Research from Atrium Research, Atrium Research Corporation

Atrium Research

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.

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>What you need to know: • BQE reported annual financials yesterday that were ahead of our estimates on revenue, gross margin, and net income; however, EBITDA came in below our expectations.</li><li>• 2025 prop.</li><li>revenue came in at $39.9M (+61% YoY) compared to our estimate of $38.0M and adjusted EBITDA was $8.2M (21% margin, +47% YoY) vs. our expected $9.4M.</li></ul>

What you need to know: • BQE reported annual financials yesterday that were ahead of our estimates on revenue, gross margin, and net income; however, EBITDA came in below our expectations.• 2025 prop.revenue came in at $39.9M (+61% YoY) compared to our estimate of $38.0M and adjusted EBITDA was $8.2M (21% margin, +47% YoY) vs. our expected $9.4M.

BQE: Landmark Year Completed; Revenue Up 61%, Adj. EBITDA Up 47%

BQE Water

BQE: Landmark Year Completed; Revenue Up 61%, Adj. EBITDA Up 47%