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>Rubicon reported Q3 financial results that beat our estimates.</li>
<li>Revenue came in at $15.6M (+16% YoY) compared to our estimate of $15.1M and adjusted EBITDA came in at $1.7M (11% margin) compared to our estimate of $1.0M.</li>
<li>ROMJ also announced that Glen Ibbott has been appointed as CFO, its newly acquired Cascadia facility has received its Health Canada license, and that it has entered into a new credit agreement for $4.0M.</li>
</ul>


Rubicon reported Q3 financial results that beat our estimates.
Revenue came in at $15.6M (+16% YoY) compared to our estimate of $15.1M and adjusted EBITDA came in at $1.7M (11% margin) compared to our estimate of $1.0M.
ROMJ also announced that Glen Ibbott has been appointed as CFO, its newly acquired Cascadia facility has received its Health Canada license, and that it has entered into a new credit agreement for $4.0M.


ROMJ: Strong Growth in Q3; Various Catalysts Ahead

<ul>
<li>Rubicon has grown revenue at a 44% CAGR since 2020, while outpacing industry growth and limiting dilution.</li>
<li>We expect growth to accelerate in 2026 as ROMJ brings online its new Cascadia facility.</li>
<li>Rubicon has posted positive adjusted EBITDA since 2022, with margins expected to reach 10% in 2025 and 14% in 2026.</li>
</ul>


Rubicon has grown revenue at a 44% CAGR since 2020, while outpacing industry growth and limiting dilution.
We expect growth to accelerate in 2026 as ROMJ brings online its new Cascadia facility.
Rubicon has posted positive adjusted EBITDA since 2022, with margins expected to reach 10% in 2025 and 14% in 2026.


ROMJ: Premium Cannabis Leader Poised for Accelerated Growth

<ul>
<li>Sentiment for cannabis stocks remains at all time lows with the MSOS and MJ ETFs down 95% and 93% respectively from their highs.</li>
<li>We believe there are solid names in the sector that have formidable growth and expanding margins albeit the tough pricing environment.</li>
<li>The sector trades at historically low multiples, with the Canadian LPs at 7.3x 2025E EBITDA and MSOs at 6.5x.</li>
</ul>


Sentiment for cannabis stocks remains at all time lows with the MSOS and MJ ETFs down 95% and 93% respectively from their highs.
We believe there are solid names in the sector that have formidable growth and expanding margins albeit the tough pricing environment.
The sector trades at historically low multiples, with the Canadian LPs at 7.3x 2025E EBITDA and MSOs at 6.5x.


Glass House Brands Inc - Taking Another Look at Cannabis Stocks

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>Rubicon Organics is a leading producer of premium cannabis products in Canada.</li><li>In a challenging market, the company is differentiated by offering top-shelf, organically grown flower in the higher-margin premium market.</li><li>Interim CEO, CFO, and Director Margaret Brodie joined us on The Water Tower Hour to discuss how Rubicon is overcoming the common Canadian obstacles. </li></ul>

Rubicon Organics is a leading producer of premium cannabis products in Canada.In a challenging market, the company is differentiated by offering top-shelf, organically grown flower in the higher-margin premium market.Interim CEO, CFO, and Director Margaret Brodie joined us on The Water Tower Hour to discuss how Rubicon is overcoming the common Canadian obstacles. 

Rubicon Organics, Inc. - Water Tower Hour Recap

Canada

Rubicon Organics, Inc. produces and distributes specialty pharmaceutical products. The Company grows, processes, and markets medical marijuana and cannabis. Rubicon Organics serves customers in the North America.

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Rubicon Organics (ROMJ CN)

ROMJ: Strong Growth in Q3; Various Catalysts Ahead

Revenue came in at $15.6M (+16% YoY) compared to our estimate of $15.1M and adjusted EBITDA came in at $1.7M (11% margin) compared to our estimate...

Atrium Research

ROMJ: Premium Cannabis Leader Poised for Accelerated Growth

Rubicon has grown revenue at a 44% CAGR since 2020, while outpacing industry growth and limiting dilution. We expect growth to accelerate in 2026...

Atrium Research

Glass House Brands Inc - Taking Another Look at Cannabis Stocks

Sentiment for cannabis stocks remains at all time lows with the MSOS and MJ ETFs down 95% and 93% respectively from their highs.

Atrium Research

Rubicon Organics, Inc. - Water Tower Hour Recap

Interim CEO, CFO, and Director Margaret Brodie joined us on The Water Tower Hour to discuss how Rubicon is overcoming the common Canadian obstacles.

Water Tower Research

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