Earnings Calendar: Week of December 22-26, 2025

Executive Summary

The holiday-shortened trading week of December 22-26, 2025 features 11 earnings reports spanning multiple sectors including financials, biotech, industrials, and closed-end funds. Monday leads with four reports, while the week concludes with three companies reporting on Friday. This preview covers key metrics, recent developments, and what investors should watch for each company.

Monday, December 22, 2025 (Before Market Open)

EBF - Ennis, Inc.

Market Cap: $468.67M | Expected EPS: $0.41 | Expected Revenue: $100.5M

Company Overview: Commercial print and apparel products company.

Key Metrics to Watch:

• Expected EPS: $0.41
• Expected Revenue: $100.5M
• Fiscal Period Ending: December 1, 2025

Recent Developments:
Limited company-specific news with broader market context from Seeking Alpha's Wall Street Week Ahead report (December 21). The commercial printing sector remains sensitive to business spending trends and economic conditions.

What to Watch:

• Print services demand trends
• Cost management effectiveness
• Apparel segment performance
• Guidance for next fiscal quarter

Investment Considerations:

• Bull Case: Diversified revenue streams, operational stability, value positioning
• Bear Case: Secular decline in traditional print, margin pressure, digital competition

FBLA - FB Bancorp

Market Cap: $240.20M | Expected EPS: N/A | Expected Revenue: N/A

Company Overview: Small-cap community bank for fiscal quarter ending September 30, 2025.

Key Metrics to Watch:

• Net interest margin trends
• Loan portfolio growth and quality
• Deposit base stability
• Efficiency ratio improvements
• Asset quality metrics

Recent Developments:

• December 18: Head-to-head analysis versus Peoples Financial (OTCMKTS:PFBX) by Defense World
• December 17: Comparative analysis with Colony Bankcorp (NYSE:CBAN) by Defense World

These comparative studies reflect ongoing analyst interest in FBLA's competitive positioning within the community banking sector.

What to Watch:

• Net interest margin management in current rate environment
• Loan growth trajectory and composition
• Deposit stability amid competitive pressure
• Credit quality outlook
• Strategic initiatives or M&A considerations

Investment Considerations:

• Bull Case: Local market knowledge, small-cap value opportunity, recent analyst attention
• Bear Case: Limited coverage, operational leverage risks, competitive pressure from larger institutions

OKYO - OKYO Pharma Limited

Market Cap: $76.35M | Expected EPS: N/A | Expected Revenue: N/A

Company Overview: Clinical-stage biopharmaceutical company developing urcosimod for neuropathic corneal pain.

Key Metrics to Watch:

• Cash position and runway
• Clinical trial enrollment and timeline updates
• Regulatory pathway progress
• R&D expense burn rate
• Strategic partnerships or funding developments

Recent Developments:

• December 19: Management team rang Nasdaq Opening Bell (Proactive Investors, GlobeNewsWire). High-visibility event signals increased institutional awareness and management confidence.
• December 15: Chairman and Founder Gabriele Cerrone acquired shares (GlobeNewsWire). Insider buying indicates management confidence in valuation and potential near-term catalysts.

What to Watch:

• Urcosimod clinical trial enrollment status and timelines
• Cash runway and financing strategy
• Regulatory pathway clarity or FDA feedback
• Partnership discussions
• 12-18 month strategic vision

Investment Considerations:

• Bull Case: Clear unmet need focus, insider buying, Nasdaq visibility, founder-led alignment
• Bear Case: Clinical-stage risk, no approved products, dilution potential, regulatory execution risk

VENU

Market Cap: $388.20M | Expected EPS: -$0.21 | Expected Revenue: N/A

Company Overview: Fiscal quarter ending September 30, 2025.

Key Metrics to Watch:

• Path to profitability and burn rate
• Revenue growth trajectory
• Operating expense management
• Cash position and runway
• Strategic initiatives

Recent Developments:

• December 17: Participated in Noble Capital Markets' 21st Annual Equity Conference (NobleCon21) which set records for attendance, high-impact programming, and investor-company engagement (Newsfile Corp).

Conference participation suggests active institutional engagement and capital market access efforts.

What to Watch:

• Progress toward profitability
• Cash burn management relative to runway
• Revenue inflection points
• Feedback from Noble Capital conference
• Strategic partnership updates

Investment Considerations:

• Bull Case: Active investor relations, mid-cap growth potential, institutional engagement
• Bear Case: Continued losses, no revenue estimate, limited news flow, information gaps

Tuesday, December 23, 2025 (After Market Close)

LMNR - Limoneira Company

Market Cap: $265.13M | Expected EPS: -$0.12 | Expected Revenue: $35.35M

Company Overview: Diversified citrus growing, packing, selling and marketing company.

