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>Organto reported great Q1 financials, with revenue coming in at $25.6M (+88% YoY) vs. our estimate of $24.0M and gross profit of $1.8M compared to our estimate of $1.7M.</li>
<li>Gross margin came in at 7.1% (vs. our expected 7.0%), impacted by customer mix, onboarding costs for new customers, and the ongoing conflict in the Middle East; many of these costs should reverse.</li>
<li>• EBITDA was positive for the quarter, coming in at $0.1M.</li>
</ul>


Organto reported great Q1 financials, with revenue coming in at $25.6M (+88% YoY) vs. our estimate of $24.0M and gross profit of $1.8M compared to our estimate of $1.7M.
Gross margin came in at 7.1% (vs. our expected 7.0%), impacted by customer mix, onboarding costs for new customers, and the ongoing conflict in the Middle East; many of these costs should reverse.
• EBITDA was positive for the quarter, coming in at $0.1M.


OGO: Revenue Up 88% YoY and Achieved Positive EBITDA

<ul>
<li>Organto reported Q4 and 2026 financials, beating our expectations on revenue and gross margins, but missing slightly on EBITDA.</li>
<li>Revenue came in at $60.8M for 2025 and $14.9M for Q4, compared to our estimates of $60.1M and $14.2M, respectively.</li>
<li>Gross margins were 10.8% in Q4 vs. our 9.0%, reflecting meaningful improvements.</li>
</ul>


Organto reported Q4 and 2026 financials, beating our expectations on revenue and gross margins, but missing slightly on EBITDA.
Revenue came in at $60.8M for 2025 and $14.9M for Q4, compared to our estimates of $60.1M and $14.2M, respectively.
Gross margins were 10.8% in Q4 vs. our 9.0%, reflecting meaningful improvements.


OGO: Finishing 2025 with 194% YoY Revenue Growth

<ul>
<li>Organto recently announced key growth milestones, namely that the Company has achieved $2M sales per week, implying a $100M annualized run rate, tracking well against our expectations for the year.</li>
<li>The Company has expanded its leadership team to increase management depth and support ongoing strategic and growth initiatives.</li>
<li>The Company’s commercial footprint also continues to grow, evidenced by recent retail additions in Switzerland, Ukraine, and Spain.</li>
</ul>


Organto recently announced key growth milestones, namely that the Company has achieved $2M sales per week, implying a $100M annualized run rate, tracking well against our expectations for the year.
The Company has expanded its leadership team to increase management depth and support ongoing strategic and growth initiatives.
The Company’s commercial footprint also continues to grow, evidenced by recent retail additions in Switzerland, Ukraine, and Spain.


<ul>
<li>Organto added eight new retail customers, including seven large-format retailers, expanding into Switzerland, Ukraine, and Spain.</li>
<li>The Company is evaluating additional organic product categories to leverage its European retail platform and expand its customer base.</li>
<li>Given today’s update, we are increasing our 2026E sales estimate from $95.0M to $113.8M, representing 89% YoY growth on top of the 190% in 2025E.</li>
</ul>


Organto added eight new retail customers, including seven large-format retailers, expanding into Switzerland, Ukraine, and Spain.
The Company is evaluating additional organic product categories to leverage its European retail platform and expand its customer base.
Given today’s update, we are increasing our 2026E sales estimate from $95.0M to $113.8M, representing 89% YoY growth on top of the 190% in 2025E.


OGO: Increasing Target Price on Improved Sales Growth

<ul>
<li>Organto has provided several positive updates over the last few months, including the appointment of industry veteran Chad Hagen to its board, the early exercise of its warrants, and a recap of its 2025 achievements.</li>
<li>OGO will be reporting Q4 and 2025 financial results in late April.</li>
<li>For Q4, we are expecting $14.2M in sales (+190% YoY) and $0.2M in EBITDA.</li>
</ul>


Organto has provided several positive updates over the last few months, including the appointment of industry veteran Chad Hagen to its board, the early exercise of its warrants, and a recap of its 2025 achievements.
OGO will be reporting Q4 and 2025 financial results in late April.
For Q4, we are expecting $14.2M in sales (+190% YoY) and $0.2M in EBITDA.


OGO: Couple Solid Updates & Q4 Financials Preview

Canada

Organto Foods Inc. operates as a provider of organic fresh fruits and vegetables The Company sources avocado, blueberries, passion fruits, ginger, asparagus, sugar snaps, snow peas, and mango from multiple growers around the world and distributes primarily into European markets through numerous retail, distributor, and food service channels.

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Organto Foods (OGO CN)

OGO: Revenue Up 88% YoY and Achieved Positive EBITDA

Organto reported great Q1 financials, with revenue coming in at $25.6M (+88% YoY) vs. our estimate of $24.0M and gross profit of $1.8M compared to...

Atrium Research

OGO: Finishing 2025 with 194% YoY Revenue Growth

Organto reported Q4 and 2026 financials, beating our expectations on revenue and gross margins, but missing slightly on EBITDA.

Atrium Research

OGO: Continuing to Make Progress

The Company’s commercial footprint also continues to grow, evidenced by recent retail additions in Switzerland, Ukraine, and Spain.

Atrium Research

OGO: Increasing Target Price on Improved Sales Growth

The Company is evaluating additional organic product categories to leverage its European retail platform and expand its customer base.

Atrium Research

OGO: Couple Solid Updates & Q4 Financials Preview

OGO will be reporting Q4 and 2025 financial results in late April. For Q4, we are expecting $14.2M in sales (+190% YoY) and $0.2M in EBITDA.

Atrium Research

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