months Ended December 31,
2025
2024
2025
2024
Revenues
$
30,122
$
26,893
$
85,930
$
79,489
Cost of revenue
12,617
11,731
36,101
34,149
Administration expenses
6,462
6,014
19,907
18,449
OIBDA
$
11,042
$
9,148
$
29,922
$
26,891
Reservoir Media, Inc. and Subsidiaries Recorded Music Segment OIBDA Three and Nine Months Ended December 31, 2025 versus December 31, 2024 (Unaudited) (Dollars in thousands)
For the Three Months Ended December 31,
For the Nine Months Ended December 31,
2025
2024
2025
2024
Revenues
$
12,873
$
11,964
$
36,299
$
32,287
Cost of revenue
3,581
3,337
9,822
9,032
Administration expenses
2,565
2,229
8,300
7,002
OIBDA
$
6,727
$
6,398
$
18,177
$
16,253
Reservoir Media, Inc. and Subsidiaries Reconciliation of Net Income to Adjusted EBITDA Three and Nine Months Ended December 31, 2025 versus December 31, 2024 (Unaudited) (Dollars in thousands)
For the Three Months Ended December 31,
For the Nine Months Ended December 31,
2025
2024
2025
2024
Net Income
$
2,203
$
5,312
$
3,763
$
5,010
Income Tax Expense
1,078
1,987
1,755
1,541
Interest Expense
6,584
5,777
19,622
15,797
Amortization and Depreciation
7,789
6,714
22,660
19,528
EBITDA
17,654
19,790
47,800
41,876
Loss (Gain) on Foreign Exchange(a)
89
76
(620
)
172
Loss (Gain) on Fair Value of Swaps(b)
270
(3,085
)
1,584
2,532
Non-cash Share-based Compensation(c)
1,092
1,006
3,339
3,334
Other Expense (Income), Net(d)
103
(509
)
358
(411
)
Adjusted EBITDA
$
19,208
$
17,278
$
52,461
$
47,504
(a) Reflects the loss or (gain) on foreign exchange fluctuations. (b) Reflects the non-cash loss or (gain) on the mark-to-market of interest rate swaps. (c) Reflects non-cash share-based compensation expense related to the Reservoir Media, Inc. 2021 Omnibus Incentive Plan. (d) Reflects Reservoir’s share of losses recorded by equity method investments during the three and nine months ended December 31, 2025. Reflects a gain recorded on the disposal of an equity investment (the "Investment Gain") and the Company’s share of proceeds related to underreported royalty usage for an acquired Recorded Music catalog that pertained to periods prior to the Company’s acquisition of the catalog ("Recovery Income") during the three months ended December 31, 2024. Reflects the Investment Gain and Recovery Income, partially offset by Reservoir’s share of the loss recorded by an equity method investment during the nine months ended December 31, 2024.
Vanderbilt Report: Coeptis Therapeutics Shareholders Approve Transformational Merger: From Biopharma to Dual-Sector Platform
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4 min read • Published February 4, 2026
By
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4 min read • Published February 4, 2026
BRISTOL, TN / ACCESS Newswire / February 4, 2026 / Coeptis Therapeutics Holdings, Inc. (NASDAQ:COEP) shareholders approved a transformational merger that converts a clinical-stage biopharmaceutical company into a dual-sector enterprise. The transaction anchors the combined entity around technology infrastructure operations valued at $660 million while distributing biotech assets valued at $75 million to shareholders as a separate spin-out company.
The shareholder meeting validated a strategic restructuring first disclosed in 2025 SEC filings. Rather than pursuing traditional M&A, management engineered a business model transformation that leverages an existing NASDAQ listing to create shareholder exposure across two distinct sectors: contracted technology infrastructure revenue and speculative cell therapy development.
The Transaction Architecture
Shareholders approved three interdependent proposals creating the dual-sector structure. Proposal 1 authorized share issuance under the April 25, 2020 merger agreement with Z-Squared Inc. Proposal 2 enabled transfer of biopharmaceutical operations to a spin-out subsidiary, with shares distributed pro-rata to stockholders. Proposal 3 changed the corporate name from Coeptis Therapeutics Holdings to Z Squared Inc.
Post-merger, Z-Squared shareholders own 79% of the combined entity, with existing Coeptis shareholders retaining 21%. The surviving entity operates technology infrastructure under the NASDAQ:COEP ticker. Separately, shareholders receive stock in a standalone biotech company housing cell therapy and oncology programs.
Technology Infrastructure: The $660M Core Asset
Z-Squared operates 9,000 U.S.-based technology infrastructure units at full capacity under hosting agreements providing geographic diversification across multiple domestic facilities. The business model generates recurring revenue through contracted hosting arrangements tied to long-life physical assets rather than software subscriptions or cloud services.
The company owns and operates physical hardware, negotiates facility hosting agreements, and maintains operational control. This capital-intensive approach trades high gross margins for revenue visibility through multi-year hosting contracts. The domestic facility footprint differentiates Z-Squared from competitors reliant on international data center capacity or third-party hosting.
The Biotech Spin-Out and Tax Advantages
The $75 million biotech spin-out houses DVX201, an unmodified natural killer cell therapy licensed from Deverra Therapeutics, the SNAP-CAR universal multi-antigen platform from the University of Pittsburgh, and GEAR cell therapy platforms developed with VyGen-Bio and Karolinska Institute researchers. Management plans to pursue a NASDAQ uplisting for the independent entity, providing public market access without requiring a traditional IPO.
The transaction structure also captures approximately $100 million in tax-loss carryforwards accumulated during Coeptis’s clinical development years. These NOLs shield Z-Squared from federal income taxes on future earnings, improving after-tax cash flow during early combined operations. The tax advantages can fund infrastructure unit expansion or technology development without immediate tax consequences.
