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>Sailfish reported strong Q1 financials, including revenue of $1.8M (+208% YoY) and adjusted EBITDA of $1.4M (77% margin).</li>
<li>The numbers came in behind our expectations due to a later than expected close on its new 11-year gold stream with Mako Mining, which closed on March 24th.</li>
<li>We remain excited for 2026 as the new gold stream begins generating revenue and FISH has the opportunity to reallocate the cash from the Spring Valley sale.</li>
</ul>


Sailfish reported strong Q1 financials, including revenue of $1.8M (+208% YoY) and adjusted EBITDA of $1.4M (77% margin).
The numbers came in behind our expectations due to a later than expected close on its new 11-year gold stream with Mako Mining, which closed on March 24th.
We remain excited for 2026 as the new gold stream begins generating revenue and FISH has the opportunity to reallocate the cash from the Spring Valley sale.


FISH: Revenue Up 208% YoY, 55% of Market Cap in Cash

Sailfish Royalty

FISH: Revenue Up 208% YoY, 55% of Market Cap in Cash