reports
- 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)
Quarterhill Inc: 2 directors
Two Directors at Quarterhill Inc bought/maiden bought 105,431 shares at between 1.036USD and 1.070USD. The significance rating of the trade was 54/100. 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 dire...
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,...
- Nicholas Cortellucci
- CFA
DRX: Solid Q3 Financials; Margins Remain Strong
What you need to know: • ADF reported Q3 financial results that were in line with our expectations on revenue and beat our expectations on EBITDA. • Revenue came in at $80.0M (-3% YoY) vs. our $80.4M and EBITDA came in at $24.0M (+35% YoY) vs. our $19.0M. • While the impact of the Trump victory and tariffs is still uncertain, management remains positive on its end markets and backlog. This morning, ADF Group (DRX:TSX, ADFJF:OTC) reported Q3 financial results (ending October 31st) that were in...
CEMATRIX Announces Randy Boomhour as President and CEO
CEMATRIX Announces Randy Boomhour as President and CEO CALGARY, Alberta, Dec. 02, 2024 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products, today announces that as part of the Company’s succession plan, Randy Boomhour has been named President and Chief Executive Officer for the Corporation effective November 29, 2024. Mr. Boomhour joined CEMATRIX in 2020 as CFO, added the role of GM for CEMATRIX Canada in 2023, and was promoted to COO in ...
CEMATRIX Announces the Retirement of Jeff Kendrick
CEMATRIX Announces the Retirement of Jeff Kendrick CALGARY, Alberta, Dec. 02, 2024 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) (“CEMATRIX” or the “Company”) a North American leading manufacturer and supplier of technologically advanced cellular concrete products, today announces the retirement of Mr. Jeff Kendrick, President and Chief Executive Officer, effective November 29, 2024. Mr. Kendrick has also retired from the Board of Directors of the Company effective November 29, 2024. Mr. Kendrick has chosen to retire for personal and family reasons. Mr. Kendrick fo...
- Nicholas Cortellucci
- CFA
DRX: Facility Visit & Updates; Staying Bullish
What you need to know: • Our team visited the Terrebonne facility earlier this week, where we toured the plant and met with management. • The Trump victory has mixed implications, with general support for infrastructure spending but potential to defund spending packages and implement tariffs on imported steel. Earlier this week, we had the pleasure of visiting ADF Group’s (DRX:TSX, ADFJF:OTC) Terrebonne facility. We summarize the takeaways from our visit as well as other updates from the sect...
CEMATRIX Announces 2024 Third Quarter Financial Results
CEMATRIX Announces 2024 Third Quarter Financial Results CALGARY, Alberta, Nov. 07, 2024 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products announced the release of its consolidated financial results for the third quarter ended September 30, 2024. “As expected, third-quarter revenues were below last year’s record results. The Company had anticipated that the sales from two major 2023 projects would be replaced by the sales from four maj...
CEMATRIX To Report Third Quarter Results On November 7, 2024
CEMATRIX To Report Third Quarter Results On November 7, 2024 Earnings Webinar Scheduled For 1:00 p.m. ET, November 8, 2024 CALGARY, Alberta, Oct. 31, 2024 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products today announced that it will release its consolidated financial results for the third quarter ending September 30, 2024, after the market closes on November 7, 2024. Management will host a webinar at 1:00 p.m. ET on Friday, Novem...
CEMATRIX Announces $6.2 Million in New Contracts
CEMATRIX Announces $6.2 Million in New Contracts CALGARY, Alberta, Oct. 24, 2024 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products today announced that it has executed $6.2 million in new contracts since the company’s last announcement on July 10, 2024. Factoring in the $6.2 million in new contracts, total contracts executed in 2024 is $42.0 million. “The $6.2 million of new contracts are composed of various projects across North Am...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q3/24 Recap: All Our Research in One Place!
Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months. This quarter included substantial momentum across several sectors, with strong performance from the companies we cover. Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%). This quarter has been our most active yet, ma...
- Nicholas Cortellucci
- CFA
DRX: $55M in New Contracts Signed
What you need to know: • ADF announced $55M in new contracts across Quebec and the U.S. Midwest, including additional work for its U.S. pharmaceutical client. • Today’s announcement gives us further confidence that ADF can continue to grow the backlog as the infrastructure spending cycle prolongs. • ADF trades at 3.5x EBITDA, the lowest multiple we have seen since covering the stock and a major discount to its peers and precedent transactions. This morning, ADF Group (DRX:TSX, ADFJF:OTC) ann...
CEMATRIX Announces Project Delays
CEMATRIX Announces Project Delays CALGARY, Alberta, Sept. 23, 2024 (GLOBE NEWSWIRE) -- CEMATRIX Corporation (TSX: CEMX) (OTCQB: CTXXF) ("CEMATRIX" or the "Company") a North American leading manufacturer and supplier of technologically advanced cellular concrete products, today announced that unforeseen delays on some projects will impact the Company’s 2024 revenue expectations, as a portion of the 2024 forecasted revenue will now be realized in 2025. "While we have made considerable progress on strategic initiatives and continue to grow our backlog, delays affecting multiple projec...
- Nicholas Cortellucci
- CFA
DRX: Revenue Misses due to Delays but Margins Smash Expectations
What you need to know: • ADF reported mixed Q2 financials that missed our revenue estimate due project delays but largely beat our profitability estimates. • Revenue came in at $74.9M vs. our $92.6M (due to $35M in delays) while EBITDA came in at $24.9M (33% margin) vs. our estimate of $17.9M. • Management remained bullish on the long-term growth of the sector and ended the quarter in large net cash position. This morning, ADF Group (DRX:TSX, ADFJF:OTC) reported Q2 financial results (ending Ju...
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