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>NTG reported Q4 and 2025 financials that beat our estimates across the board, including 2025 revenue of $83.4M (+49% YoY, $80.5M expected) and adjusted EBITDA of $11.9M (14% margin, $11.1M expected).</li>
<li>Management is guiding 2026 revenue of &gt;$90M (+8% YoY) vs. our $96.2M and 2026 adjusted EBITDA margins of 13-16%, in line with our 14.8% expectation.</li>
<li>NTG has a history of beating its revenue guidance.</li>
</ul>


NTG reported Q4 and 2025 financials that beat our estimates across the board, including 2025 revenue of $83.4M (+49% YoY, $80.5M expected) and adjusted EBITDA of $11.9M (14% margin, $11.1M expected).
Management is guiding 2026 revenue of &gt;$90M (+8% YoY) vs. our $96.2M and 2026 adjusted EBITDA margins of 13-16%, in line with our 14.8% expectation.
NTG has a history of beating its revenue guidance.


NCI: 2025 Financials Beat Expectations; Revenue Up 49%, Collecting A/R

NTG Clarity Networks

NCI: 2025 Financials Beat Expectations; Revenue Up 49%, Collecting A/R