Key Metrics to Watch:

• Expected EPS: -$0.12
• Expected Revenue: $35.35M
• Fiscal Period Ending: October 31, 2025

Recent Developments:

• December 17: Declared quarterly dividend (Business Wire). Continued dividend payments signal management confidence in cash flow stability despite expected quarterly loss.
• December 21: Wall Street Week Ahead context (Seeking Alpha)

What to Watch:

• Citrus pricing trends and harvest conditions
• Cost management in agricultural operations
• Dividend sustainability
• Weather impact on crop yields
• Real estate segment performance

Investment Considerations:

• Bull Case: Dividend commitment, diversified citrus operations, real estate optionality
• Bear Case: Weather-dependent earnings, negative EPS, agricultural cost inflation, climate risks

Wednesday, December 24, 2025 (Before Market Open)

ETO - Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

Market Cap: $477.22M | Expected EPS: N/A | Expected Revenue: N/A

Company Overview: Closed-end fund focused on global dividend opportunities.

Key Metrics to Watch:

• Net asset value (NAV) performance
• Distribution coverage and sustainability
• Portfolio positioning and sector allocation
• Discount/premium to NAV
• Yield metrics

Recent Developments:

• November 21: Featured in "Top 10 Income Funds From Eaton Vance" analysis (Seeking Alpha). Article highlighted attractive yields, discounts to NAV, and strong long-term returns, making Eaton Vance funds appealing for income-focused investors. Noted that current market volatility has widened discounts.

What to Watch:

• NAV performance versus benchmark
• Distribution rate sustainability
• Portfolio rebalancing or repositioning
• Market discount trends
• Income generation strategies

Investment Considerations:

• Bull Case: Attractive yield, discount to NAV opportunity, strong Eaton Vance brand, income focus
• Bear Case: Market volatility impact, distribution cut risk, CEF structural complexity

HTD - John Hancock Tax-Advantaged Dividend Income Fund

Market Cap: $828.75M | Expected EPS: N/A | Expected Revenue: N/A

Company Overview: Closed-end fund managed by John Hancock, fiscal period ending October 30, 2025.

Key Metrics to Watch:

• Net asset value trends
• Distribution coverage ratio
• Portfolio quality and diversification
• Discount to NAV
• Tax-advantaged income generation

Recent Developments:

• December 11: John Hancock closed-end funds announced renewal of share repurchase plans (PRNewsWire). Buyback programs can support NAV and reduce discounts.
• December 5: Rated "Buy" for income-focused investors seeking long-term stable monthly distributions (Seeking Alpha). Noted trading at -4.74% discount to NAV.
• December 1: Declared monthly distributions (PRNewsWire)
• November 28: Notice to shareholders regarding sources of distribution under Section 19(a) (PRNewsWire)

What to Watch:

• Share repurchase program implementation and impact
• Distribution sustainability and sources
• Discount to NAV trajectory
• Portfolio performance versus peers
• Tax efficiency of distributions

Investment Considerations:

• Bull Case: Monthly distributions, buyback support, attractive discount, John Hancock management
• Bear Case: Market volatility, return of capital concerns, sector concentration risk

PDT - John Hancock Premium Dividend Fund

Market Cap: $618.75M | Expected EPS: N/A | Expected Revenue: N/A

Company Overview: Closed-end fund managed by John Hancock, fiscal period ending October 30, 2025.

Key Metrics to Watch:

• NAV performance
• Premium/discount to NAV
• Distribution yield and coverage
• Portfolio credit quality
• Leverage utilization

Recent Developments:

• December 11: Announced renewal of share repurchase plans (PRNewsWire)
• December 1: Declared monthly distributions (PRNewsWire)
• November 29: Featured in "10 Best CEFs This Month: Average Yield Of 9.5%" (Seeking Alpha). Article highlighted top closed-end funds offering 9.5% average yield with strong long-term performance across diverse asset classes.
• November 28: Section 19(a) notice to shareholders on distribution sources (PRNewsWire)

What to Watch:

• Buyback program execution
• Distribution sustainability analysis
• Leverage strategy effectiveness
• Relative performance versus high-yield CEF peers
• Premium dividend sourcing and quality

Investment Considerations:

• Bull Case: High yield (9.5% category), buyback support, diversified portfolio, experienced management
• Bear Case: Distribution sustainability questions, leverage risk, market volatility sensitivity

Friday, December 26, 2025 (Before Market Open)

BDL - Flanigan's Enterprises, Inc.

Market Cap: $52.04M | Expected EPS: N/A | Expected Revenue: N/A

Company Overview: Restaurant and bar operator, fiscal quarter ending September 28, 2025.

Key Metrics to Watch:

• Same-store sales growth
• Food and beverage mix trends
• Margin management
• Traffic patterns
• Unit economics

Recent Developments:

• December 8: "Flanigan's Gains 11.8% in Three Months: How to Play the Stock?" (Zacks Investment Research). Article noted BDL is leveraging strong food, bar and liquor sales, with smart pricing helping offset rising costs and drive steady growth.