Market Positioning and Strategic Timing
The transformation creates simultaneous exposure to contracted technology infrastructure revenue and biotech development. Existing COEP shareholders preserve cell therapy exposure through the spin-out while adding technology infrastructure positions. New investors gain access to recurring infrastructure revenue with biotech optionality as a separate security.
The transaction capitalizes on institutional interest in infrastructure-style technology investments offering predictable cash flows from physical assets and long-term contracts. By separating biotech programs into a distinct entity, each business attracts capital from investors with appropriate sector expertise-infrastructure investors evaluating unit economics and hosting contracts, biotech specialists assessing clinical timelines and regulatory pathways.
The timing leverages an existing NASDAQ listing to create this dual-sector structure without requiring separate public offerings. The $835 million combined valuation-$660M technology infrastructure, $75M biotech spin-out, $100M tax attributes-provides a framework as the entities execute on infrastructure unit expansion and clinical development milestones.
With preliminary shareholder approval secured, management proceeds with transaction closing, biotech spin-out execution, and operations as a combined technology infrastructure and life sciences enterprise.
About Coeptis Therapeutics Holdings, Inc.
Coeptis Therapeutics Holdings, Inc. (NASDAQ:COEP) is a biopharmaceutical and technology company developing innovative cell therapy platforms for cancer, autoimmune, and infectious diseases. The therapeutic portfolio includes assets licensed from Deverra Therapeutics and the University of Pittsburgh. The Technology Division includes AI-powered marketing software and robotic process automation tools. Headquartered in Wexford, PA. For more information: https://coeptistx.com
About The Vanderbilt Report
The Vanderbilt Report provides independent analysis of public company transactions, focusing on strategic structure, valuation methodology, and market positioning. Analysis is based solely on publicly available SEC filings and does not constitute investment advice.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements regarding the proposed merger transaction, the biotech spin-out, expected valuations, business strategies, operational plans, NASDAQ uplisting intentions, and future financial performance. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements.
Factors that could cause actual results to differ include, but are not limited to: the ability to complete the merger and satisfy closing conditions; regulatory approvals; market conditions; the ability to successfully operate the combined business; the ability to complete the biotech spin-out and obtain NASDAQ uplisting approval; the ability to maintain hosting agreements and customer relationships; competitive pressures; technological changes; the ability to utilize tax-loss carryforwards; the ability to advance clinical development programs; and other risks detailed in Coeptis’s SEC filings. Coeptis undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.
This announcement is based solely on publicly available SEC filings and does not constitute investment advice or a recommendation to buy or sell securities. Investors should conduct their own due diligence and consult with financial advisors before making investment decisions.
Vanderbilt Report: NextTrip's 'Watch It, Book It' Model Gains Momentum as Revenue Surges and Company Acquires 200M-Viewer Travel Platform
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6 min read • Published February 4, 2026
By
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6 min read • Published February 4, 2026
How a Santa Fe Company is Turning Streaming Travel Content Into Actual Vacations – and Why the Numbers Suggest Significant Traction
BRISTOL, TN / ACCESS Newswire / February 4, 2026 / The Vanderbilt Report today published coverage on NextTrip, Inc. (NASDAQ:NTRP), a company solving something the travel industry hasn’t quite figured out yet: seamlessly connecting the inspiration you get from watching travel content to actually booking the trip.
It’s a deceptively simple idea. You’re watching a documentary about Italian coastal towns, you’re inspired, you want to go – but then you close the app and start Googling hotels, checking flight prices, maybe opening five browser tabs, and suddenly the magic is gone. NextTrip has built the infrastructure to eliminate that friction entirely.
The Numbers Tell a Compelling Story
Third-quarter revenue hit $1.2 million – up from $74,635 the same period last year. That’s 1,508% growth. For the nine months ended November 2025, revenue reached $2.1 million versus $417,926 in 2024, a 402% increase. The company also reported $1.7 million in deferred revenue, representing business already contracted but not yet recognized.
"Most travel companies are either media companies that inspire you, or booking platforms that transact for you," said Bill Kerby, NextTrip’s CEO. "Almost nobody owns both layers. We think that’s the entire opportunity."
A Federal Budget Cut Creates a Strategic Opportunity
Earlier this month, NextTrip closed its acquisition of GoUSA TV, a travel streaming platform that reached more than 200 million viewers globally before federal budget cuts suspended operations in September 2025. The platform operated on Samsung TV Plus, LG Channels, and other major connected TV platforms across 100+ countries.
NextTrip paid $700,000 total – half in cash, half in stock – and acquired 100+ hours of destination programming plus established distribution relationships with major streaming platforms. The timing created a unique opportunity to acquire proven global distribution infrastructure at an attractive entry point.
NextTrip is integrating GoUSA’s content and distribution into JOURNY, their existing travel streaming network, creating what they describe as "demand infrastructure" – content specifically designed to generate bookable travel intent.
How the Model Actually Works
Here’s the system in practice:
You’re watching a JOURNY episode about Napa Valley. As the sommelier pours wine at a boutique vineyard hotel, a QR code appears. Scan it, and you’re looking at actual room rates at that exact property through NextTrip’s Five Star Alliance luxury booking platform. Or maybe it’s a group trip to Tulum featured in a creator-led series – that routes through TA Pipeline, their group travel booking engine.
The content isn’t incidental to the business model. It is the business model. JOURNY generates advertising revenue like any streaming platform, but it also generates booking revenue through attribution – something traditional travel media companies can’t capture and booking platforms have to pay dearly to acquire through Google and Facebook ads.
"We’re not trying to be another Expedia," Kerby explained in a recent press release. "We’re building infrastructure where the storytelling itself creates the demand, and we own the technology to capture the transaction. It’s two revenue streams from the same viewer."
