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 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

<ul>
<li>Organto secured a €4M flexible financing and FX facility with Rabobank, improving liquidity and stabilizing currency exposure ahead of a key growth period for the business.</li>
<li>Last week, OGO reported its Q3/25 results, in which revenue came in at $15.1M (+189% YoY) and EBITDA was ($0.7M).</li>
<li>We recently re-initiated coverage on OGO and conducted an interview with CEO Steve Bromley; see the full report here and interview here.</li>
</ul>


Organto secured a €4M flexible financing and FX facility with Rabobank, improving liquidity and stabilizing currency exposure ahead of a key growth period for the business.
Last week, OGO reported its Q3/25 results, in which revenue came in at $15.1M (+189% YoY) and EBITDA was ($0.7M).
We recently re-initiated coverage on OGO and conducted an interview with CEO Steve Bromley; see the full report here and interview here.


OGO: New Working Capital Facility Setting Up Future Growth

<ul>
<li>OGO delivered Q3 revenue of $15.1M (+189% YoY), above our $13.5M estimate, marking the Company’s fourth consecutive quarter with &gt;100% YoY revenue growth.</li>
<li>Gross margin was 8.2% and EBITDA was ($0.7M), lower than our estimates, although operating costs continued to scale efficiently.</li>
<li>We recently re-initiated coverage on OGO and conducted an interview with CEO Steve Bromley; see the full report here and interview here.</li>
</ul>


OGO delivered Q3 revenue of $15.1M (+189% YoY), above our $13.5M estimate, marking the Company’s fourth consecutive quarter with &gt;100% YoY revenue growth.
Gross margin was 8.2% and EBITDA was ($0.7M), lower than our estimates, although operating costs continued to scale efficiently.
We recently re-initiated coverage on OGO and conducted an interview with CEO Steve Bromley; see the full report here and interview here.


<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

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: 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

OGO: New Working Capital Facility Setting Up Future Growth

Organto secured a €4M flexible financing and FX facility with Rabobank, improving liquidity and stabilizing currency exposure ahead of a key growth...

Atrium Research

OGO: 189% YoY Revenue Growth in Q3

OGO delivered Q3 revenue of $15.1M (+189% YoY), above our $13.5M estimate, marking the Company’s fourth consecutive quarter with >100% YoY revenue...

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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