Thursday, May 15, 2025
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q1 results. The company reported Q1 revenue of $5.6 million, better than our estimate of $5.1 million. An adj. EBITDA loss of $3.3 million was roughly in line with our estimate of a loss of $3.4 million.
New campuses leasing up. Notably, the company’s new campus at Phoenix Deerfield Airport (DVT) welcomed its first tenants, while Dallas (ADS) and Denver (APA) are also in the phase 1 lease-up process and should welcome tenants within weeks. The continued lease up of these three campuses is expected to be a significant driver of sequential revenue improvement throughout the balance of the year.
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