Why the Timing Makes Sense
The travel industry is in the middle of a discovery shift. According to Expedia Group’s October 2025 Consumer Travel Index Survey, video content significantly outperforms static formats in influencing travel decisions. People are already watching travel content to get inspired – YouTube travel vlogs, Instagram Reels, Netflix travel shows. But there’s been no direct path from "wow, I want to go there" to "here’s my itinerary."
NextTrip identified that gap early and built the infrastructure to own it – before the major OTAs fully pivoted to content or before the streaming platforms built booking engines.
The GoUSA acquisition accelerates that strategy considerably. Instead of spending years building distribution relationships with Samsung, LG, and international streaming platforms, NextTrip acquired those relationships along with a content library and a global footprint that’s already proven.
Scaling the Operation
The company is actively expanding to meet growing demand. Management announced hiring initiatives for additional travel sales personnel and platform engineers to accelerate product integrations and feature releases. These investments position NextTrip to drive higher-margin advertising revenue and faster deployment of integrated media-to-commerce capabilities.
Cash stood at $2.4 million as of November 30, supplemented by a $3.0 million institutional private placement completed in early 2026 through Ladenburg Thalmann. This capital strengthens the balance sheet and provides resources to support continued growth initiatives.
The third quarter included $2.4 million in non-cash stock option expenses related to the corporate transition that won’t recur at similar levels, meaning the operational trajectory strengthens going forward.
The Strategic Advantage
NextTrip has built a business model that’s genuinely differentiated in travel. Not a booking platform that has to buy demand. Not a media company that monetizes only through ads. An integrated system that captures both revenue streams from the same audience.
"Calendar 2026 is centered on execution and scale," Kerby said. "Fiscal year 2027 – starting March 2026 – is when we expect the model to demonstrate its full earning power. By then, our media distribution, advertising programs, and commerce integrations will be operating at scale."
The combination of accelerating revenue growth, strategic asset acquisition at attractive pricing, expanded distribution infrastructure, and a differentiated business model positions NextTrip at an inflection point. The company has identified an obvious gap in how travelers discover and book trips, and built the technology to own that connection.
As video continues to dominate how people discover travel destinations, NextTrip’s dual ownership of both the inspiration layer and the booking layer creates a structural advantage that traditional players can’t easily replicate. The revenue trajectory and strategic execution suggest the company is capitalizing on that opportunity effectively.
The Vanderbilt Report covers emerging companies reshaping established industries through business model innovation and strategic execution. Our coverage focuses on identifying inflection points where technology, market timing, and management capability converge to create differentiated value.
About NextTrip, Inc. (NASDAQ:NTRP)
NextTrip operates at the intersection of travel media and commerce technology. Through platforms including JOURNY streaming network, Five Star Alliance luxury bookings, and TA Pipeline group travel, the company connects travel inspiration directly to booking and fulfillment. For more information: www.nexttrip.com and investors.nexttrip.com.
This coverage report is for informational purposes only and does not constitute investment advice. The Vanderbilt Report may have business relationships with covered companies. Investors should conduct their own due diligence and consult financial advisors before making investment decisions.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current expectations, estimates, and projections about Global Clean Energy’s industry, management’s beliefs, and assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of factors.
Vanderbilt Report: Global Clean Energy's AI Division Targets $54 Billion Market Opportunity
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4 min read • Published February 4, 2026
By
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4 min read • Published February 4, 2026
Strategic Launch Positions Company at Intersection of Renewable Energy and Artificial Intelligence Growth
BRISTOL, TN / ACCESS Newswire / February 4, 2026 / Global Clean Energy, Inc. (OTCID:GCEI), announced its newly launched AI division has positioned the company to capture opportunities in the artificial intelligence energy market, projected to expand from $11.30 billion in 2024 to $54.83 billion by 2030, representing a compound annual growth rate of 30.2%.
The AI division launch aligns Global Clean Energy with three converging market trends: explosive data center growth driving clean energy demand, unprecedented capital investment in AI-enabled energy infrastructure, and proven operational economics favoring AI adoption in the energy sector.
Market Dynamics Support Strategic Positioning
Data centers are driving significant clean energy demand, accounting for 27 gigawatts or 43% of total corporate power procurement in 2025 through October. These facilities require 24/7 uninterruptible power, creating opportunities for AI-optimized renewable energy solutions.
According to MIT research, machine learning optimization has achieved 15% improvements in grid efficiency and 10-20% increases in battery storage efficiency, transforming renewable energy into a viable primary power source for demanding applications.
The International Energy Agency projects $3.3 trillion in energy sector capital investments by 2025, with data center investments alone reaching $1.1 trillion by 2029. The AI in energy sector has tracked over 1,400 funding rounds with an average deal value of $61.5 million, demonstrating robust capital market confidence.
Proven Economics Drive Value Creation
AI implementation enables energy producers to reduce operational costs by up to 15% and boost productivity by 10%. In widespread adoption scenarios, AI applications in power plant operations and maintenance could yield potential cost savings of up to $110 billion annually by 2035.
Real-world results validate the business model. In 2023, ADNOC’s AI energy-saving initiatives generated $500 million in value and reduced carbon emissions by approximately one million tonnes, equivalent to removing around 200,000 gasoline-powered cars from the road.
Companies effectively deploying AI in renewable energy operations have reduced downtime by 70% through predictive maintenance, real-time optimization, and enhanced forecasting capabilities. The renewable energy market is projected to expand from $1.34 trillion in 2024 to $5.62 trillion by 2033, with AI playing a central role in this growth.
Technology Capabilities and Applications
Global Clean Energy’s AI division focuses on three core capabilities:
Grid Management: Machine learning-driven forecasting integrated with real-time sensor data can reduce grid imbalance events by up to 30%, addressing a primary challenge in renewable energy integration.
