reports
- Nicholas Cortellucci
- CFA
DRX: Increasing Target Price on $140M in New Contracts
What you need to know: • ADF announced $140M in new contracts across Quebec, Ontario, and the U.S. West Coast, diversified amongst various industries including public transportation, commercial, industrial, manufacturing, and hydroelectricity. • Fabrication is expected to begin in June 2026 and extend through 2027. • Today’s announcement builds further credibility and trust with management as they stated new contracts would be coming during their Q3 conference call. Additionally, these contracts...
- Nicholas Cortellucci
- CFA
Finding the Next Takeout in Canadian Small-Caps - Part Five
What you need to know: • This series went on a brief hiatus through 2025 as takeouts of small-cap Canadian equities slowed down, however, things appear to be heating up again with a flurry of acquisitions happening over the last few months. • Our potential takeouts portfolio is up 96% since inception, representing 37% annualized and is up 24% in 2025, slightly lagging the resource-heavy TSX last yer. The portfolio successfully predicted four takeouts. • We review the biggest winners and losers ...
DRX ADF GROUP INC.
COV. COVALON TECHNOLOGIES LTD.
CTX CRESCITA THERAPEUTICS
DBO/A D-BOX TECHNOLOGIES INC. (CL A)
E ENTERPRISE GROUP
FTG FIRAN TECHNOLOGY GROUP CORP.
IFX IMAFLEX INC. CL A
MAL MAGELLAN AEROSPACE CORP.
MDI MAJOR DRILLING GROUP INTERNATIONAL INC.
SYZ SYLOGIST LTD.
VLN VELAN INC.
TMG. THERMAL ENERGY INTERNATIONAL INC.
FAR FORACO INTERNATIONAL SA
GSI. GATEKEEPER SYSTEMS INC
MCB MCCOY GLOBAL INC.
QIS CN QUORUM INFORMATION TECHNOLOGIES INC
TTR TITANIUM TRANSPORATION GROUP INC.
NPTH NEUPATH HEALTH
GRID TANTALUS SYSTEMS HLDG INC
HAI HAIVISION SYSTEMS INC
CNG KRAKEN ROBOTICS INC
BQE BQE WATER INC.
TSXV:DWS DIAMOND ESTATES WINES & SPIRITS INC.
NOA CN NORTH AMERICAN CONSTRUCTION GROUP LTD.
ISV INFORMATION SERVICES CORP.
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q4/25 Recap: All Our Research in One Place!
Q4/25 capped off a strong finish to the year for Atrium Research, as supportive commodity price trends and improving small-cap sentiment continued to drive performance across our coverage universe. Our covered stocks increased 21% on average during Q4/25 and are now up 170% over the past year, materially outperforming the TSX and TSXV, which gained 6% and 45% during the quarter, respectively, and 28% and 61% on a YoY basis. Performance was broad-based, with several names delivering outsized retu...
WAB. WABI EXPLORATION INC
LIO LION ONE METALS LTD.
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
ROMJ RUBICON ORGANICS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
FCLI FULL CIRCLE LITHIUM 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.
FRG NICOLA MINING INC.
NAMM FORGE RESOURCES CORP.
GEC NAMIB MINERALS
NFLD GLOBAL EDUCATION COMMUNITIES CORP
TSXV:DWS EXPLOITS DISCOVERY CORP.
NKG DIAMOND ESTATES WINES & SPIRITS INC.
RIO NEVADA KING GOLD CORP.
RIO2 LIMITED
- Nicholas Cortellucci
- CFA
DRX: Q3 Financials Beat Expectations; Diversified Away from Tariffs
What you need to know: • 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. This mo...
- Nicholas Cortellucci
- CFA
DRX: Increasing Estimates on Groupe LAR Acquisition
What you need to know: • ADF provided an update and hosted a conference call to discuss the acquisition of Groupe LAR. • ADF plans to double LAR’s backlog by January 2027, benefitting from hydroelectric dam renovation and construction projects across Canada. • Management will invest $35M over the next 24 months to increase LAR’s capacity and modernize its equipment. • The acquisition largely diversifies ADF from a geographic, client concentration, and sector perspective, providing more consiste...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q3/25 Recap: All Our Research in One Place!
Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage. Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively. This builds on the 27% increase from our coverage universe in Q2/25. Top performers from our coverage this quarter include Andean ...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
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
FRG CEA INDUSTRIES INC
NAMM FORGE RESOURCES CORP.
GEC NAMIB MINERALS
NFLD GLOBAL EDUCATION COMMUNITIES CORP
EXPLOITS DISCOVERY CORP.
- Nicholas Cortellucci
- CFA
Cantech Investment Conference: Research Booklet
We are teaming up with Cantech to publish Company Spotlight reports on the companies presenting at its conference on October 9th in Toronto. The reports aim to serve as an introduction to each company and provide a basic investment thesis. To learn more about the conference and sign up to attend, please check it out here. Companies Mentioned: Acceleware Limited Anaergia Inc. Argo Corporation Avante Corp. Baylin Technologies Inc. BeWhere Holdings Inc. BIGG Digital Assets Inc. BQE Water Inc. Cl...
BYL BAYLIN TECHNOLOGIES INC
DGI. DATA COMMUNICATIONS MANAGEMENT
YFI EDGEWATER WIRELESS SYSTEMS
ENW ENWAVE CORP.
FTG FIRAN TECHNOLOGY GROUP CORP.
STAR STAR SANITARYWARE
XX AVANTE LOGIXX
PTOTF PATRIOT ONE TECHNOLOGIES
BIGG BIGG DIGITAL ASSET
ANRG ANAERGIA INC
HITI HIGH TIDE INC
GRID TANTALUS SYSTEMS HLDG INC
AIDX HEALWELL AI INC
BQE BQE WATER INC.
SBIO SABIO HOLDINGS
TTGI INC. (SBIO)
VOL TURNIUM TECHNOLOGY GROUP INC.
MGRO VOLATUS AEROSPACE CORP
TRBE MUSTGROW BIOLOGICS CORP
TRIBE PROPERTY TECHNOLOGIES INC. (TRBE)
Adf Group Inc: 1 director
A director at Adf Group Inc maiden bought 10,000 shares at 8.079CAD and the significance rating of the trade was 55/100. 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 years c...
- Nicholas Cortellucci
- CFA
DRX: Soft Q2 Financials; Excellent Backlog Growth
What you need to know: • 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. This morning, ADF Group (...
- Nicholas Cortellucci
- CFA
DRX: Deploying Cash on Acquisition of Groupe LAR
What you need to know: • ADF entered into an agreement to acquire Groupe LAR Inc. for $19M. LAR operates in the machining, welding, and industrial mechanics sectors, primarily focusing on the large-scale hydroelectricity market. • LAR posted $80.9M in revenue in 2024 (ending December 31st) and had a backlog of $104.5M as of July 31st. • We view the acquisition as a strong positive, diversifying DRX’s revenue growth and cyclical exposure. This morning, ADF Group (DRX:TSX) announced that it ha...
- 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...
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