Daily Brief United States: Seagate Technology Holdings PL, Intrusion , Riley Exploration Permian, Riot Blockchain, Marathon Digital Holdings, United States Antimony , International Seaways, Elevation Oncology , PHX Minerals , Vitesse Energy and more

• Seagate is strategically positioned to capitalize on the exponential growth in data driven by AI and cloud computing, leveraging its leadership in high-capacity storage solutions.
• The company’s technological lead in Heat-Assisted Magnetic Recording (HAMR) provides a significant competitive advantage, enabling higher storage densities and lower total cost of ownership for hyperscale customers, with a roadmap extending to 50TB+ drives.
• After a cyclical downturn, Seagate has demonstrated a strong financial recovery with record gross margins and a significant increase in free cash flow, enabling renewed shareholder returns through dividends and share buybacks.

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• Intrusion is a cybersecurity firm with a long history, specializing in network security solutions for government and commercial clients. Its core offerings, including the flagship ‘Shield’ platform, leverage a proprietary threat intelligence database to provide real-time threat detection and prevention.
• The company is showing signs of a turnaround with five consecutive quarters of sequential revenue growth, driven by strategic partnerships and contracts, particularly with the U.S. Department of Defense. However, Intrusion remains unprofitable, and its ability to achieve sustained growth and profitability is a key concern.
• Future growth is significantly tied to the successful rollout and market adoption of its Shield platform on Microsoft’s Azure marketplace, expected in late Q4 2025. This, along with expansion into critical infrastructure sectors, presents significant opportunities but also execution risks in a highly competitive cybersecurity landscape.

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• Focused Permian Operator Delivering Strong Growth: Riley Exploration Permian is an independent oil and gas company with a concentrated acreage position in the Permian Basin, primarily in Yoakum County, Texas, and Eddy County, New Mexico. The company has demonstrated a robust growth trajectory, with significant year-over-year increases in revenue, net income, and free cash flow, driven by its horizontal drilling programs in conventional formations.
• Commitment to Shareholder Returns: REPX has established a strong track record of returning capital to shareholders, evidenced by a consistent and growing dividend. The company’s dividend yield is a key feature of its investment thesis, supported by substantial free cash flow generation.
• Exposure to Commodity Cycles and Operational Risks: As a pure-play exploration and production (E&P) company, REPX’s financial performance is inherently tied to volatile oil and natural gas prices. While the company utilizes a disciplined hedging strategy to mitigate some downside risk, its profitability remains sensitive to market fluctuations.

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• Riot Platforms is a leading, vertically integrated Bitcoin mining company in the United States, with large-scale operations primarily in Texas.
• The company’s financial performance is intrinsically linked to the highly volatile price of Bitcoin, resulting in significant fluctuations in revenue and profitability.
• A key strategic focus is on securing low-cost power and leveraging its infrastructure to potentially expand into high-performance computing (HPC) and AI data center hosting.

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• Largest Publicly Traded Bitcoin Miner by Scale: Marathon is one of the largest and most prominent Bitcoin mining companies in North America, distinguished by its significant operational scale and substantial holdings of Bitcoin, making it the second-largest public corporate holder of the asset.
• Strategic Pivot to Diversify Revenue: The company is actively diversifying its revenue streams beyond Bitcoin mining by expanding into Artificial Intelligence (AI) and High-Performance Computing (HPC). This includes a significant investment in French technology company Exaion, with the goal of generating 50% of revenue from non-mining activities within the next two years.
• High-Risk, High-Reward Profile: While Marathon demonstrates strong growth potential through operational expansion and strategic diversification, it operates in a highly volatile market. The company’s financial performance is intrinsically linked to the price of Bitcoin, and it faces significant risks from regulatory uncertainty, shareholder dilution, and intense competition.

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• Strategic Position as a US-Based Producer: United States Antimony (UAMY) is uniquely positioned as the only significant producer of antimony products in the US, a mineral deemed critical for national security and various industrial applications. This status is amplified by escalating geopolitical tensions and recent export restrictions from China, the world’s dominant supplier, creating a significant supply chain vulnerability for the US that UAMY is poised to address.
• Volatile Financials with Recent Improvement: The company has a history of revenue volatility and net losses, reflecting the challenging nature of commodity markets. However, financial performance has shown marked improvement in the latest reported quarters of 2025, with significant revenue growth and a return to profitability, signaling a potential operational turnaround.
• High-Risk, High-Reward Investment Profile: The investment case for UAMY is tied to the execution of its vertical integration strategy, fluctuating antimony prices, and its ability to secure stable ore supplies. Recent surges in antimony prices, driven by global supply shortages and rising demand from the solar and defense sectors, present a strong tailwind, but the company’s historical performance underscores the inherent operational and market risks.

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• Large, Modern, and Diversified Fleet: International Seaways (INSW) is one of the world’s largest tanker companies, operating a diversified fleet of approximately 77 vessels that transport crude oil and petroleum products. This scale and diversity across crude and product segments allow it to adapt to changing market dynamics and serve a broad range of customers, including major oil companies and traders.
• Favorable Market Dynamics: The tanker market is benefiting from favorable supply and demand fundamentals. An aging global fleet, limited new vessel orders, and longer voyage distances due to geopolitical shifts are constraining vessel supply. Concurrently, global oil demand remains robust, supporting strong charter rates and profitability for established operators like INSW.
• Strong Shareholder Returns and Financial Health: The company has demonstrated a strong commitment to returning capital to shareholders through substantial dividends and share buybacks, supported by strong cash flow generation. A solid balance sheet with a low debt-to-equity ratio provides financial flexibility to navigate market cycles and pursue strategic growth opportunities.

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• Following disappointing clinical data for its lead asset, EO-3021, Elevation Oncology has discontinued its development and is now exploring strategic alternatives to maximize shareholder value.
• The company has shifted its focus to its preclinical HER3-targeted antibody-drug conjugate (ADC), EO-1022, with plans to file an Investigational New Drug (IND) application in 2026.
• With a significant workforce reduction and a cash runway extended into the second half of 2026, the company is in a transitional period with high uncertainty, facing pressure from activist investors to wind down operations.

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• PHX Minerals operates as a natural gas and oil mineral company, focusing on the acquisition and management of mineral and royalty interests, which generates revenue without the operational risks and costs of drilling.
• The company’s financial performance is intrinsically linked to volatile commodity prices, leading to significant fluctuations in revenue and net income, yet it has consistently generated strong operating and free cash flow.
• On June 23, 2025, PHX Minerals was acquired by WhiteHawk Income Corporation and became a wholly-owned subsidiary, resulting in its delisting from the New York Stock Exchange and a complete change in executive leadership.

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• Vitesse Energy operates a unique non-operated model, acquiring minority stakes in oil and gas wells primarily in the Bakken Shale, which minimizes operational risk and capital intensity while leveraging the expertise of its operating partners.
• The company is highly focused on shareholder returns, evidenced by a strong dividend yield. Its financial strategy includes disciplined hedging to protect cash flows and fund its dividend, even amidst commodity price volatility.
• Future growth is tied to a disciplined acquisition strategy and the development of its extensive drilling inventory. However, the company faces risks from maturing assets in the Bakken, reliance on third-party operators, and inherent commodity price fluctuations.

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