Energy Production Optimization: AI has demonstrated the ability to boost solar energy efficiency by 20% through optimized panel orientations and sunlight tracking, with similar improvements applicable across renewable energy sources.
Predictive Maintenance: AI algorithms predict equipment servicing needs before failures occur, preventing blackouts while extending asset life and reducing unplanned downtime.
Substantial Market Opportunity
AI-driven energy efficiency measures and smart grid technologies could generate up to $1.3 trillion in economic value by 2030. This value creation occurs through reduced energy waste, enhanced asset utilization, lower operational costs, and improved reliability.
AI also has the potential to reduce global greenhouse gas emissions by 5-10%, an amount equal to the annual emissions of the entire European Union. Companies delivering environmental benefits while maintaining profitability are attracting capital from both traditional energy investors and ESG-focused funds.
About Vanderbilt Report The Vanderbilt Report is a financial news and analysis platform. The information contained herein is based on publicly available sources, regulatory filings, and company disclosures believed to be accurate at the time of publication. This report is for informational purposes only and should not be construed as investment advice, a solicitation, or an offer to buy or sell any security.
Readers are encouraged to perform their own due diligence and consult a licensed financial advisor before making any investment decisions. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current expectations, estimates, and projections about Global Clean Energy’s industry, management’s beliefs, and assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of factors.
Transglobal Management Group Achieves Profitability Through Golf Industry Consolidation
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5 min read • Published February 4, 2026
By
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5 min read • Published February 4, 2026
Strategic Acquisition Delivers Immediate Operating Income and Multi-Asset Platform for Expansion
BRISTOL, TN / ACCESS Newswire / February 4, 2026 / Transglobal Management Group, Inc. (OTCID:TMGI) has executed a strategic transformation that positions the publicly traded company at the intersection of golf course ownership, reservation technology, and hospitality operations. The acquisition of GETGOLF, LLC and its portfolio of operating assets delivered immediate profitability while establishing a platform for industry consolidation.
Jeff "JH" Foster, founder and CEO of GETGOLF, assumed the roles of Chairman and Chief Executive Officer of TMGI in October 2025. The transaction brought three revenue-generating businesses into the public company structure: Apache Creek Golf Club plus Stand-By Golf, a 37-year-old reservation system operating across premium golf markets in Phoenix/Scottsdale, Palm Springs, and Las Vegas.
The Profitability Framework Stand-By Golf anchors TMGI’s financial foundation with demonstrated operating performance. For the year ended December 31, 2025, the reservation platform generated $1.3 million in gross revenue and $300,000 in net profit-representing year-over-year increases of 10% and 22%, respectively.
The business model operates on established economics: golfers access discounted tee times at more than 200 championship courses, receiving 20% to 60% savings on posted rates. Reservations are available same-day through 90 days in advance, creating booking flexibility across skill levels and budgets. Stand-By Golf monetizes the spread between wholesale course access and retail pricing, generating recurring transaction revenue without the capital intensity of course ownership.
Management highlighted opportunities to improve margins through operational efficiencies, technology integration, and targeted marketing. The 37-year operating history provides brand recognition in its three core markets, while the existing customer base creates cross-promotional opportunities for TMGI’s owned courses and upcoming technology platform.
Physical Asset Platform Apache Creek Golf Club represents TMGI’s entry into direct course ownership. Apache Creek, located in Apache Junction, completed strategic facility enhancements including annual overseeding, a redesigned Pro Shop with expanded premium brands, and renovated clubhouse spaces for events and gatherings.
Foster’s vision extends beyond traditional course operations to developing properties into family-friendly destinations where guests can vacation, live, work, and play. The strategy positions TMGI to capture value across the golf experience-from course operations and real estate development to ancillary hospitality services.
Technology Scalability: The GETGOLF Platform The strategic rationale extends beyond current operations to GETGOLF, a next-generation golf platform under development for third-quarter 2026 launch. The system integrates real-time tee-time booking, travel planning, and social networking to connect golfers and courses globally. GETGOLF aims to create a brand synonymous with new ways for golfers and courses to interact, leveraging technology to enhance the traditional golf experience.
Management expects the platform to play an increasingly important role in TMGI’s strategy of building scalable businesses with recurring revenue characteristics. The technology enables cross-promotional opportunities across owned courses, reservation services, and third-party course partnerships, creating network effects as the user base expands.
Industry Positioning and Market Timing The golf industry consolidation opportunity stems from fragmented course ownership, aging infrastructure requiring capital investment, and evolving customer expectations around booking convenience. TMGI enters with established revenue streams, owned assets, and a technology platform designed to scale beyond individual markets.
Foster brings 25 years of golf industry experience, including founding Arizona Fairways Magazine, creating the first magazine travel barter system for golf, and serving three terms as President of the Southwest Golf Media Association. These industry relationships position TMGI to identify acquisition targets and integrate properties into a cohesive platform.
The multi-asset approach creates revenue diversification. Stand-By Golf generates transaction fees independent of course ownership. Owned courses produce green fees, pro shop sales, and food and beverage revenue with potential real estate development. GETGOLF technology adds a software layer with global scalability unconstrained by physical asset requirements.
Execution Pathway Near-term priorities focus on operational excellence at existing properties while advancing GETGOLF toward Q3 2026 launch. Apache Creek and Mountain Brook continue facility improvements and customer experience enhancements. Stand-By Golf targets margin improvement through operational efficiencies and expanded course partnerships.
The acquisition pipeline remains active as management evaluates additional course purchases. Foster’s vision of family-friendly destination properties requires capital for acquisitions and development. The transformation from shell company to multi-asset golf operator represents a strategic pivot enabled by Foster’s contribution of proven businesses into a public structure, with Stand-By Golf’s immediate profitability establishing TMGI’s foundation for industry consolidation.
