reports
- 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)
- 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
- 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
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
- 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)
- 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
- 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
- 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...
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