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>CTEK reported a softer Q1, with revenue of $3.5M (-5% YoY) vs. our $3.8M estimate and Adjusted EBITDA was $1.0M (28% margin) compared to our estimate of $1.2M.</li>
<li>Management utilized the quarter to prepare for the step-change in revenue ahead as it executes on its large international order starting in Q2.</li>
<li>We recently interviewed CEO Riley Taggart, watch it here.</li>
</ul>


CTEK reported a softer Q1, with revenue of $3.5M (-5% YoY) vs. our $3.8M estimate and Adjusted EBITDA was $1.0M (28% margin) compared to our estimate of $1.2M.
Management utilized the quarter to prepare for the step-change in revenue ahead as it executes on its large international order starting in Q2.
We recently interviewed CEO Riley Taggart, watch it here.


CTEK: Uneventful Q1; Expecting Step-Change in Q2 & Q3

<ul><li>What you need to know: • CTEK reported solid financials, with Q4 and 2025 revenue coming in at $3.4M (+17% YoY) and $13.8M (+17% YoY), respectively, compared to our estimates of $4.2M and $14.5M.</li><li>• Adjusted EBITDA was $1.5M (45% margin) for Q4, compared to our estimate of $1.4M and $4.6M for 2025 compared to our estimate of $4.5M.</li><li>• We recently interviewed CEO Riley Taggart, click here to view.</li></ul>

What you need to know: • CTEK reported solid financials, with Q4 and 2025 revenue coming in at $3.4M (+17% YoY) and $13.8M (+17% YoY), respectively, compared to our estimates of $4.2M and $14.5M.• Adjusted EBITDA was $1.5M (45% margin) for Q4, compared to our estimate of $1.4M and $4.6M for 2025 compared to our estimate of $4.5M.• We recently interviewed CEO Riley Taggart, click here to view.

CTEK: Strong Profitability in Q4; Accelerating Growth in 2026

<ul>
<li>Cleantek Industries is beginning to show strong revenue growth, with 23% in 2025E and 48% in 2026E, backed by a new contract signed for 60 HALO lighting systems.</li>
<li>CTEK has some of the best profitability in the industry, consistently posting EBITDA margins in the 30% levels.</li>
<li>The Company has been improving its balance sheet over time and has a strong shareholder base, including PillarFour Capital, which owns 27%.</li>
</ul>


Cleantek Industries is beginning to show strong revenue growth, with 23% in 2025E and 48% in 2026E, backed by a new contract signed for 60 HALO lighting systems.
CTEK has some of the best profitability in the industry, consistently posting EBITDA margins in the 30% levels.
The Company has been improving its balance sheet over time and has a strong shareholder base, including PillarFour Capital, which owns 27%.


CTEK: Entering New Growth Phase with International Momentum

<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

Raise Production Inc. is an oilfield service company. The Company's production services segment utilizes its patented Activator Hydraulic Submersible Pump to increase ultimate production in both conventional and unconventional gas, oil, a CBM wells.

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Cleantek Industries (CTEK CN)

CTEK: Uneventful Q1; Expecting Step-Change in Q2 & Q3

CTEK reported a softer Q1, with revenue of $3.5M (-5% YoY) vs. our $3.8M estimate and Adjusted EBITDA was $1.0M (28% margin) compared to our...

Atrium Research

CTEK: Strong Profitability in Q4; Accelerating Growth in 2026

What you need to know: • CTEK reported solid financials, with Q4 and 2025 revenue coming in at $3.4M (+17% YoY) and $13.8M (+17% YoY),...

Atrium Research

CTEK: Entering New Growth Phase with International Momentum

Cleantek Industries is beginning to show strong revenue growth, with 23% in 2025E and 48% in 2026E, backed by a new contract signed for 60 HALO...

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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