About Transglobal Management Group, Inc. Transglobal Management Group, Inc. (OTCID:TMGI) is a publicly traded company operating across golf, hospitality, and technology sectors. Through its acquisition of GETGOLF, LLC, TMGI owns and operates Apache Creek Golf Club, and Stand-By Golf reservation services. The company is developing the GETGOLF platform for global launch in Q3 2026. Headquarters: Scottsdale, AZ. For more information: www.tmgiusa.com
About The Vanderbilt Report The Vanderbilt Report provides independent analysis of public company transactions, focusing on strategic structure, valuation methodology, and market positioning. Analysis is based solely on publicly available information and does not constitute investment advice.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements regarding business strategy, acquisition plans, GETGOLF platform development and launch, revenue growth expectations, operational improvements, margin expansion, facility enhancements, and future financial performance. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements.
Factors that could cause actual results to differ include, but are not limited to: the ability to successfully operate golf courses and reservation services; the ability to complete additional acquisitions; the ability to develop and launch the GETGOLF platform as scheduled; competitive pressures in the golf industry; changes in consumer preferences; weather conditions affecting golf operations; the ability to achieve operational efficiencies and margin improvements; technology development risks; capital availability for acquisitions and development; integration challenges; and other risks detailed in TMGI’s SEC filings. TMGI undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.
This announcement is based solely on publicly available information and does not constitute investment advice or a recommendation to buy or sell securities. Investors should conduct their own due diligence and consult with financial advisors before making investment decisions.
Vanderbilt Report: RenX Enterprises Builds Technology-Driven Waste-to-Value Platform Through Strategic Asset Monetization and Premium Market Expansion
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5 min read • Published February 4, 2026
By
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5 min read • Published February 4, 2026
Company advances from legacy real estate to engineered soil production while securing dual revenue streams through contracted inbound volumes and consumer market penetration
BRISTOL, TN / ACCESS Newswire / February 4, 2026 / The Vanderbilt Report today published coverage on RenX Enterprises Corp. (NASDAQ:RENX), highlighting the company’s systematic transformation from legacy real estate holdings into a technology-enabled environmental processing platform generating revenue from both organic waste disposal and premium engineered soil products.
The story unfolding at RenX centers on a thesis that becomes increasingly relevant as landfill costs escalate and municipalities seek alternatives: organic waste isn’t a disposal problem-it’s a manufacturing input for high-value agricultural products. The company’s recent announcements reveal how this thesis translates into operational execution.
The Capital Protection Strategy On February 3, RenX announced a restructuring of its Norman Berry property investment in East Point, Georgia. The company converted approximately $600,000 in equity into a secured note, joining an existing $200,000 note against the property. Critically, RenX maintained its full 50% ownership interest without dilution.
This matters because it demonstrates capital discipline during a business model transition. RenX prioritized debt recovery while preserving upside participation-a structure that protects downside while maintaining equity exposure if property values appreciate during the planned Q1 2026 sale process.
The company secured expanded zoning entitlements in late 2025, permitting multifamily residential, assisted living, and mixed-use development. These entitlements broaden the property’s development potential and should expand the buyer pool beyond single-use developers.
RenX intends to redeploy proceeds from the Norman Berry sale into its core environmental processing operations-a clear signal that management views the technology platform as the primary value driver going forward.
The Dual Revenue Model Takes Shape Ten days before the Norman Berry announcement, RenX revealed a new disposal services agreement with a regional commercial landscaping operator serving Sarasota, Florida. The agreement structures payment through per-yard disposal rates on a ticket-based system with net-30 terms.
This agreement illustrates the economic model RenX is building: companies pay to dispose of green waste, wood waste, and vegetative debris at RenX’s 15th Street transfer facility. That payment becomes revenue. Those materials then become feedstock for compost production. The processed compost generates additional revenue when sold to end markets.
RenX effectively monetizes organic material twice-once at the gate as a disposal service, again as finished product. As inbound contracted volumes increase, the company gains operating leverage across its processing infrastructure while securing consistent raw material supply.
Moving Up the Value Chain The January 21 announcement completes the picture. RenX began delivering compost material to a customer serving the premium bagged soils and growing media market in South Florida. This represents the company’s expansion beyond traditional bulk compost applications into higher-margin consumer-facing products.
The operational significance extends beyond a single customer relationship. RenX’s ability to meet stringent quality specifications for bagged products validates recent equipment investments and processing capability improvements. The company deployed advanced milling technology, including a licensed Microtec system, to precisely size and condition organic inputs into engineered growing media with repeatable specifications.
This positions RenX to compete in markets demanding consistent product quality rather than simply providing commodity compost. Bagged growing media, engineered soils, and specialty substrates command premium pricing relative to bulk landscape compost.
The Infrastructure Foundation RenX operates from an 80-acre permitted organics processing facility in Myakka City, Florida. The facility integrates organic waste processing, advanced milling, blending, and logistics under one operation. This vertical integration provides quality control, shortens supply chains, and improves unit economics compared to distributed processing models.
The company’s technology-enabled approach differentiates it from traditional composting operations. Rather than simply aging organic material, RenX uses precision equipment to manufacture soil substrates optimized for specific applications-different formulations for container growing, landscape installation, or retail bagging.
CEO David Villarreal framed the strategic progression: infrastructure investments are translating directly into new commercial relationships in markets demanding higher quality inputs. As processing capabilities improve, the company can pursue customer segments previously inaccessible due to specification requirements.
The Market Timing RenX’s transformation occurs as multiple market forces converge. Landfill disposal costs continue rising. Municipalities face increasing pressure to divert organic waste from landfills. Commercial landscapers and waste generators seek cost-effective disposal alternatives. Simultaneously, agricultural and horticultural markets demand higher-performing growing media as input costs increase.
