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 financial results that beat our expectations, with revenue of $99.3M (+79% YoY) vs. our $80.2M and Adjusted EBITDA of $18.5M (19% margin) vs. our expected $12.7M.</li>
<li>Gross Margin expanded to 24% (vs. our 21% estimate and 22% a year ago) as gross profit nearly doubled to $24.0M.</li>
<li>The Company’s order backlog reached a record $645.8M (vs. $561.1M in Q4), now 72% Canadian and including $266.5M from Groupe LAR.</li>
</ul>


ADF reported Q1 financial results that beat our expectations, with revenue of $99.3M (+79% YoY) vs. our $80.2M and Adjusted EBITDA of $18.5M (19% margin) vs. our expected $12.7M.
Gross Margin expanded to 24% (vs. our 21% estimate and 22% a year ago) as gross profit nearly doubled to $24.0M.
The Company’s order backlog reached a record $645.8M (vs. $561.1M in Q4), now 72% Canadian and including $266.5M from Groupe LAR.


DRX: Large Beat on Q1 Financials; LAR Plant Expansion Underway

ADF Group

DRX: Large Beat on Q1 Financials; LAR Plant Expansion Underway