reports
- Ben Pirie
- Nicholas Cortellucci
- CFA
JEV: Exploring Spin-off for Hydrogen Assets
What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio. We view this as a strong positive for shareholders. • Over the past month, JEV also closed a $2.2M private placement and amended the terms on its debentures, setting up the Company for this transaction. Yesterday after market close, Jericho Energy Ventures Inc. (JEV:TSXV, JROOF:OTC) announced that it has commenced a strategic process to explore the spin-off and s...
- Graham Mattison
- Shawn Severson
Revolve Achieves a Key Milestone and Completes WindRiver Acquisition P...
On February 14, 2024, Revolve completed the proposed acquisition of WindRiver Power Corporation, which was announced in October 2023. WindRiver is a Canada-based owner, operator, and developer of wind and hydro projects in the provinces of British Columbia and Alberta. This acquisition is a key milestone in Revolve’s stated strategy of utilizing both a development strategy and acquiring operating assets. Those interested can listen to a summary conversation on the WindRiver transaction with Revo...
- Nicholas Cortellucci
- CFA
BES: Solid Q4 Financials; Expect Growth in 2024
What you need to know: • BES reported Q4 and FY23 financial results that were mixed relative to our expectations; importantly, gross margins increased to 49% (compared to 20% in Q3) due to operational and technical improvements. • We are expecting revenue growth to resume in FY24 as Braille Battery expands into Europe as well as powersports. • Electrafy is now booking orders for its backup system and deliveries will begin in Q2. BES also announced that its lithium fire protection device is fini...
- Graham Mattison
- Shawn Severson
Valuation Model Indicates Shares Trading Below Many Peers and the Sum-...
Revolve is undergoing a transformational strategy shift to an owner/operator model through organic and inorganic growth. This strategic shift in the business model should drive increased cash flow through long-term recurring revenue. Revolve trades at a significant discount to its peers, even though it has delivered revenue and EBITDA, has a larger development pipeline than many of its peers, and further expected payments of US$50-60 million from the ENGIE transaction. Relative valuation suggest...
- Shawn Severson
1Q24 Results: Revenue Drives Ahead Led by ENGIE Milestone Payment
REVV reported total revenue of $1.2 million in 1Q24, $1.1 million higher than in 4Q23, primarily due to the interconnection milestone payment received from ENGIE under the sale agreement for the Parker project and recurring revenue from the operational distributed generation (DG) portfolio. The company is expected to receive milestone payments for the sale of the Parker Solar & Storage project, with amounts ranging from US$8.95-US$11.45 million. These payments are contingent upon the successful ...
- Ben Pirie
- Nicholas Cortellucci
- CFA
JEV: Q3 Financials in Line with Expectations
What you need to know: • JEV reported Q3 financial results that were in line with our expectations. Its O&G JV was EBITDA positive again this quarter, reminding us that JEV can effectively redeploy cashflow from the low multiple O&G business to the high multiple hydrogen business. • Find our recently published management interview here. Yesterday, Jericho Energy Ventures Inc. (JEV:TSXV, OTC:JROOF) reported Q3 financial results that were in line with our expectations. Production from its O&G JV...
- Nicholas Cortellucci
- CFA
Finding the Next Takeout in Canadian Small-Caps
What you need to know: • Over the past two months, there have been seven takeouts of Canadian small/mid-caps. We think this demonstrates the major disconnect between fundamentals and valuation in the market today which financial and strategic buyers are taking advantage of. • We outline six common characteristics of the acquisitions in order to create a framework for finding the next one and provide a list of stocks that meet the criteria. What’s Going On Here? Over the past two months, we have...
E ENTERPRISE GROUP
MAL MAGELLAN AEROSPACE CORP.
MDI MAJOR DRILLING GROUP INTERNATIONAL INC.
SEV SPECTRA7 MICROSYSTEMS INC
KUT REDISHRED CAPITAL CORP.
RET.A REITMANS (CANADA) LTD. CL A NV
SXP SUPREMEX INC.