The company positions at the intersection of these trends-accepting organic waste that others must dispose of, then converting it into engineered products serving premium end markets. The business model creates value by solving a disposal problem for one customer segment while addressing a supply need for another.
The Execution Pathway RenX is pursuing a methodical commercialization strategy: monetize legacy real estate assets to fund platform development, expand contracted inbound volumes to ensure feedstock supply and generate disposal revenue, upgrade processing technology to improve product consistency, penetrate higher-value end markets as quality capabilities improve, then scale production as customer relationships expand.
The Norman Berry restructuring and planned sale exemplifies this approach. Rather than indefinitely holding real estate acquired before the strategic pivot, management is systematically converting those assets into working capital for the environmental processing platform.
About The Vanderbilt Report The Vanderbilt Report covers emerging companies reshaping established industries through business model innovation and strategic execution. Our coverage focuses on identifying inflection points where technology, market timing, and management capability converge to create differentiated value.
About RenX Enterprises Corp. (NASDAQ:RENX) RenX Enterprises Corp. is a technology-driven environmental processing and sustainable materials company focused on producing value-added compost, engineered soils, and specialty growing media for agricultural, commercial, and consumer end markets. The Company’s platform is differentiated by its use of advanced milling and material-processing technology to precisely size, refine, and condition organic inputs into consistent, high-performance soil substrates.
Compliance Note: This coverage report is for informational purposes only and does not constitute investment advice. The Vanderbilt Report may have business relationships with covered companies. Investors should conduct their own due diligence and consult financial advisors before making investment decisions.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current expectations, estimates, and projections about the industry, management’s beliefs, and assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of factors.
Vanderbilt Report Issues Coverage on Full Alliance Group Inc.
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4 min read • Published February 4, 2026
By
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4 min read • Published February 4, 2026
Independent Analysis Highlights Dual-Foundation Business Model Combining Revenue Operations with Digital Securities Innovation
BRISTOL, TN / ACCESS Newswire / February 4, 2026 / The Vanderbilt Report, an independent research firm focused on emerging growth companies and capital markets innovation, today issued coverage on Full Alliance Group, Inc. (OTCID:FAGI), highlighting the Company’s strategic achievements throughout Q4 2025 and positioning as a rare micro-cap issuer successfully executing across both revenue-generating operations and blockchain-based capital structure modernization.
Key Investment Themes Identified:
The Vanderbilt Report’s analysis identifies Full Alliance Group as demonstrating significant progress across multiple strategic fronts that warrant investor attention:
First-Mover Digital Securities Positioning – FAGI’s emergence as the first publicly traded company to adopt TNCDP’s Series QDP™ framework establishes competitive advantages through founding shareholder status, planned $QMAXX tokenized preferred listing, and equity participation in infrastructure expected to serve thousands of OTC and small-cap issuers.
Dual Tokenization Strategy – The Company’s parallel development of preferred equity tokenization (via TNCDP) and common equity tokenization (via Qubitera Holdings with post-quantum cryptography) creates multiple value creation pathways and reduces single-point execution risk.
Demonstrated Operating Business Traction – JusSpray™ HOCl skin defense spray’s continued Amazon growth, doctor validation, and expanding product offerings demonstrate product-market fit and generate cash flow supporting technology development without toxic dilution.
Strategic Equity Positions – Founding shareholder equity in TNCDP provides leveraged exposure to digital preferred market expansion without requiring FAGI to directly service thousands of potential clients.
"FAGI’s move toward tokenized equity represents a new chapter in micro-cap modernization-bridging traditional share structures with emerging digital-asset frameworks," stated The Vanderbilt Report. "Unlike pure blockchain plays burning cash without revenue or legacy companies attempting credibility-challenged pivots, Full Alliance Group combines proven cash-flow operations with next-generation technology development."
Competitive Differentiation Through Dual-Foundation Model
The analysis emphasizes FAGI’s structural advantages over comparable public companies:
Revenue-generating operations (Aquaox manufacturing, JusSpray consumer products, supplement manufacturing, e-commerce) fund blockchain development and provide downside protection
Technology infrastructure initiatives (Qubitera blockchain, YAHBEE payments, TNCDP partnership) position Company for exponential value creation if enterprise blockchain adoption accelerates
Post-quantum cryptographic architecture addresses security vulnerabilities other blockchain projects ignore
Multiple value creation pathways reduce risk compared to single-focus digital asset ventures
Market Opportunity Assessment
The Vanderbilt Report estimates TNCDP’s addressable market at 1,800-3,000 OTC and small-cap companies in the near term, representing substantial revenue potential for the infrastructure provider and corresponding value creation for founding shareholders. The analysis further suggests compliant tokenized equity could become standard infrastructure for 20-30% of OTC issuers within 5-7 years, creating significant first-mover advantages.
Investment Thesis Summary
"We believe traditional micro-cap valuation models underestimate the strategic option value embedded in FAGI’s digital securities positioning," The Vanderbilt Report states. "The Company is building infrastructure that, if adopted broadly, could redefine how micro-cap issuers access capital, provide shareholder liquidity, and demonstrate transparency."
The report identifies Full Alliance Group as compelling for investors seeking exposure to digital securities infrastructure without pure-play blockchain volatility, revenue-generating operations providing cash flow stability, and first-mover positioning in emerging tokenized preferred markets.
Critical Monitoring Points for 2026:
Series QDP™ implementation timeline and $QMAXX listing progress
JusSpray Amazon sales trajectory and product line expansion
Qubitera tokenized equity pilot launch and enterprise adoption
TNCDP market expansion and founding shareholder value realization
Full Report Available
The complete Vanderbilt Report coverage assessment, including detailed valuation framework, competitive analysis, risk factors, and market opportunity sizing, is available at www.vanderbiltreport.com
About The Vanderbilt Report
The Vanderbilt Report provides independent analysis of emerging growth companies, with particular focus on capital markets innovation, digital securities infrastructure, and operating businesses pursuing transformative strategies. Coverage emphasizes rigorous fundamental analysis combined with forward-looking assessment of technological and regulatory trends reshaping public markets.
