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

Diamond Estates Wines & Spirit / Equity Bottom-Up

<ul><li>What you need to know: • DWS released a three-year strategic plan built on four pillars: profitable growth, brand power, operational excellence, and culture and execution.</li><li> • Execution is framed in three phases: Build in FY26, Scale in FY27, and Optimize across FY28 and FY29.</li><li>Click here to view the deck.</li></ul>

What you need to know: • DWS released a three-year strategic plan built on four pillars: profitable growth, brand power, operational excellence, and culture and execution. • Execution is framed in three phases: Build in FY26, Scale in FY27, and Optimize across FY28 and FY29.Click here to view the deck.

DWS: Highly Bullish Three-Year Strategic Plan

<ul><li>Yesterday evening, Diamond Estates Wines and Spirits (DWS:TSXV, DWWEF:OTC) reported Q1/27 financials (ending June 30th) that were mixed relative to our expectations.</li><li>Revenue was below expectations due to external factors, mainly ordering interruptions from the LCBO.</li><li>Margins and profitability were in line with our model, reflecting the long-term structural improvements made to the business over the last year.</li></ul>

Yesterday evening, Diamond Estates Wines and Spirits (DWS:TSXV, DWWEF:OTC) reported Q1/27 financials (ending June 30th) that were mixed relative to our expectations.Revenue was below expectations due to external factors, mainly ordering interruptions from the LCBO.Margins and profitability were in line with our model, reflecting the long-term structural improvements made to the business over the last year.

DWS: Mixed Quarter; Margins Holding Strong

<ul>
<li>DWS reported Q4 and FY26 financial results, including Q4 revenue of $5.7M (+35% YoY) vs. our estimate of $4.8M and FY26 revenue of $29.9M (+22% YoY), returning back to levels seen in FY21-FY23.</li>
<li>Q4 adjusted EBITDA was $0.1M compared to our estimate of $0.2M, and FY26 adjusted EBITDA was $3.8M (+375% YoY).</li>
<li>This represented Diamond’s fourth consecutive quarter of positive YoY revenue growth as well as YoY gross margin expansion.</li>
</ul>


DWS reported Q4 and FY26 financial results, including Q4 revenue of $5.7M (+35% YoY) vs. our estimate of $4.8M and FY26 revenue of $29.9M (+22% YoY), returning back to levels seen in FY21-FY23.
Q4 adjusted EBITDA was $0.1M compared to our estimate of $0.2M, and FY26 adjusted EBITDA was $3.8M (+375% YoY).
This represented Diamond’s fourth consecutive quarter of positive YoY revenue growth as well as YoY gross margin expansion.


DWS: Closing Off a Huge Year, Revenue Up 35% in Q4

<ul>
<li>LCBO’s interim CEO publicly committed to expanding VQA shelf space and noted Ontario VQA sales rose 63% YoY while overall liquor sales were flat.</li>
<li>Ontario’s 2026 Budget projects LCBO’s net income to fall to ~$1.9B in 2025-26, as sales shift into G&amp;C outlets where DWS has strong shelf space (#3 VQA supplier and #5 agency in G&amp;C).</li>
<li>DWS has made an amendment to its BMO credit agreement, removing the Lassonde guarantee and extending maturity to July 2026.</li>
</ul>


LCBO’s interim CEO publicly committed to expanding VQA shelf space and noted Ontario VQA sales rose 63% YoY while overall liquor sales were flat.
Ontario’s 2026 Budget projects LCBO’s net income to fall to ~$1.9B in 2025-26, as sales shift into G&amp;C outlets where DWS has strong shelf space (#3 VQA supplier and #5 agency in G&amp;C).
DWS has made an amendment to its BMO credit agreement, removing the Lassonde guarantee and extending maturity to July 2026.


<ul>
<li>DWS reported solid Q3/26 financial results, including revenue of $8.2M (+28% YoY) vs. our estimate of $7.1M and adjusted EBITDA of $0.7M, in line with our expectations.</li>
<li>This represented Diamond’s third consecutive quarter of positive YoY revenue growth as well as YoY gross margin expansion.</li>
<li>Management provided a bullish outlook for the year ahead, with the 2025 harvest being one of the largest in company history.</li>
</ul>


DWS reported solid Q3/26 financial results, including revenue of $8.2M (+28% YoY) vs. our estimate of $7.1M and adjusted EBITDA of $0.7M, in line with our expectations.
This represented Diamond’s third consecutive quarter of positive YoY revenue growth as well as YoY gross margin expansion.
Management provided a bullish outlook for the year ahead, with the 2025 harvest being one of the largest in company history.


DWS: Strong Q3 Financials & Bullish Outlook

Canada

Diamond Estates Wines & Spirits Ltd. produces wine and spirits. The Company serves in Canada.

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Diamond Estates Wines & Spirit (DWS CN)

DWS: Highly Bullish Three-Year Strategic Plan

What you need to know: • DWS released a three-year strategic plan built on four pillars: profitable growth, brand power, operational excellence,...

Atrium Research

DWS: Mixed Quarter; Margins Holding Strong

Yesterday evening, Diamond Estates Wines and Spirits (DWS:TSXV, DWWEF:OTC) reported Q1/27 financials (ending June 30th) that were mixed relative...

Atrium Research

DWS: Closing Off a Huge Year, Revenue Up 35% in Q4

DWS reported Q4 and FY26 financial results, including Q4 revenue of $5.7M (+35% YoY) vs. our estimate of $4.8M and FY26 revenue of $29.9M (+22%...

Atrium Research

DWS: Industry Tailwinds & Q4 Preview

LCBO’s interim CEO publicly committed to expanding VQA shelf space and noted Ontario VQA sales rose 63% YoY while overall liquor sales were flat.

Atrium Research

DWS: Strong Q3 Financials & Bullish Outlook

DWS reported solid Q3/26 financial results, including revenue of $8.2M (+28% YoY) vs. our estimate of $7.1M and adjusted EBITDA of $0.7M, in line...

Atrium Research

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