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>ADF reported Q1 financials that were in line with our expectations, reflecting a large decline due to the disruption caused by the tariffs.</li>
<li>Revenue came in at $55.5M (-48% YoY) vs. our estimate of $58.5M and EBITDA came in at $10.4M (19% margin) vs. our estimate of $8.9M.</li>
<li>Management highlighted that its products are exempt from tariffs as its steel is purchased from U.S. mills, and as such, financials will improve in H2.</li>
</ul>


ADF reported Q1 financials that were in line with our expectations, reflecting a large decline due to the disruption caused by the tariffs.
Revenue came in at $55.5M (-48% YoY) vs. our estimate of $58.5M and EBITDA came in at $10.4M (19% margin) vs. our estimate of $8.9M.
Management highlighted that its products are exempt from tariffs as its steel is purchased from U.S. mills, and as such, financials will improve in H2.


DRX: In Line Q1 Financials; Tariff Impact Less than Expected

ADF Group

DRX: In Line Q1 Financials; Tariff Impact Less than Expected