reports
- Nicholas Cortellucci
- CFA
DRX: Signs Five-Year Contract for $35-40M Annually
What you need to know: • ADF secured a five-year Québec energy contract for $35M-$40M annually, with a five-year extension option, totalling nearly $400M. • The deal diversifies revenue outside the U.S. and adds long-term, recurring income, reducing exposure to market cyclicality. • Q2 financials will be released in September, we are expecting revenue of $58.2M, 22% gross margin, and EBITDA of $10.0M. • We recently published a management interview, watch it here. This morning, ADF Group (DRX...
CEMATRIX Announces $5.1 Million in New Contract Awards
CEMATRIX Announces $5.1 Million in New Contract Awards CALGARY, Alberta, July 21, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company"), a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America announced today that it has won $5.1 million in new contract awards. New Contract Award Details: a load reducing fill application on a highway improvement project;a load reducing fill application for a tank base project;a load reducing f...
CEMATRIX Announces Start of North Carolina Project
CEMATRIX Announces Start of North Carolina Project CALGARY, Alberta, July 09, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company"), a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America announced today that it has mobilized to a project work site in North Carolina and started to pour cellular concrete. “The start of this important project marks a long awaited, key milestone for our Company,” stated Randy Boomhour, President a...
Quarterhill Inc: 1 director
A director at Quarterhill Inc maiden bought 100,000 shares at 1.405CAD and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q2/25 Recap: All Our Research in One Place!
Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities. Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively. This builds on the 13% gain from our coverage in Q1/25. Top performers include Santacruz Silver (+102%), Allegiant Gold (+79%) and Capitan Silver (+77%). Atrium Research was a...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
KNR. KONTROL ENERGY CORP
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
KRI INC. (SBIO)
TSXV:NIM KOBO RESOURCES INC.
TSXV:RIO NICOLA MINING INC.
CEAD RIO2 LIMITED
CEA INDUSTRIES INC
- Nicholas Cortellucci
- CFA
DRX: In Line Q1 Financials; Tariff Impact Less than Expected
What you need to know: • ADF reported Q1 financials that were in line with our expectations, reflecting a large decline due to the disruption caused by the tariffs. • Revenue came in at $55.5M (-48% YoY) vs. our estimate of $58.5M and EBITDA came in at $10.4M (19% margin) vs. our estimate of $8.9M. • Management highlighted that its products are exempt from tariffs as its steel is purchased from U.S. mills, and as such, financials will improve in H2. • ADF ended the quarter with $75.3M in cash an...
CEMATRIX Announces $5.7 Million in New Contract Awards
CEMATRIX Announces $5.7 Million in New Contract Awards CALGARY, Alberta, May 21, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company"), a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America announced today that it has won $5.7 million in new contract awards. New Contract Award Details: a significant contract for a tunnel grouting application;the remaining projects are all small to mid-sized projects for light weight fill appl...
CEMATRIX Announces 2025 First Quarter Financial Results
CEMATRIX Announces 2025 First Quarter Financial Results CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America announced the release of its consolidated financial results for the quarter ended March 31, 2025. “Our first quarter revenues were $6.6 million versus $8.4 million last year. This level of activity was consistent with our expectations ...
CEMATRIX To Report First Quarter 2025 Results on May 7, 2025 Earnings ...
CEMATRIX To Report First Quarter 2025 Results on May 7, 2025 Earnings Webinar Scheduled for 1:00 p.m. ET, May 8, 2025 CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB:CTXXF) ("CEMATRIX" or the "Company"), a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America today announced that it will release its consolidated financial results for the first quarter ended March 31, 2025, after the market closes on May 7, 2025. Management will host a...
CEMATRIX Announces $9.7 Million in New Contract Awards
CEMATRIX Announces $9.7 Million in New Contract Awards CALGARY, Alberta, April 17, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company"), a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America announced today that it has won $9.7 million in new contract awards. New Contract Award Details: Notable projects include: a significant contract for a tunnel grouting application;a change order increasing the contract value...
CEMATRIX Announces Normal Course Issuer Bid
CEMATRIX Announces Normal Course Issuer Bid CALGARY, Alberta, April 15, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company"), a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America announced today that the Toronto Stock Exchange (“TSX”) has accepted the Company’s notice of intention to implement a normal course issuer bid (the “NCIB”). Under the NCIB, the Company may purchase for cancellation a maximum of 13,508,235 common share...
- Nicholas Cortellucci
- CFA
DRX: Record FY Financials; Lowering Estimates on Tariff Impacts
What you need to know: • ADF reported Q4 & FY25 financials that were a slight miss to our estimates. • For Q4, revenue came in at $77.4M (-12% YoY) vs. our estimate of $80.0M and EBITDA came in at $19.2M (+24% YoY) vs. our estimate of $19.7M. • FY25 marked another stellar year for ADF, however, the tariff situation is impacting management’s ability to sign new contracts, who are now expecting a decline in revenue and margins in FY26. • ADF ended the quarter with $60.0M in cash and $189.6M in cur...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q1/25 Recap: All Our Research in One Place!
Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe. This mainly came from our exposure to precious metals, notably silver. Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively. The performance in Q1 was led by Santacruz Silver (+80%), Omai Gold Mines (+80%), and Tocvan Ventures (+67%). We also proudly hosted another Investor ...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RIO RIO TINTO PLC
KNR. KONTROL ENERGY CORP
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
INC. (SBIO)
CEMATRIX Announces 2024 Fourth Quarter and Full Year 2024 Financial Re...
CEMATRIX Announces 2024 Fourth Quarter and Full Year 2024 Financial Results CALGARY, Alberta, March 26, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America announced the release of its consolidated financial results for the quarter and year ended December 31, 2024. “We are proud of our achievements this year, which represent the second-best financial performance in the Comp...
CEMATRIX Announces $5.4 Million in New Contract Awards
CEMATRIX Announces $5.4 Million in New Contract Awards CALGARY, Alberta, March 19, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company"), a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America. New Contract Awards: CEMATRIX announces that it has won $5.4 million in new contract awards. These awards are split between executed contracts and contracts in process. Significant awards as part of the $5.4 total include: a contract ...
CEMATRIX To Report Fourth Quarter and 2024 Year End Results on March 2...
CEMATRIX To Report Fourth Quarter and 2024 Year End Results on March 26, 2025 Earnings Webinar Scheduled for 1:00 p.m. ET, March 27, 2025 CALGARY, Alberta, March 18, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB:CTXXF) ("CEMATRIX" or the "Company"), a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America today announced that it will release its consolidated financial results for the fourth quarter and year ended December 31, 2024, after the market closes on M...
- Nicholas Cortellucci
- CFA
DRX: Back at It Again; $120M in New Contracts Signed
What you need to know: • ADF Group announced that it has signed $120M in new contracts across Quebec and the U.S., resulting in the pro-forma backlog reaching $450M. • Despite the concerns about tariffs, management was able to execute on its plan to sign new contracts, setting up the Company for a strong 2025. • Since announcing its NCIB, ADF has repurchased 721K shares, representing 2.4% of its shares outstanding. • ADF continues to trade at only 2.6x/3.0x FY25E/FY26E EBITDA. This morning, ADF...
CEMATRIX Announces $5.8 Million in New Contract Awards
CEMATRIX Announces $5.8 Million in New Contract Awards CALGARY, Alberta, Feb. 10, 2025 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company"), a specialty construction contractor that produces cellular concrete solutions on site and is a leading manufacturer and supplier of cellular concrete in North America. New Contract Awards: CEMATRIX announces that it has won $5.8 million in new contract awards. These awards are split between executed contracts and contracts in process. Significant awards as part of the $5.8 total include: a contract fo...
- Nicholas Cortellucci
- CFA
Finding the Next Takeout in Canadian Small-Caps - Part Four
What you need to know: • Since our last note in September, there have been 11 new takeouts in Canadian small-caps. This has accelerated in recent weeks with the acquisitions of Softchoice, Quisitive, and Carebook. • Our potential takeouts portfolio is up 61% since inception (November 2023) and 13% since our last note, compared to the TSX up 28% and 9% respectively. We review the biggest winners and losers in the portfolio and present a list of new ideas on our radar. How Have Things Progressed?...
GCL COLABOR GROUP INC
COV. COVALON TECHNOLOGIES LTD.
CTX CRESCITA THERAPEUTICS
E ENTERPRISE GROUP
FTG FIRAN TECHNOLOGY GROUP CORP.
IFX IMAFLEX INC. CL A
MAL MAGELLAN AEROSPACE CORP.
SYZ SYLOGIST LTD.
VLN VELAN INC.
KUT REDISHRED CAPITAL CORP.
GSI. GATEKEEPER SYSTEMS INC
OSS ONE STOP SYSTEMS
QIS CN QUORUM INFORMATION TECHNOLOGIES INC
NPTH NEUPATH HEALTH
XYBN XYBION DIGITAL INC
GRID TANTALUS SYSTEMS HLDG INC
HAI HAIVISION SYSTEMS INC
CNG KRAKEN ROBOTICS INC
BQE BQE WATER INC.
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q4/24 Recap: All Our Research in One Place!
Quarterly Coverage Update As we close out the year, we are pleased to release our Q4/24 recap report, showcasing all the research content we have published over the past three months. This quarter, we introduced short-form company overviews, sharing them across our new TikTok page as well as LinkedIn, YouTube, and X (Twitter) to provide a brief introduction to some of our covered companies. We also proudly hosted Atrium Research’s inaugural Mining Investor Event, which brought together clients,...
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