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>Cannara reported Q2/26 revenue of $27.2M (+2% YoY), missing our estimates due to seasonal provincial purchasing trends which should reverse over the coming quarters, resuming higher levels of growth.</li>
<li>Gross margin of 43% exceeded expectations and remained above management’s targets, highlighting continued operational efficiency.</li>
<li>Market share continued to expand nationally and in Quebec, reinforcing Cannara’s relative strength despite declining industry sales.</li>
</ul>


Cannara reported Q2/26 revenue of $27.2M (+2% YoY), missing our estimates due to seasonal provincial purchasing trends which should reverse over the coming quarters, resuming higher levels of growth.
Gross margin of 43% exceeded expectations and remained above management’s targets, highlighting continued operational efficiency.
Market share continued to expand nationally and in Quebec, reinforcing Cannara’s relative strength despite declining industry sales.


LOVE: Soft Quarter; Still Outperforming the Sector

<ul>
<li>Cannara has maintained a solid growth trajectory, with expectations of ~20% going forward through its measured expansion plan.</li>
<li>The Company has best-in-class profitability with adjusted EBITDA margins of 29%, benefiting from its footprint in Quebec.</li>
<li>The launch of vape products in Quebec will serve as a growth driver for the Quebec segment, while distribution expands in the other provinces.</li>
</ul>


Cannara has maintained a solid growth trajectory, with expectations of ~20% going forward through its measured expansion plan.
The Company has best-in-class profitability with adjusted EBITDA margins of 29%, benefiting from its footprint in Quebec.
The launch of vape products in Quebec will serve as a growth driver for the Quebec segment, while distribution expands in the other provinces.


LOVE: Scalable Facilities, Record Profitability, and Re-Rating Potential

<ul><li>Quarterly Coverage Update Q3/26 marked a return to outperformance for our coverage universe.</li><li>Our covered companies rose 7.1% on average during the quarter, ahead of the S&P 500 (+2.2%), the TSX (+1.1%), and the TSXV, which declined 1.6%, generating ~6% of alpha over our benchmark (the TSX).</li><li>Our coverage universe has now outperformed its benchmark in seven of the nine quarters since we began tracking it (see Figure 1 below).</li></ul>

Quarterly Coverage Update Q3/26 marked a return to outperformance for our coverage universe.Our covered companies rose 7.1% on average during the quarter, ahead of the S&P 500 (+2.2%), the TSX (+1.1%), and the TSXV, which declined 1.6%, generating ~6% of alpha over our benchmark (the TSX).Our coverage universe has now outperformed its benchmark in seven of the nine quarters since we began tracking it (see Figure 1 below).

Mayfair Gold Corp - Q3/26 Recap: All Our Research in One Place!

<ul><li>Quarterly Coverage Update This quarter marks two years since we launched our quarterly coverage recap.</li><li> Over those last two years, our coverage universe has expanded from 13 names to 52, and our footprint across the investor community has continued to widen to new levels.</li><li> However, the metals and mining sector has been a tough place to be since the sector's strong run faded after January, and with ~70% of our coverage universe sitting in the space, we are heavily exposed to it.</li></ul>

Quarterly Coverage Update This quarter marks two years since we launched our quarterly coverage recap. Over those last two years, our coverage universe has expanded from 13 names to 52, and our footprint across the investor community has continued to widen to new levels. However, the metals and mining sector has been a tough place to be since the sector's strong run faded after January, and with ~70% of our coverage universe sitting in the space, we are heavily exposed to it.

THS Maple Holdings Ltd - Q2/26 Recap: All Our Research in One Place!

<ul><li>Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America.</li><li>The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas.</li><li>Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks.</li></ul>

Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America.The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas.Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks.

THS Maple Holdings Ltd - Q1/26 Recap: All Our Research in One Place!

Canada

Cannara Biotech Inc. provides biomedical products. The Company offers organic cannabis for medical purposes. Cannara Biotech serves customers in Canada.

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Cannara Biotech (LOVE CN)

LOVE: Soft Quarter; Still Outperforming the Sector

Gross margin of 43% exceeded expectations and remained above management’s targets, highlighting continued operational efficiency.

Atrium Research

LOVE: Scalable Facilities, Record Profitability, and Re-Rating Potential

Cannara has maintained a solid growth trajectory, with expectations of ~20% going forward through its measured expansion plan.

Atrium Research

Mayfair Gold Corp - Q3/26 Recap: All Our Research in One Place!

Quarterly Coverage Update Q3/26 marked a return to outperformance for our coverage universe. Our covered companies rose 7.1% on average during the...

Atrium Research

THS Maple Holdings Ltd - Q2/26 Recap: All Our Research in One Place!

Quarterly Coverage Update This quarter marks two years since we launched our quarterly coverage recap. Over those last two years, our coverage...

Atrium Research

THS Maple Holdings Ltd - Q1/26 Recap: All Our Research in One Place!

Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across...

Atrium Research

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