About Full Alliance Group, Inc. (OTCID:FAGI)
Full Alliance Group, Inc. is a diversified holding company operating at the intersection of blockchain innovation, quantum-secure data infrastructure, and established revenue-generating wellness businesses. Through operating subsidiaries including Aquaox Pure Solutions, Qubitera Holdings, and YAHBEE, the Company combines proven cash-flow-positive operations with next-generation technology development. For more information, visit www.fullalliance-group.com.
This coverage report is for informational purposes only and does not constitute investment advice. The Vanderbilt Report may have business relationships with covered companies. Investors should conduct their own due diligence and consult financial advisors before making investment decisions.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current expectations, estimates, and projections about Global Clean Energy’s industry, management’s beliefs, and assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of factors.
The Vanderbilt Report: Argo Graphene Solutions Advances from Concrete Validation to Cold-Climate Asphalt Testing
By
Media News
4 min read • Published February 4, 2026
By
Media News
4 min read • Published February 4, 2026
25% strength gains in concrete trials now inform Saskatchewan asphalt development targeting $83B global market
BRISTOL, TN / ACCESS Newswire / February 4, 2026 / The Vanderbilt Report today published coverage on Argo Graphene Solutions Corp. (CSE:ARGO)(OTCQB:ARLSF)(FSE:94Y), highlighting the company’s progression from concrete performance validation to cold-climate asphalt testing following conclusive 56-day compressive strength results.
The story Argo is building centers on a deceptively simple premise: adding graphene to construction materials dramatically improves performance without disrupting existing industry processes. Recent test results from Bristol, Tennessee, combined with new asphalt trials in Saskatchewan, demonstrate how the company is methodically validating this approach across infrastructure applications.
The Concrete Numbers Tell the Story On October 17, 2025, Argo poured three on-grade concrete slabs in Bristol, Tennessee-two 20-by-30-foot slabs and one 15-by-25-foot slab totaling 12.5 cubic meters. The design mix targeted industry-standard 4,000 psi compressive strength.
What happened next validates years of materials science research. The graphene-infused concrete delivered 3,428 psi at seven days, 4,449 psi at 28 days, and 4,974 psi at 56 days-a 25% improvement over design specifications. Testing conducted by Diversified Materials Testing LLC in Bristol followed ASTM C39 standards, the construction industry’s gold standard for concrete evaluation.
The critical detail: Argo’s additive consists solely of graphene and water dilution. No superplasticizers, no additional chemical enhancers, no modifications to standard mixing or installation procedures. Concrete contractors can integrate the technology without retraining crews or purchasing new equipment.
This matters because construction is a conservative industry. Materials that require process changes face adoption barriers regardless of performance benefits. Argo’s approach sidesteps this problem entirely.
From Concrete to Cold-Climate Asphalt With concrete performance validated, Argo moved to asphalt testing at its Saskatchewan R&D facility. The location is strategic-Saskatchewan experiences some of North America’s harshest winter conditions, creating the ideal stress-test environment for materials that must survive freeze-thaw cycles, extreme temperature fluctuations, and ice formation.
The asphalt development focuses on three performance metrics: structural cold-weather durability to resist cracking at low temperatures, improved freeze-thaw resistance when water penetrates pavement and expands during freezing, and enhanced thermal conductivity to maintain surface temperatures that inhibit ice formation and accelerate de-icing.
Traditional bitumen-based asphalt deteriorates rapidly under these conditions. Municipalities spend billions annually repairing winter-damaged roads. A graphene-enhanced solution that extends pavement life addresses a $65.1 billion global asphalt market projected to reach $83.35 billion by 2030, according to Grand View Research.
The Execution Pathway Argo is following a deliberate commercialization strategy: validate core technology through rigorous third-party testing, establish baseline performance metrics without additional additives, demonstrate compatibility with existing industry processes, then advance to municipal pilot projects and partnerships.
The company’s Regina, Saskatchewan facility provides both research capacity and proximity to extreme-weather testing conditions. Data from current trials will inform mix design for upcoming pilot projects with municipal partners.
CEO Scott Smale framed the opportunity clearly: infrastructure managers in cold climates need stronger, longer-lasting materials that reduce long-term maintenance costs while improving public safety. Graphene-enhanced asphalt directly addresses both requirements.
The Market Positioning Argo is targeting infrastructure applications where performance improvements translate to measurable cost savings. Concrete and asphalt represent massive, established markets with well-defined procurement processes. The company isn’t trying to create new material categories-it’s improving existing ones with demonstrated performance gains.
The 25% concrete strength increase establishes a performance baseline applicable across cement products. The asphalt development extends this approach to road surfaces, where durability improvements yield compounding maintenance savings over multi-decade infrastructure lifecycles.
With testing protocols validated through ASTM standards and a facility operational in Saskatchewan, Argo is positioned to advance from laboratory validation to field deployment. The company continues refining formulations and building relationships with municipal partners for pilot project deployment.
About The Vanderbilt Report The Vanderbilt Report covers emerging companies reshaping established industries through business model innovation and strategic execution. Our coverage focuses on identifying inflection points where technology, market timing, and management capability converge to create differentiated value.
About Argo Graphene Solutions Corp. (CSE:ARGO)(OTCQB:ARLSF)(FSE:94Y) Argo Graphene Solutions Corp. is a Canadian advanced materials company focused on developing sustainable, high-performance solutions for the construction and agricultural industries. Argo leverages cutting-edge technologies to create eco-friendly products that meet the demands of modern infrastructure.
