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 Q3 financials that beat our expectations, driven by stronger project execution, margin recovery, and early contributions from LAR.</li>
<li>Revenue came in at $71.4M vs. our estimate of $68.4M while EBITDA of $18.4M meaningfully outperformed our $10.2M estimate.</li>
<li>Backlog increased to $497.1M (+6% QoQ), supported by a stronger mix of Canadian projects (now 57% of the backlog), while integration progress at LAR is setting up ADF for a strong Q4 and FY27.</li>
</ul>


ADF reported Q3 financials that beat our expectations, driven by stronger project execution, margin recovery, and early contributions from LAR.
Revenue came in at $71.4M vs. our estimate of $68.4M while EBITDA of $18.4M meaningfully outperformed our $10.2M estimate.
Backlog increased to $497.1M (+6% QoQ), supported by a stronger mix of Canadian projects (now 57% of the backlog), while integration progress at LAR is setting up ADF for a strong Q4 and FY27.


DRX: Q3 Financials Beat Expectations; Diversified Away from Tariffs

ADF Group

DRX: Q3 Financials Beat Expectations; Diversified Away from Tariffs