Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>BQE reported Q3 financial results yesterday that were mixed relative to our expectations, missing on revenue and beating on profitability.</li>
<li>Q3 proportional revenue came in at $10.7M (+12% YoY), below our estimate of $13.1M.</li>
<li>Adjusted EBITDA was $3.3M compared to our estimate of $3.0M.</li>
</ul>


BQE reported Q3 financial results yesterday that were mixed relative to our expectations, missing on revenue and beating on profitability.
Q3 proportional revenue came in at $10.7M (+12% YoY), below our estimate of $13.1M.
Adjusted EBITDA was $3.3M compared to our estimate of $3.0M.


BQE: Continuing to Generate Strong Cashflow

<ul>
<li>BQE Water has advanced its SART plant for Shandong Gold, the largest gold producer in China, to full production and will provide an initial five years of operational support.</li>
<li>The new plant replaces a higher-cost system, recycles cyanide for reuse, and produces copper and zinc concentrates, while reducing costs.</li>
<li>BQE now has three SART plants in the region, positioning the Company to further grow its cyanide management business.</li>
</ul>


BQE Water has advanced its SART plant for Shandong Gold, the largest gold producer in China, to full production and will provide an initial five years of operational support.
The new plant replaces a higher-cost system, recycles cyanide for reuse, and produces copper and zinc concentrates, while reducing costs.
BQE now has three SART plants in the region, positioning the Company to further grow its cyanide management business.


BQE: SART Plant Moves into Full Production

<ul><li>What you need to know: • BQE reported Q2 financial results yesterday that massively beat our estimates due to continued growth in the technical services segment.</li><li>• Q2 proportional revenue came in at $12.9M (+112% YoY), beating our estimate of $7.2M.</li><li>Adjusted EBITDA was $2.5M (19% margin, +85% YoY) compared to our estimate of $2.2M (30% margin).</li></ul>

What you need to know: • BQE reported Q2 financial results yesterday that massively beat our estimates due to continued growth in the technical services segment.• Q2 proportional revenue came in at $12.9M (+112% YoY), beating our estimate of $7.2M.Adjusted EBITDA was $2.5M (19% margin, +85% YoY) compared to our estimate of $2.2M (30% margin).

BQE: Another Huge Quarter Driven by Technical Services

<ul>
<li>BQE announced a strategic expansion of its service offering into aquatic toxicology.</li>
<li>This includes key hiring decisions, the establishment of a new laboratory, and the development of in-house resources.</li>
<li>The added services will allow BQE to build relationships with new clients, which will also require water treatment services (recurring revenue).</li>
</ul>


BQE announced a strategic expansion of its service offering into aquatic toxicology.
This includes key hiring decisions, the establishment of a new laboratory, and the development of in-house resources.
The added services will allow BQE to build relationships with new clients, which will also require water treatment services (recurring revenue).


BQE: Expanded Service Offering to Support Growth Strategy

<ul>
<li>BQE’s contract at the Eagle Gold Mine has been extended to October 2025, with operations expected to wind down in Q3.</li>
<li>BQE discharged 600,000m3 of treated water at the mine under emergency response after Victoria Gold’s heap leach failure.</li>
<li>The Company’s success reinforces its technical leadership and strengthens its reputation as a trusted partner for complex water treatment.</li>
</ul>


BQE’s contract at the Eagle Gold Mine has been extended to October 2025, with operations expected to wind down in Q3.
BQE discharged 600,000m3 of treated water at the mine under emergency response after Victoria Gold’s heap leach failure.
The Company’s success reinforces its technical leadership and strengthens its reputation as a trusted partner for complex water treatment.


BQE: Contract Extended for Emergency Water Treatment

Canada

BQE Water Inc. operates as a water treatment company. The Company specializes in providing wastewater treatment solutions to mining industry. BQE Water offers its services worldwide.

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BQE Water (BQE CN)

BQE: Continuing to Generate Strong Cashflow

BQE reported Q3 financial results yesterday that were mixed relative to our expectations, missing on revenue and beating on profitability.

Atrium Research

BQE: SART Plant Moves into Full Production

BQE Water has advanced its SART plant for Shandong Gold, the largest gold producer in China, to full production and will provide an initial five...

Atrium Research

BQE: Another Huge Quarter Driven by Technical Services

What you need to know: • BQE reported Q2 financial results yesterday that massively beat our estimates due to continued growth in the technical...

Atrium Research

BQE: Expanded Service Offering to Support Growth Strategy

BQE announced a strategic expansion of its service offering into aquatic toxicology.This includes key hiring decisions, the establishment of a new...

Atrium Research

BQE: Contract Extended for Emergency Water Treatment

BQE discharged 600,000m3 of treated water at the mine under emergency response after Victoria Gold’s heap leach failure.

Atrium Research

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