FAR FORACO INTERNATIONAL SA
WJX WAJAX CORP.
XX AVANTE LOGIXX
GSI. GATEKEEPER SYSTEMS INC
TXG 10X GENOMICS INC CLASS A
SPG SPARK POWER GROUP
ALC ALGOMA CENTRAL CORPORATION
GRID QUIPT HOME MEDICAL INC.
PMKR TANTALUS SYSTEMS HLDG INC
NOW PLAYMAKER CAPITAL INC. (PMKR)
HAI NOW CORP
CNG HAIVISION SYSTEMS INC
QIPT KRAKEN ROBOTICS INC
PATIENT HOME MONITORING CORP
- Ben Pirie
- Nicholas Cortellucci
- CFA
JEV: DOE Funding & Manufacturing Agreement
What you need to know: • Jericho announced that two of its associated Hydrogen Hubs were selected to receive up to $1B each in funding from the U.S. DOE’s H2Hubs program. We expect this announcement to translate into sales orders for the DCC boiler over the coming quarters. • JEV also announced that it has signed a manufacturing MOU with leading firm, Superior Boiler for the manufacturing of the DCC boiler. Jericho Energy Ventures Inc. (JEV:TSXV, OTC:JROOF) announced two solid updates over th...
- Nicholas Cortellucci
- CFA
BES: Key Takeaways from Management Meeting
What you need to know: • Our team got an operational and corporate update from CEO Lindsay Weatherdon last week, reaffirming our conviction in the story. • Electrafy is progressing well with conversations with potential clients including home service companies, electrical wholesalers, and residential home builders. • Braille Battery continues to execute on its plan to expand in Europe as well as into the North American Power Sports markets. Last week, we caught up with CEO Lindsay Weatherdon ...
- Shawn Severson
Leveraging Investments in the Renewable Energy and Distributed Power M...
Revolve Renewable Power is transitioning from a pure development company to an owner and operator of renewable energy projects. This strategic shift should allow for more predictable revenue and cash flow. The strategic shift to an owner and operator model will see the company retain ownership of projects through construction and into operation, creating long-term recurring revenue and cash flow through organic growth of its existing 3-gigawatt (GW) portfolio of projects, which will also be supp...
- Ben Pirie
- Nicholas Cortellucci
- CFA
JEV: Reiterating Target Price on Recent Developments
What you need to know: • Portfolio company, H2U announced strong results from durability tests on a new iridium-free catalyst which demonstrated a lifetime of over 25,000 hours (vs. 1,000-1,500 for current iridium-free catalysts). • JEV’s EU partner, Exogen signed an MOU with leading green hydrogen supplier, Lhyfe SA which will supply hydrogen to Exogen’s hydrogen steam plant (which includes the DCC boiler). • HT obtained a new patent for the DCC boiler in the U.S. Over the past month, Jericho ...
- Nicholas Cortellucci
- CFA
BES: Mixed Q3 Financials; Long-Term Thesis Intact
What you need to know: • Braille reported Q3/23 financial results that were mixed compared to our expectations. Revenue and adjusted EBITDA were in line with our estimates but gross margin missed our expectations. • Braille Battery remains well positioned to expand internationally and return to its historical sales growth rate of ~15% while expanding gross margin in the process. Yesterday, Braille Energy Systems (BES:TSXV) reported Q3/23 financial results for the quarter ending June 30th. The r...
- Ben Pirie
- Nicholas Cortellucci
- CFA
JEV: Soft Joint Venture Financials but Hydrogen Portfolio Shines
Friday after market close, Jericho Energy Ventures Inc. (JEV:TSXV, OTC:JROOF) reported Q2 financial results that were softer than our expectations for its Oklahoma O&G joint venture. The JV reported revenue of $2.0M and adjusted EBITDA of $0.2M, declining YoY due to lower commodity prices. We remind readers that while Jericho’s Oklahoma assets form ~40% of our valuation, most of the upside and stock movement is coming from its hydrogen investments which have been performing exceptionally well (s...
