Research from Atrium Research, Atrium Research Corporation

Atrium Research

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.

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>ADF reported Q3 financial results that were in line with our expectations on revenue and beat our expectations on EBITDA.</li>
<li>Revenue came in at $80.0M (-3% YoY) vs. our $80.4M and EBITDA came in at $24.0M (+35% YoY) vs. our $19.0M.</li>
<li>While the impact of the Trump victory and tariffs is still uncertain, management remains positive on its end markets and backlog.</li>
</ul>


ADF reported Q3 financial results that were in line with our expectations on revenue and beat our expectations on EBITDA.
Revenue came in at $80.0M (-3% YoY) vs. our $80.4M and EBITDA came in at $24.0M (+35% YoY) vs. our $19.0M.
While the impact of the Trump victory and tariffs is still uncertain, management remains positive on its end markets and backlog.


DRX: Solid Q3 Financials; Margins Remain Strong

ADF Group

DRX: Solid Q3 Financials; Margins Remain Strong