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>BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless.</li>
<li>Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M.</li>
<li>2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.) </li>
</ul>


BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless.
Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M.
2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.) 


BQE Water

BQE: Wrapping Up Another Record Year