- Nicholas Cortellucci
- CFA
Small-Caps with Torque to Infrastructure Spending
What you need to know: • Due to decades of underinvestment, North American infrastructure has aged and deteriorated significantly to a point where governments are beginning to rapidly increase spending in the sector. • The declining stability of the electrical grid as well as electrification trends only exacerbate the issues at hand. • This report highlights five small-cap Canadian equities with torque to thematic trends in infrastructure spending. Investment Thesis Aging Infrastructure It is...
- Ben Pirie
- Nicholas Cortellucci
- CFA
JEV: First Boiler Order; Increasing Target Price
What you need to know: • JEV announced its first boiler sales order which will support a district heating system of a prominent university. • Jericho announced last week that it is conducting a DCC boiler decarbonization study with a leading global alcoholic beverage company. • We are increasing our target price based on strong execution on the Hydrogen Technologies side as well as increasing oil prices. This morning, Jericho Energy Ventures Inc. (JEV:TSXV, OTC:JROOF) announced that it has sig...
- Nicholas Cortellucci
- CFA
BES: Positive Operational Update
What you need to know: • Braille Battery will be expanding its product offering for motorcycles, ATV/UTVs, and personal watercrafts. Braille Battery will also begin outsourcing its e-commerce business, allowing it to focus on manufacturing. • Product development of Electrafy’s back-up system is nearing completion with the Company beginning discussions with potential customers. • Firebulb is completing commercial development and considering various monetization options. This morning, Braille En...
- Ben Pirie
- Nicholas Cortellucci
- CFA
JEV: Strategic Partnership to Accelerate Boiler Sales
What you need to know: • Jericho announced a strategic industrial partnership with Sofinter Group and EXOGEN Hydrogen to manufacture, implement, and service a new hydrogen steam plant (the HSP3000). • The HSP3000 will be a scalable and modular solution featuring HT’s DCC boiler technology which will be produced by Sofinter and marketed by Exogen. We expect this to accelerate sales commitments through H2/23. This morning, Jericho Energy Ventures Inc. (JEV:TSXV, OTC:JROOF) announced a strategic i...
- Ben Pirie
- Nicholas Cortellucci
- CFA
JEV: H2U Announces Successful Demonstration
What you need to know: • Jericho’s portfolio company, H2U announced a successful demonstration of its non-iridium PEM electrolyzer for commercial hydrogen production. • PEM electrolyzers currently rely on iridium catalysts, which poses scarcity and supply-chain threats to the green hydrogen industry. • H2U will develop and construct its first external proof-of-concept units which will be shipped by year-end. Jericho Energy Ventures Inc. (JEV:TSXV, OTC:JROOF) announced that its portfolio company...
- Ben Pirie
- Nicholas Cortellucci
- CFA
JEV: The Best of Both Worlds: O&G and Hydrogen
What you need to know: • Jericho’s O&G JV assets are harvesting record cash flow and growing production steadily. The assets have a PV-10 of $43.7M. • JEV’s wholly owned Hydrogen Technologies has an innovative solution for clean hydrogen boilers. JEV also has two minority investments in disruptive hydrogen solutions. • JEV’s management team is made up of seasoned energy professionals and its cap table contains various strategic shareholders. Jericho Energy Ventures Inc. (JEV:TSXV, OTC:JROOF) i...
- Nicholas Cortellucci
- CFA
BES: Q2 Financials In Line with Expectations
What you need to know: • Braille Energy Systems reported Q2 financial results that were in line with our expectations. Revenue came in at $1.1M (+3% YoY, +26% QoQ) compared to our estimate of $1.1M. • Gross margin came in at 28% compared to our estimate of 32% and adjusted EBITDA came in at ($0.6M) vs. our estimate of ($0.7M). • BES remains well positioned for revenue growth acceleration and margin expansion for the back half of FY23. Braille Energy Systems (BES:TSXV) reported Q2/23 financial ...
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