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 Q2 financial results that beat our expectations on revenue and were in line on EBITDA.</li>
<li>The quarter was once again led by the recurring operations segment which grew 79% YoY and 43% QoQ.</li>
<li>Technical services revenue was soft again, but management expects a rebound in H2 as larger projects have been initiated in Q3.</li>
</ul>


BQE reported Q2 financial results that beat our expectations on revenue and were in line on EBITDA.
The quarter was once again led by the recurring operations segment which grew 79% YoY and 43% QoQ.
Technical services revenue was soft again, but management expects a rebound in H2 as larger projects have been initiated in Q3.


BQE: Strong Q2; Recurring Segment Grows 79% YoY & 43% QoQ

<ul>
<li>As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months.</li>
<li>This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover.</li>
<li>The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%).</li>
</ul>


As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months.
This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover.
The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%).


Omai Gold Mines Corp - Q4/24 Recap: All Our Research in One Place!

<ul>
<li>BQE reported Q1 financial results yesterday where the highlight was 114% YoY growth in its recurring operation services segment.</li>
<li>Technical services revenue was weak however, leading to a slight miss on proportional revenue ($3.4M vs. $3.8M expected) and margins.</li>
<li>Management’s outlook remained bullish, expecting operation services revenue continuing to grow rapidly and technical services revenue catch back up in H2.</li>
</ul>


BQE reported Q1 financial results yesterday where the highlight was 114% YoY growth in its recurring operation services segment.
Technical services revenue was weak however, leading to a slight miss on proportional revenue ($3.4M vs. $3.8M expected) and margins.
Management’s outlook remained bullish, expecting operation services revenue continuing to grow rapidly and technical services revenue catch back up in H2.


BQE: Decent Q1 Financials; Recurring Revenue Up 114% YoY

<ul>
<li>BQE reported Q4 &amp; 2023 financial results yesterday that came in largely ahead of our expectations on revenue.</li>
<li>Proportional revenue was $5.4M compared to our estimate of $4.2M and adjusted EBITDA was $0.5M compared to our estimate of $0.6M.</li>
<li>BQE remains well positioned for another record year in 2024, we are expecting 8% revenue growth and 36% EBITDA growth.</li>
</ul>


BQE reported Q4 &amp; 2023 financial results yesterday that came in largely ahead of our expectations on revenue.
Proportional revenue was $5.4M compared to our estimate of $4.2M and adjusted EBITDA was $0.5M compared to our estimate of $0.6M.
BQE remains well positioned for another record year in 2024, we are expecting 8% revenue growth and 36% EBITDA growth.


BQE: Excellent Q4 Financials; Increasing Target Price

<ul>
<li>BQE will be reporting Q4 &amp; 2023 financial results in ~2 weeks, we are expecting proportional revenue of $4.2M, gross margin of 45%, and adj. EBITDA of $0.6M (14% margin).</li>
<li>Metals prices have been rising steadily over the last month with copper up 9%.</li>
<li>BQE’s China JV has leverage to the copper price as it sells recovered metals.</li>
</ul>


BQE will be reporting Q4 &amp; 2023 financial results in ~2 weeks, we are expecting proportional revenue of $4.2M, gross margin of 45%, and adj. EBITDA of $0.6M (14% margin).
Metals prices have been rising steadily over the last month with copper up 9%.
BQE’s China JV has leverage to the copper price as it sells recovered metals.


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: Strong Q2; Recurring Segment Grows 79% YoY & 43% QoQ

BQE reported Q2 financial results that beat our expectations on revenue and were in line on EBITDA.The quarter was once again led by the recurring...

Atrium Research

Omai Gold Mines Corp - Q4/24 Recap: All Our Research in One Place!

As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have...

Atrium Research

BQE: Decent Q1 Financials; Recurring Revenue Up 114% YoY

Management’s outlook remained bullish, expecting operation services revenue continuing to grow rapidly and technical services revenue catch back up...

Atrium Research

BQE: Excellent Q4 Financials; Increasing Target Price

Proportional revenue was $5.4M compared to our estimate of $4.2M and adjusted EBITDA was $0.5M compared to our estimate of $0.6M.

Atrium Research

BQE: Q4 Financials Preview

BQE will be reporting Q4 & 2023 financial results in ~2 weeks, we are expecting proportional revenue of $4.2M, gross margin of 45%, and adj. EBITDA...

Atrium Research

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