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 Q2 financials that missed our expectations on the back of uncertainty from U.S. tariffs, similar to Q1.</li>
<li>Revenue came in at $53.0M (-29% YoY) vs. our estimate of $58.2M and EBITDA came in at $3.7M vs. our estimate of $10.0M.</li>
<li>ADF remains well-positioned for H2 given that its backlog was $468.0M, (+60% since Q4), all of its employees have returned on a full-time basis, and its acquisition of LAR Group will provide further growth.</li>
</ul>


ADF reported Q2 financials that missed our expectations on the back of uncertainty from U.S. tariffs, similar to Q1.
Revenue came in at $53.0M (-29% YoY) vs. our estimate of $58.2M and EBITDA came in at $3.7M vs. our estimate of $10.0M.
ADF remains well-positioned for H2 given that its backlog was $468.0M, (+60% since Q4), all of its employees have returned on a full-time basis, and its acquisition of LAR Group will provide further growth.


DRX: Soft Q2 Financials; Excellent Backlog Growth

ADF Group

DRX: Soft Q2 Financials; Excellent Backlog Growth