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>NTG reported Q4 and 2025 financials that beat our estimates across the board, including 2025 revenue of $83.4M (+49% YoY, $80.5M expected) and adjusted EBITDA of $11.9M (14% margin, $11.1M expected).</li>
<li>Management is guiding 2026 revenue of &gt;$90M (+8% YoY) vs. our $96.2M and 2026 adjusted EBITDA margins of 13-16%, in line with our 14.8% expectation.</li>
<li>NTG has a history of beating its revenue guidance.</li>
</ul>


NTG reported Q4 and 2025 financials that beat our estimates across the board, including 2025 revenue of $83.4M (+49% YoY, $80.5M expected) and adjusted EBITDA of $11.9M (14% margin, $11.1M expected).
Management is guiding 2026 revenue of &gt;$90M (+8% YoY) vs. our $96.2M and 2026 adjusted EBITDA margins of 13-16%, in line with our 14.8% expectation.
NTG has a history of beating its revenue guidance.


NCI: 2025 Financials Beat Expectations; Revenue Up 49%, Collecting A/R

<ul>
<li>NTG has received $12.3M in new purchase orders and contract renewals from existing customers, reflecting continued demand for its offshore software development despite ongoing regional conflict.</li>
<li>$8.5M in purchase orders were billed against previously announced frameworks, as major contractual commitments are converting to revenue.</li>
<li>In March, NTG provided a detailed update on the Company’s AI strategy, outlining early customer adoption of its AI-powered products.</li>
</ul>


NTG has received $12.3M in new purchase orders and contract renewals from existing customers, reflecting continued demand for its offshore software development despite ongoing regional conflict.
$8.5M in purchase orders were billed against previously announced frameworks, as major contractual commitments are converting to revenue.
In March, NTG provided a detailed update on the Company’s AI strategy, outlining early customer adoption of its AI-powered products.


NCI: $12.3M in Contracts; Awaiting Q4 Financial Results

<ul>
<li>NTG has signed a three-year Framework Agreement with a major Saudi real estate developer for up to $18.2M in IoT and Smart City services.</li>
<li>The customer is a portfolio company of one of Saudi Arabia’s largest investment entities, won through a referral by an existing NTG client.</li>
<li>NTG’s operations remain unaffected by recent escalation in Middle East military activity; Egypt Offshore Centres continue to operate normally.</li>
</ul>


NTG has signed a three-year Framework Agreement with a major Saudi real estate developer for up to $18.2M in IoT and Smart City services.
The customer is a portfolio company of one of Saudi Arabia’s largest investment entities, won through a referral by an existing NTG client.
NTG’s operations remain unaffected by recent escalation in Middle East military activity; Egypt Offshore Centres continue to operate normally.


NCI: New Contract for Up to $18.2M; Operations Unaffected by Conflict

<ul>
<li>NTG is a high-growth IT services and software company, providing solutions to large enterprise clients in Saudi Arabia.</li>
<li>The Company provides direct exposure to the economic growth of Saudi Arabia which is investing US$1.3T in its Vision 2030 plan.</li>
<li>NTG has seen margins dip in 2025 due to expanding its workforce, however, we expect margin expansion going forward.</li>
</ul>


NTG is a high-growth IT services and software company, providing solutions to large enterprise clients in Saudi Arabia.
The Company provides direct exposure to the economic growth of Saudi Arabia which is investing US$1.3T in its Vision 2030 plan.
NTG has seen margins dip in 2025 due to expanding its workforce, however, we expect margin expansion going forward.


NCI: High Growth and Increasing Margins Meets Compelling Valuation

<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!

Canada

NTG Clarity Networks Inc. is a network company that provides a full range of consulting and outsourcing services to the telecommunications industry.  The Company provides design, documentation, and implementation expertise to network service providers.

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NTG Clarity Networks (NCI CN)

NCI: 2025 Financials Beat Expectations; Revenue Up 49%, Collecting A/R

Management is guiding 2026 revenue of >$90M (+8% YoY) vs. our $96.2M and 2026 adjusted EBITDA margins of 13-16%, in line with our 14.8% expectation.

Atrium Research

NCI: $12.3M in Contracts; Awaiting Q4 Financial Results

What you need to know: • NTG has received $12.3M in new purchase orders and contract renewals from existing customers, reflecting continued demand...

Atrium Research

NCI: New Contract for Up to $18.2M; Operations Unaffected by Conflict

NTG has signed a three-year Framework Agreement with a major Saudi real estate developer for up to $18.2M in IoT and Smart City services.

Atrium Research

NCI: High Growth and Increasing Margins Meets Compelling Valuation

NTG is a high-growth IT services and software company, providing solutions to large enterprise clients in Saudi Arabia.

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

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