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 has extended its $53M three-year framework agreement with a Saudi IT-sector customer by four years to August 2031, for up to $100M in additional work.</li>
<li>The extension marks NTG’s first five-year contract, with the rate card and commercial terms largely carried forward and gross margins of ~33%.</li>
<li>NTG will report its Q3 financials in November.</li>
</ul>


NTG has extended its $53M three-year framework agreement with a Saudi IT-sector customer by four years to August 2031, for up to $100M in additional work.
The extension marks NTG’s first five-year contract, with the rate card and commercial terms largely carried forward and gross margins of ~33%.
NTG will report its Q3 financials in November.


NCI: Signs Four Year Agreement for Up to $100M

<ul><li>What you need to know: • NTG reported Q2 revenue of $20.1M (+6% YoY, $22.1M expected) and adjusted EBITDA of breakeven vs. our $2.4M estimate.</li><li> • The Company has withdrawn its 2026 financial guidance and now expects gross margin in the low-to-mid 30% range for the foreseeable future as the Middle East conflict has weighed on its clients.</li><li>• Customers are negotiating discounted rates, pausing extensions and in some cases scaling back engagements to preserve cash.</li></ul>

What you need to know: • NTG reported Q2 revenue of $20.1M (+6% YoY, $22.1M expected) and adjusted EBITDA of breakeven vs. our $2.4M estimate. • The Company has withdrawn its 2026 financial guidance and now expects gross margin in the low-to-mid 30% range for the foreseeable future as the Middle East conflict has weighed on its clients.• Customers are negotiating discounted rates, pausing extensions and in some cases scaling back engagements to preserve cash.

NCI: Q2 Financials Affected by Middle East Conflict

<ul>
<li>NTG announced $16.6M in new purchase orders and contract renewals across its existing customer base, reflecting continued demand for its offshore and onsite software development services.</li>
<li>Today’s announcement includes the first purchase orders under NTG’s three-year framework agreement announced back in March.</li>
<li>In June, NTG provided an update on Peaktify, its UAE-based AI implementation platform, with four partners entering early access validation.</li>
</ul>


NTG announced $16.6M in new purchase orders and contract renewals across its existing customer base, reflecting continued demand for its offshore and onsite software development services.
Today’s announcement includes the first purchase orders under NTG’s three-year framework agreement announced back in March.
In June, NTG provided an update on Peaktify, its UAE-based AI implementation platform, with four partners entering early access validation.


<ul>
<li>NTG reported Q1 financials yesterday, including Q1 revenue of $21.3M (+8% YoY, $21.3M expected) and adjusted EBITDA of $0.8M (4% margin, $2.5M expected).</li>
<li>The quarter was impacted by Ramadan and Eid as well as the conflict in the Middle East, but management highlighted that it expects a bounce-back in Q2 and beyond.</li>
<li>NTG reiterated its 2026 outlook including a baseline revenue of &gt;$90M (+8% YoY) and adjusted EBITDA margins of 13-16%.</li>
</ul>


NTG reported Q1 financials yesterday, including Q1 revenue of $21.3M (+8% YoY, $21.3M expected) and adjusted EBITDA of $0.8M (4% margin, $2.5M expected).
The quarter was impacted by Ramadan and Eid as well as the conflict in the Middle East, but management highlighted that it expects a bounce-back in Q2 and beyond.
NTG reiterated its 2026 outlook including a baseline revenue of &gt;$90M (+8% YoY) and adjusted EBITDA margins of 13-16%.


NCI: Q1 Financials; Revenue In Line, Lower Margins

<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

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: Signs Four Year Agreement for Up to $100M

NTG has extended its $53M three-year framework agreement with a Saudi IT-sector customer by four years to August 2031, for up to $100M in...

Atrium Research

NCI: Q2 Financials Affected by Middle East Conflict

What you need to know: • NTG reported Q2 revenue of $20.1M (+6% YoY, $22.1M expected) and adjusted EBITDA of breakeven vs. our $2.4M...

Atrium Research

NCI: $16.6M In New Purchase Orders

NTG announced $16.6M in new purchase orders and contract renewals across its existing customer base, reflecting continued demand for its offshore...

Atrium Research

NCI: Q1 Financials; Revenue In Line, Lower Margins

NTG reported Q1 financials yesterday, including Q1 revenue of $21.3M (+8% YoY, $21.3M expected) and adjusted EBITDA of $0.8M (4% margin, $2.5M...

Atrium Research

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

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