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>Yerbaé reported Q3 financials that missed our expectations due to an overall slowdown in growth.</li>
<li>On Wednesday evening, Yerbaé Brands Corp. (YERB.U:TSXV, YERBF:OTC) reported Q3 financial results that missed our estimates.</li>
<li>EBITDA for the quarter came in at ($3.1M) vs. our estimate of ( 0M) due to continued spending on growth and marketing initiatives.</li>
</ul>


Yerbaé reported Q3 financials that missed our expectations due to an overall slowdown in growth.
On Wednesday evening, Yerbaé Brands Corp. (YERB.U:TSXV, YERBF:OTC) reported Q3 financial results that missed our estimates.
EBITDA for the quarter came in at ($3.1M) vs. our estimate of ( 0M) due to continued spending on growth and marketing initiatives.


YERB.U: Recalibrating Our Model After Soft Q3 Financials

<ul>
<li>Yerbaé reported strong Q2 financials that were in line with our estimates on sales ($4.1M) and beat our expectations for gross margins (56%).</li>
<li>Yesterday, Yerbaé Brands Corp. (YERB.U:TSXV, YERBF:OTC) reported Q2/23 financial results that were in line with our estimates for net revenue and beat our estimates for gross margin.</li>
<li>Gross revenue came in at $4.3M vs. our estimate of $4.5M with the promotional rate at 4% compared to our estimate of 7%.</li>
</ul>


Yerbaé reported strong Q2 financials that were in line with our estimates on sales ($4.1M) and beat our expectations for gross margins (56%).
Yesterday, Yerbaé Brands Corp. (YERB.U:TSXV, YERBF:OTC) reported Q2/23 financial results that were in line with our estimates for net revenue and beat our estimates for gross margin.
Gross revenue came in at $4.3M vs. our estimate of $4.5M with the promotional rate at 4% compared to our estimate of 7%.


YERB.U: Strong Q2 Financials; Increasing Target Price

<ul>
<li>Yerbaé announced the closing of the first tranche of its celebrity investment round, including various prominent athletes and entertainers.</li>
<li>The announcements include closing the first tranche of its celebrity investment round, an expansion into Costco, and record sales on Amazon Prime Day.</li>
<li>Celebrity Investment Round This morning, YERB.U announced that it has closed the first tranche of its celebrity investment round, raising ~$4M.</li>
</ul>


Yerbaé announced the closing of the first tranche of its celebrity investment round, including various prominent athletes and entertainers.
The announcements include closing the first tranche of its celebrity investment round, an expansion into Costco, and record sales on Amazon Prime Day.
Celebrity Investment Round This morning, YERB.U announced that it has closed the first tranche of its celebrity investment round, raising ~$4M.


YERB.U: Recent Announcements Reaffirm Investment Thesis

<ul>
<li>Yerbaé announced a strategic partnership with Farrell Distribution, a renowned distributor of premium beverages in Vermont.</li>
<li>YERB.U extended its partnership with CrossFit champion Annie Thorisdottir and launched new flavours in Sprouts Farmers Markets.</li>
<li>However, Yerbaé (3.7x 2024E sales) continues to trade at a sizeable discount to Celsius at 7.7x 2024E sales and Monster Beverage at 7.0x 2024E sales.</li>
</ul>


Yerbaé announced a strategic partnership with Farrell Distribution, a renowned distributor of premium beverages in Vermont.
YERB.U extended its partnership with CrossFit champion Annie Thorisdottir and launched new flavours in Sprouts Farmers Markets.
However, Yerbaé (3.7x 2024E sales) continues to trade at a sizeable discount to Celsius at 7.7x 2024E sales and Monster Beverage at 7.0x 2024E sales.


YERB.U: A Few Solid Updates; Increasing Target Price

<ul><li>Yerbaé posted Q1/23 financial results including net revenue of $3.5M vs. our estimate of $3.5M, representing 130% YoY growth and 88% QoQ growth.</li><li>Yerbaé Brands Corp. (YERB.U:TSXV) reported Q1/23 financial results yesterday evening that were in line with our expectations for revenue but missed on profitability.</li><li>Gross revenue came in at 7M vs. our estimate of $3.8M with the promotional rate at 5% compared to our estimate of 7%.</li></ul>

Yerbaé posted Q1/23 financial results including net revenue of $3.5M vs. our estimate of $3.5M, representing 130% YoY growth and 88% QoQ growth.Yerbaé Brands Corp. (YERB.U:TSXV) reported Q1/23 financial results yesterday evening that were in line with our expectations for revenue but missed on profitability.Gross revenue came in at 7M vs. our estimate of $3.8M with the promotional rate at 5% compared to our estimate of 7%.

YERB.U: Record Q1 Financials & Positive Outlook

Canada

Yerbae Brands Corp. operates as a plant-based energy beverage company. The Company produces flavored plant-based energy drinks, seltzers, and water enhancers provide good energy for active lifestyles and healthy diets. Yerbae Brands serves customers worldwide.

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