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>What you need to know: • Kontrol reported Q2 financial results that were below our expectations due to tariff related uncertainty.</li><li>Revenue came in at $1.3M vs. our estimate of $1.8M and adjusted EBITDA of ($0.3M) vs. our estimate of $0.2M.</li><li>• KNR highlighted that it expects stronger organic growth in H2 as its clients look to increase capex spending.</li></ul>

What you need to know: • Kontrol reported Q2 financial results that were below our expectations due to tariff related uncertainty.Revenue came in at $1.3M vs. our estimate of $1.8M and adjusted EBITDA of ($0.3M) vs. our estimate of $0.2M.• KNR highlighted that it expects stronger organic growth in H2 as its clients look to increase capex spending.

<ul>
<li>Kontrol Technologies reported Q1 financial results that were below our expectations.</li>
<li>Revenue came in at $1.5M vs. our estimate of $1.9M and adjusted EBITDA was ($0.2M) vs. our estimate of $0.2M.</li>
<li>KNR ended the quarter with $11.2M in cash &amp; equivalents with minimal debt ($0.20/share in net cash), compared to its market cap of $9.1M.</li>
</ul>


Kontrol Technologies reported Q1 financial results that were below our expectations.
Revenue came in at $1.5M vs. our estimate of $1.9M and adjusted EBITDA was ($0.2M) vs. our estimate of $0.2M.
KNR ended the quarter with $11.2M in cash &amp; equivalents with minimal debt ($0.20/share in net cash), compared to its market cap of $9.1M.


KNR: Light Q1 Financials; 15% Discount to Net Cash

<ul>
<li>Kontrol Technologies reported Q4 financial results that were in line with our expectations.</li>
<li>Revenue came in at $1.7M vs. our estimate of $1.8M and adjusted EBITDA was ($0.3M) vs. our estimate of ($0.2M).</li>
<li>KNR repurchased 1.8M shares in 2024 and 0.7M shares in 2025 thus far, decreasing its share count by 4% since Q4/23.</li>
</ul>


Kontrol Technologies reported Q4 financial results that were in line with our expectations.
Revenue came in at $1.7M vs. our estimate of $1.8M and adjusted EBITDA was ($0.3M) vs. our estimate of ($0.2M).
KNR repurchased 1.8M shares in 2024 and 0.7M shares in 2025 thus far, decreasing its share count by 4% since Q4/23.


KNR: Solid Q4; Still Trading at a Discount to Net Cash

<ul><li>Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage.</li><li>Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively.</li><li>This builds on the 27% increase from our coverage universe in Q2/25.</li></ul>

Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage.Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively.This builds on the 27% increase from our coverage universe in Q2/25.

Exploits Discovery Corp - Q3/25 Recap: All Our Research in One Place!

<ul><li>Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.</li><li>Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.</li><li>This builds on the 13% gain from our coverage in Q1/25.</li></ul>

Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.This builds on the 13% gain from our coverage in Q1/25.

Kobo Resources Inc - Q2/25 Recap: All Our Research in One Place!

Canada

Kontrol Technologies Corp. provides energy efficiency and technology solutions. The Company performs energy audits and assessment for multi-residential, commercial, and institutional businesses. Kontrol Energy serves customers worldwide.

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Kontrol Technologies (KNR CN)

KNR: Expecting Stronger Results in H2

What you need to know: • Kontrol reported Q2 financial results that were below our expectations due to tariff related uncertainty. Revenue came in...

Atrium Research

KNR: Light Q1 Financials; 15% Discount to Net Cash

KNR ended the quarter with $11.2M in cash & equivalents with minimal debt ($0.20/share in net cash), compared to its market cap of $9.1M.

Atrium Research

KNR: Solid Q4; Still Trading at a Discount to Net Cash

Revenue came in at $1.7M vs. our estimate of $1.8M and adjusted EBITDA was ($0.3M) vs. our estimate of ($0.2M). KNR repurchased 1.8M shares in 2024...

Atrium Research

Exploits Discovery Corp - Q3/25 Recap: All Our Research in One Place!

Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across...

Atrium Research

Kobo Resources Inc - Q2/25 Recap: All Our Research in One Place!

Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again...

Atrium Research

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