What to Watch:

• Same-store sales momentum continuation
• Pricing strategy effectiveness versus cost inflation
• Labor cost management
• Customer traffic trends
• Expansion plans or unit updates

Investment Considerations:

• Bull Case: Recent stock momentum (+11.8% in 3 months), effective pricing power, diversified revenue (food/bar/liquor)
• Bear Case: Small-cap restaurant volatility, labor cost pressures, consumer spending sensitivity, limited coverage

OTLK - Outlook Therapeutics, Inc.

Market Cap: $89.28M | Expected EPS: -$0.23 | Expected Revenue: $5.85M

Company Overview: Biopharmaceutical company focused on bevacizumab for retina treatments.

Key Metrics to Watch:

• Expected EPS: -$0.23
• Expected Revenue: $5.85M
• Fiscal Period Ending: September 30, 2025

Recent Developments:

• December 19: Reported Q4 loss of $0.22 per share versus Zacks Consensus Estimate of -$0.23 (beat by $0.01). This compares to a loss of $0.77 per share a year ago, showing significant year-over-year improvement (Zacks Investment Research).
• December 19: Announced Fiscal Year 2025 financial results (GlobeNewsWire). Company focused on enhancing standard of care for bevacizumab treatment of retina diseases.

Note: OTLK appears to have already reported on December 19. This December 26 date may be a duplicate or correction. Verify actual earnings date.

What to Watch:

• Revenue ramp trajectory
• Path to profitability timeline
• Clinical/commercial progress on bevacizumab
• Cash runway adequacy
• Partnership or financing developments

Investment Considerations:

• Bull Case: Recent earnings beat, significant YoY loss improvement (-$0.22 vs -$0.77), revenue generation, clear focus
• Bear Case: Still unprofitable, small revenue base, biotech execution risk, cash burn concerns

SHMD - SCHMID Group N.V.

Market Cap: $218.08M | Expected EPS: N/A | Expected Revenue: N/A

Company Overview: Global leader in solutions for high-tech electronics, photovoltaics, glass, and energy systems.

Key Metrics to Watch:

• Order backlog and bookings
• Revenue mix by segment
• Margin trends
• Geographic revenue distribution
• Working capital management

Recent Developments:

• December 17: Secured a two-tranche convertible term loan facility from lender consortium for up to EUR 10 million (GlobeNewsWire). Financing provides additional liquidity and financial flexibility.
• December 17: Reported H1 2025 financial results and guidance update (GlobeNewsWire). Company operates in high-tech electronics, photovoltaics, glass, and energy systems markets.

What to Watch:

• Impact of new EUR 10M financing on operations
• H1 results context for full-year outlook
• Order intake trends in key segments
• Photovoltaics market demand given renewable energy trends
• Guidance revisions or confirmations

Investment Considerations:

• Bull Case: Secured financing extends runway, diversified technology exposure, renewable energy tailwinds (photovoltaics)
• Bear Case: Need for convertible debt suggests capital constraints, H1 guidance update may signal challenges, execution risk

Week Overview & Market Context

Sector Distribution:

• Financials: 3 companies (FBLA, HTD, PDT + ETO)
• Biotech/Pharma: 2 companies (OKYO, OTLK)
• Industrials/Tech: 2 companies (EBF, SHMD)
• Consumer: 1 company (BDL)
• Agriculture: 1 company (LMNR)
• Other: 1 company (VENU)

Key Themes to Monitor:

1. Closed-End Funds: Multiple CEFs reporting (ETO, HTD, PDT) with focus on distributions, buybacks, and NAV discounts
2. Small-Cap Earnings: Majority are small-cap companies ($50M-$500M) with limited analyst coverage
3. Loss-Making Companies: Several expect losses (VENU, LMNR, OTLK), focus on path to profitability
4. Holiday Week: Reduced trading volumes may amplify volatility around earnings announcements

Broader Market Context:
The week falls during the holiday season with Christmas Eve (Dec 24) and Boxing Day (Dec 26) potentially affecting trading volumes and market attention. Investors should expect lower liquidity and potentially wider bid-ask spreads.

Investment Strategy Considerations

For Income Investors:
The three John Hancock/Eaton Vance CEFs (ETO, HTD, PDT) offer high-yield opportunities with:

• Monthly distributions
• Share buyback programs
• Discounts to NAV
• Experienced management

For Growth Investors:

• OKYO: Clinical-stage biotech with recent insider buying and Nasdaq visibility
• SHMD: Technology diversification across renewable energy sectors
• BDL: Recent momentum (+11.8% in 3 months) in consumer sector

For Value Investors:

• FBLA: Small-cap community bank attracting comparative analysis
• EBF: Stable commercial print operation with limited coverage
• LMNR: Dividend-paying agriculture play with real estate optionality

Risk Management:
Given the holiday week timing and small-cap concentration, position sizing should account for:

• Lower liquidity
• Wider spreads
• Potential for outsized moves
• Limited analyst coverage for many names

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