Compliance Note: This coverage report is for informational purposes only and does not constitute investment advice. The Vanderbilt Report may have business relationships with covered companies. Investors should conduct their own due diligence and consult financial advisors before making investment decisions.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current expectations, estimates, and projections about the industry, management’s beliefs, and assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of factors.
Vanderbilt Report: VisionWave's Strategic Acquisitions Position Company for Defense Market Expansion
By
Media News
5 min read • Published February 4, 2026
By
Media News
5 min read • Published February 4, 2026
SaverOne Deal Brings 30+ RF Engineers and Proven Technology While Milestone Structure Mitigates Integration Risk
BRISTOL, TN / ACCESS Newswire / February 4, 2026 / The Vanderbilt Report today published coverage on VisionWave Holdings, Inc. (NASDAQ:VWAV), highlighting the company’s strategic shift from platform formation to active commercialization through disciplined acquisitions and intellectual property consolidation.
Over the past two months, VisionWave has executed what appears to be a carefully orchestrated strategy: acquire specialized engineering talent, consolidate critical IP assets, and position dual-use technology for both defense and commercial markets.
The SaverOne Deal: Smart Structure, Immediate Capability
On January 26, 2026, VisionWave announced a definitive agreement to acquire approximately 51% of SaverOne 2014 Ltd. through a three-stage, milestone-driven exchange. The real story isn’t the ownership percentage – it’s how the deal is structured.
Rather than a traditional single-transaction acquisition, VisionWave designed the exchange with built-in accountability checkpoints. Each milestone must be achieved before the next phase triggers. Both companies’ Boards unanimously approved the transaction following independent fairness opinions from BDO Consulting Group.
"Research shows 70% to 90% of mergers fail to meet expectations, primarily due to ineffective integration," noted The Vanderbilt Report. "VisionWave’s phased approach creates natural validation points before committing additional resources."
What VisionWave actually acquired is immediate operational capacity: SaverOne’s entire RF-focused workforce – more than 30 specialized engineers dedicated to radio frequency technology development. This talent consolidation accelerates execution of VisionWave’s VisionRF technology platform without the typical 12-24 month lag of building internal teams.
The geographic positioning adds strategic value. Tel Aviv operates as one of the world’s most concentrated RF and deep-tech innovation ecosystems, giving VisionWave direct access to this talent pool and proximity to leading research universities focused on defense applications.
The market validated the strategic logic. On announcement day, VWAV gained 3.02%, adding approximately $5 million to market capitalization and bringing total valuation to $182 million.
IP Consolidation Signals Execution Phase
Two days after the SaverOne announcement, VisionWave completed an intellectual property transfer from Boca Jom Ltd. into the VisionWave-Boca Jom joint venture, signaling transition from formation into active execution with defined commercialization pathways.
In 2023, intangible assets like intellectual property made up 90% of enterprise value for the top 15 U.S. companies. VisionWave’s IP consolidation strategy positions the company to compete on proprietary technology rather than operational efficiency alone – critical in defense markets where technology moats determine contract wins.
Solving Real Sensor Limitations
VisionWave is building RF sensing technology that works where optical and LiDAR systems struggle. Traditional sensors face inherent limitations in scenarios involving occlusion, cluttered terrain, adverse weather, and complex infrastructure. VisionWave’s technology targets concealed, obscured, and non-line-of-sight threats – exactly where conventional sensors fail.
The dual-market strategy leverages both defense and commercial applications. VisionWave intends to integrate its RF technologies into SaverOne’s existing vulnerable road user detection platform, adding RF sensing and AI-driven analytics for concealed threat scenarios – obscured pedestrians, non-line-of-sight detection, adverse weather conditions, and complex urban infrastructure.
Management estimates an RF-enhanced, commercially deployable solution could be demonstrated during calendar year 2026, subject to continued development and validation.
Market Timing Aligns With Defense Growth
VisionWave’s moves align with favorable market dynamics. The cognitive electronic warfare market is projected to grow from $0.58 billion to $0.70 billion in 2026, focusing on AI-driven systems that adapt to electromagnetic environments in real time.
Institutional investors are positioning for edge AI dominance – processing data directly on platforms rather than distant servers. This delivers the split-second decision-making needed in operational zones, exactly where VisionWave’s near-field RF sensing operates.
SaverOne’s international presence also gives VisionWave entry points into defense procurement processes across multiple jurisdictions, while the exchange agreement positions SaverOne to expand into defense markets where it previously lacked access.
Strategic Coherence
VisionWave has built something different in the defense technology sector: milestone-accountable acquisition structure combined with IP consolidation and dual-use market positioning. Rather than competing head-on with established defense contractors, the company is targeting a specific capability gap in existing sensor systems.
The strategic coherence across the SaverOne acquisition, IP consolidation, and technology development suggests disciplined execution. Engineering talent enables IP development, IP creates competitive moats, dual-market positioning reduces customer concentration risk.
VisionWave’s current $182 million market capitalization reflects measured investor confidence in a development-stage defense technology company with near-term commercialization potential. The company is positioned to demonstrate technology viability in commercial markets before pursuing defense contracts – a proven de-risking pathway.
The Vanderbilt Report covers emerging companies reshaping established industries through business model innovation and strategic execution. Our coverage focuses on identifying inflection points where technology, market timing, and management capability converge to create differentiated value.
This coverage report is for informational purposes only and does not constitute investment advice. The Vanderbilt Report may have business relationships with covered companies. Investors should conduct their own due diligence and consult financial advisors before making investment decisions.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current expectations, estimates, and projections about Global Clean Energy’s industry, management’s beliefs, and assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict. Actual results may differ materially from those expressed or forecasted in the forward-looking statements due to a variety of factors.
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