Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless.</li>
<li>Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M.</li>
<li>2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.) </li>
</ul>


BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless.
Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M.
2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.) 


<ul><li>Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe.</li><li>This mainly came from our exposure to precious metals, notably silver.</li><li>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.</li></ul>

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.

BQE Water Inc - Q1/25 Recap: All Our Research in One Place!

<ul>
<li>BQE has various blue-sky opportunities ahead which we do not account for in our model.</li>
<li>This report breaks down each opportunity to paint a picture of a bull case scenario for the Company.</li>
<li>This includes company maker projects, new applications and technologies, the mining bull cycle, capital allocation plans, geographic expansion, trust in management, and multiple expansion.</li>
</ul>


BQE has various blue-sky opportunities ahead which we do not account for in our model.
This report breaks down each opportunity to paint a picture of a bull case scenario for the Company.
This includes company maker projects, new applications and technologies, the mining bull cycle, capital allocation plans, geographic expansion, trust in management, and multiple expansion.


<ul>
<li>BQE posted excellent Q3 financials that beat our expectations across the board as operations services continued its growth trajectory and the technical services and China JV segments reverted to historical levels.</li>
<li>Proportional revenue came in at $10.2M (+28% YoY) vs. our estimate of $8.6M and Adj. EBITDA came in at $4.6M (+67% YoY) vs. our $2.7M.</li>
<li>Management expects continued strong performance from the technical services segment through Q4/24 and Q1/25.</li>
</ul>


BQE posted excellent Q3 financials that beat our expectations across the board as operations services continued its growth trajectory and the technical services and China JV segments reverted to historical levels.
Proportional revenue came in at $10.2M (+28% YoY) vs. our estimate of $8.6M and Adj. EBITDA came in at $4.6M (+67% YoY) vs. our $2.7M.
Management expects continued strong performance from the technical services segment through Q4/24 and Q1/25.


BQE: Q3 Largely Surpasses Expectations; Increasing Target Price

<ul>
<li>BQE’s recurring revenue is growing as a percentage of total revenue, making its business more predictable and stable.</li>
<li>The Company has major tailwinds from increasing environmental regulations on water discharge as well as increasing mining capex.</li>
<li>BQE’s EBITDA margins have been steadily improving over the past five years due to its asset-light model, reaching 22% in 2023E. </li>
</ul>


BQE’s recurring revenue is growing as a percentage of total revenue, making its business more predictable and stable.
The Company has major tailwinds from increasing environmental regulations on water discharge as well as increasing mining capex.
BQE’s EBITDA margins have been steadily improving over the past five years due to its asset-light model, reaching 22% in 2023E. 


BQE: Profitable & Growing Micro-Cap in the Water Treatment Industry

Canada

BQE Water Inc. operates as a water treatment company. The Company specializes in providing wastewater treatment solutions to mining industry. BQE Water offers its services worldwide.

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BQE Water (BQE CN)

BQE: Wrapping Up Another Record Year

BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless. Q4 proportional revenue came in at...

Atrium Research

BQE Water Inc - 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...

Atrium Research

BQE: Evaluating the Blue-Sky Opportunity

BQE has various blue-sky opportunities ahead which we do not account for in our model.This report breaks down each opportunity to paint a picture...

Atrium Research

BQE: Q3 Largely Surpasses Expectations; Increasing Target Price

BQE posted excellent Q3 financials that beat our expectations across the board as operations services continued its growth trajectory and the...

Atrium Research

BQE: Profitable & Growing Micro-Cap in the Water Treatment Industry

BQE’s recurring revenue is growing as a percentage of total revenue, making its business more predictable and stable. The Company has major...

Atrium Research

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