reports
- Nicholas Cortellucci
- CFA
NCI: 2025 Financials Beat Expectations; Revenue Up 49%, Collecting A/R
What you need to know: • NTG reported Q4 and 2025 financials that beat our estimates across the board, including 2025 revenue of $83.4M (+49% YoY, $80.5M expected) and adjusted EBITDA of $11.9M (14% margin, $11.1M expected). • Management is guiding 2026 revenue of >$90M (+8% YoY) vs. our $96.2M and 2026 adjusted EBITDA margins of 13-16%, in line with our 14.8% expectation. NTG has a history of beating its revenue guidance. • We recently interviewed Adam Zaghloul, VP of Strategy and Planning. Cli...
- Nicholas Cortellucci
- CFA
NCI: $12.3M in Contracts; Awaiting Q4 Financial Results
What you need to know: • NTG has received $12.3M in new purchase orders and contract renewals from existing customers, reflecting continued demand for its offshore software development despite ongoing regional conflict. • $8.5M in purchase orders were billed against previously announced frameworks, as major contractual commitments are converting to revenue. • In March, NTG provided a detailed update on the Company’s AI strategy, outlining early customer adoption of its AI-powered products. • W...
- Ben Pirie
- Nicholas Cortellucci
- CFA
- Riley Venton
- P. Eng
Q1/26 Recap: All Our Research in One Place!
Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America. The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas. Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks. This represents the sixth consecutive quarter of outperforman...
WAB. WABI EXPLORATION INC
SCM STELLUS CAPITAL INVESTMENT CORP
LIO LION ONE METALS LTD.
WHM WHITE METAL RESOURCES CORP
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
APF ANGLO PACIFIC GROUP PLC
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
OGO ORGANTO FOODS INC
RGLSF REGULUS RESOURCE
ROMJ RUBICON ORGANICS
APM ANDEAN PRECIOUS METALS CORP
CCM CANAGOLD RESOURCES LTD
CTEK CLEANTEK INDUSTRIES INC.
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
FCLI FULL CIRCLE LITHIUM CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
LOVE CANNARA BIOTECH INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
ESAU INC. (SBIO)
KRI ESGOLD CORP.
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.
AGC RIO2 LIMITED
TSXV:NCI AVANTI GOLD CORP.
YAY NTG CLARITY NETWORKS INC.
THS MAPLE HOLDINGS LTD.
- Nicholas Cortellucci
- CFA
NCI: New Contract for Up to $18.2M; Operations Unaffected by Conflict
What you need to know: • NTG has signed a three-year Framework Agreement with a major Saudi real estate developer for up to $18.2M in IoT and Smart City services. • The customer is a portfolio company of one of Saudi Arabia’s largest investment entities, won through a referral by an existing NTG client. • NTG’s operations remain unaffected by recent escalation in Middle East military activity; Egypt Offshore Centres continue to operate normally. • We recently initiated coverage on NTG and int...
- Nicholas Cortellucci
- CFA
NCI: High Growth and Increasing Margins Meets Compelling Valuation
What you need to know: • NTG is a high-growth IT services and software company, providing solutions to large enterprise clients in Saudi Arabia. • The Company provides direct exposure to the economic growth of Saudi Arabia which is investing US$1.3T in its Vision 2030 plan. • NTG has seen margins dip in 2025 due to expanding its workforce, however, we expect margin expansion going forward. • The stock has pulled back 63% off its highs, now trading at 3.7x 2026E EBITDA, making for a strong entry...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.