reports
- Nicholas Cortellucci
- CFA
DWS: All Eyes on Q3 Financials
What you need to know: • DWS is expected to release Q3/26 financials in late February and we are projecting revenues of $7.1M (+10% YoY) and EBITDA margins of 10%. This would be Diamond’s third consecutive quarter of positive YoY growth. • There has been significant insider buying on the stock from CEO Andrew Howard, CFO Basman Alias and Director Ronald McEachern. • Our confidence in DWS remains strong as it proves its turnaround to investors and insiders continue to meaningfully add to their st...
- 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
DWS: Insider Buying & New Floor for Stock Price
What you need to know: • DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group. • This provides a new floor for the stock ($0.196/share and $0.21/share), and tells us that Perigon is performing well on gross margins. • There has also been some insider buying on the stock from CFO Basman Alias and Director Ronald MacEachern. • We remain bullish on DWS as it proves its turnaround to investors. We recently initiated coverage on DWS, read ou...
- Nicholas Cortellucci
- CFA
DWS: Uncorking Value through Channel Expansion
What you need to know: • DWS has completed the early stages of a turnaround, returning to profitability, with 1,800 bps of gross margin expansion since FY23, reaching positive EBITDA in FY25, and largely decreasing its debt. • DWS is now posting revenue growth due to acquisitions, new product initiatives, its strong position in grocery and convenience, enhanced VQA rebates, and cider pricing reform. • Diamond is supported strategically by Lassonde Industries (LAS.A:TSX, $1.6B mkt cap) as its la...
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