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Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

Ad-Tech Primer: Investing in the Future of Digital Advertising

What you need to know: • Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion. • Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization. • Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platfor...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

SBIO: Weak Q3 Financials; Still Eyeing 2026

What you need to know: • Sabio reported Q3/25 financial results that missed our expectations, with revenue coming in at $8.2M (-49% YoY), compared to our estimate of $11.2M. Adjusted EBITDA was ($2.2M) vs. our expected $1.3M. • While the quarter was weak, management remains bullish on 2026, stating that its Q1 pipeline is up 60% YoY. • We urge investors to look ahead to 2026, where we are expecting 49% YoY revenue growth and 8% EBITDA margins. Yesterday, after market close, Sabio Holdings Inc....

Ben Pirie ... (+3)
  • 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 ...

Nicholas Cortellucci ... (+2)
  • 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...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

SBIO: Q2 Financials; Proving Consistent Revenue Growth

What you need to know: • Sabio reported strong Q2/25 financial results, including revenue of $11.2M (+25% YoY), compared to our estimate of $10.2M. This was driven by 8% growth from the ad-supported streaming segment and 88% growth from the mobile segment. • Adjusted EBITDA came in at ($1.2M), slightly lower than our projected ($0.9M) due to continued investments into growth initiatives. • Sabio remains set up for a strong 2026 with multiple catalysts. Yesterday after market close, Sabio Holdin...

Ben Pirie ... (+3)
  • 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...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

SBIO: Impressive Q1 Financials & Bullish Outlook

What you need to know: • Sabio reported Q1/25 financial results that beat our estimates on revenue and were in line on profitability. • Revenue was $9.1M (+43% YoY), compared to our estimate of $7.0M. This was driven by 40% growth from the ad-supported streaming segment and 58% growth from the mobile segment. • Adjusted EBITDA came in at ($1.6M), in line with our model. • Sabio guided for another quarter of double-digit growth in Q2. Yesterday after market close, Sabio Holdings Inc. (SBIO:TSXV,...

Ben Pirie ... (+3)
  • 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 ...

Jonathan Moreland
  • Jonathan Moreland

Monthly Insider Special Screens: April 1, 2025

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

SBIO: Increasing Target Price on Strong Q4 & 2024 Financials

What you need to know: • Sabio reported excellent Q4 and 2024 financial results that beat our original expectations prior to being revised upward on the pre-release. • Revenue came in at $18.3M (+44% YoY) compared to our original estimate of $16.4M and revised estimate of $18.0M. Adjusted EBITDA came in at $2.8M (+38% YoY) vs. our estimate of $2.7M. • Sabio guided for continued solid growth and margins into 2025 and 2026. • We recently published an interview with management, watch it here. Yes...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

SBIO: Preliminary Q4 Financials; Best Quarter in Company History

What you need to know: • Sabio reported preliminary Q4 financial results that came in ahead of our expectations on revenue and were in line on adjusted EBITDA. • Revenue of $18.0-18.2M compared to our estimate of $16.4M while adjusted EBITDA is expected to be $2.6-2.8M vs. our estimate of $2.7M. • Sabio recently announced that App Science’s household graph has reached 80M households (previously 55M). • We recently initiated coverage on SBIO, read the report here. This morning, Sabio Holdings In...

Nicholas Cortellucci ... (+2)
  • Nicholas Cortellucci
  • CFA

SBIO: A Rising Ad-Tech Player in the Growing Streaming TV Market

What you need to know: • Sabio is well positioned in the growing Connected TV (CTV) industry with 55M validated households. This provides a major tailwind, supporting its 38% revenue CAGR since 2020. • SBIO completed a cost-cutting program in 2023, allowing EBITDA margins to bounce back to historical levels. • Sabio has a blue-chip customer base with 90% of its revenue coming from re-occurring clients. • Sabio trades at 5.4x/3.6x 2025E/2026E EBITDA, a discount to its peers. Sabio Holdings Inc...

Jonathan Moreland
  • Jonathan Moreland

Monthly Insider Special Screens: December 1, 2024

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

PSEC PROSPECT CAPITAL CORPORATION
OPK OPKO HEALTH INC.
NMFC NEW MOUNTAIN FINANCE CORPORATION
MCHX MARCHEX INC. CL B
LTRX LANTRONIX INC.
HSII HEIDRICK & STRUGGLES INTERNATIONAL INC.
HASI
I3N HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL INC.
EXAS CHART INDUSTRIES INC.
EL EXACT SCIENCES CORPORATION
CROX ESTEE LAUDER COMPANIES INC. CLASS A
CNC CROCS INC.
BRKR CENTENE CORPORATION
APPS BRUKER CORPORATION
AVNW DIGITAL TURBINE
AIN AVIAT NETWORKS
CMCO ALBANY INTERNATIONAL CORP. CLASS A
ENPH COLUMBUS MCKINNON CORPORATION
HTLD ENPHASE ENERGY INC.
SACH HEARTLAND EXPRESS INC.
DMLP SACHEM CAPITAL
HLNE DORCHESTER MINERALS L.P.
ANGI HAMILTON LANE INCORPORATED CLASS A
MBIN ANGI INC. CLASS A
LILA MERCHANTS BANCORP
FF LIBERTY LATIN AMERICA A
MEC FIRST MINING GOLD
NOVA MAYVILLE ENGINEERING
GRWG SUNNOVA ENERGY INTERNATIONAL
PCB GROWGENERATION
CLDX PACIFIC CITY FINANCIAL CORP
FBRX CELLDEX THERAPEUTICS INC.
TFC FORTE BIOSCIENCES INC
ONEW TRUIST FINANCIAL CORP
ARRY ONEWATER MARINE
SSSS ARRAY TECHNOLOGIES
ABCL SUTTER ROCK CAPITAL CORP.
CSU ABCELLERA BIOLOGICS
IMNM CAPITAL SENIOR LIVING
GRNT IMMUNOME
PFBX GRANIT SKOPKE
TRIN PEOPLES FINANCIAL CORP. (MISSISSIPPI)
ZETA TRINITY CAPITAL INC
RWAY ZETA GLOBAL HLDGS CORP
ANTX RUNWAY GROWTH FINANCE CORP
NXGL AN2 THERAPEUTICS INC
CALC NEXGEL INC
DBD CALCIMEDICA INC.
CATX DIEBOLD NIXDORF INCORPORATED
MDRR PERSPECTIVE THERAPEUTICS
PDYN INC.
DC MEDALIST DIVERSIFIED REIT INC.
AGFY SARCOS TECHNOLOGY AND ROBOTICS CORP
ETS DAKOTA GOLD CORP.
AGRIFY CORPORATION
ENTERASYS NETWORKS INC /DE/
Jonathan Moreland
  • Jonathan Moreland

InsiderInsights Weekly Report: November 30, 2024

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights Weekly Report: November 23, 2024

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights.com Daily Ratings Report: November 19, 2024

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights Weekly Report: May 18, 2024

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

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