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 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

<ul>
<li>BQE announced that it has been contracted for a new water treatment plant for the closure of the legacy Valley Tailings Facility in the Yukon.</li>
<li>This continues the rapid growth that BQE has posted in its recurring operations segment which grew 79% YoY and 43% QoQ in Q2.</li>
<li>The plant is expected to be completed in Q2/25 and operate for six years.</li>
</ul>


BQE announced that it has been contracted for a new water treatment plant for the closure of the legacy Valley Tailings Facility in the Yukon.
This continues the rapid growth that BQE has posted in its recurring operations segment which grew 79% YoY and 43% QoQ in Q2.
The plant is expected to be completed in Q2/25 and operate for six years.


<ul>
<li>BQE reported Q2 financial results that beat our expectations on revenue and were in line on EBITDA.</li>
<li>The quarter was once again led by the recurring operations segment which grew 79% YoY and 43% QoQ.</li>
<li>Technical services revenue was soft again, but management expects a rebound in H2 as larger projects have been initiated in Q3.</li>
</ul>


BQE reported Q2 financial results that beat our expectations on revenue and were in line on EBITDA.
The quarter was once again led by the recurring operations segment which grew 79% YoY and 43% QoQ.
Technical services revenue was soft again, but management expects a rebound in H2 as larger projects have been initiated in Q3.


BQE: Strong Q2; Recurring Segment Grows 79% YoY & 43% QoQ

<ul>
<li>BQE reported Q1 financial results yesterday where the highlight was 114% YoY growth in its recurring operation services segment.</li>
<li>Technical services revenue was weak however, leading to a slight miss on proportional revenue ($3.4M vs. $3.8M expected) and margins.</li>
<li>Management’s outlook remained bullish, expecting operation services revenue continuing to grow rapidly and technical services revenue catch back up in H2.</li>
</ul>


BQE reported Q1 financial results yesterday where the highlight was 114% YoY growth in its recurring operation services segment.
Technical services revenue was weak however, leading to a slight miss on proportional revenue ($3.4M vs. $3.8M expected) and margins.
Management’s outlook remained bullish, expecting operation services revenue continuing to grow rapidly and technical services revenue catch back up in H2.


BQE: Decent Q1 Financials; Recurring Revenue Up 114% YoY

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: 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

BQE: New Water Treatment Plant Contract

BQE announced that it has been contracted for a new water treatment plant for the closure of the legacy Valley Tailings Facility in the Yukon.

Atrium Research

BQE: Strong Q2; Recurring Segment Grows 79% YoY & 43% QoQ

BQE reported Q2 financial results that beat our expectations on revenue and were in line on EBITDA.The quarter was once again led by the recurring...

Atrium Research

BQE: Decent Q1 Financials; Recurring Revenue Up 114% YoY

Management’s outlook remained bullish, expecting operation services revenue continuing to grow rapidly and technical services revenue catch back up...

Atrium Research

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