Wednesday, May 15, 2024
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.
Solid Q1 results. The company reported Q1 revenue of $19.0 million and an adj. EBITDA loss of $4.5 million, both of which were in-line with our estimates of $20.0 million and a loss of $4.5 million, respectively. Notably, the company is poised to benefit from several strategic partnerships with large industry players and has entered into an agreement with a homebuilder that is building 1,000 homes.
Favorable strategic partnerships. We believe the company’s strategic partnerships with industry leaders should contribute to strong revenue growth and market penetration. Notable partnerships include a five-year licensing partnership with General Electric (GE), as well as partnerships with industry leading lighting companies, Kichler, Quoizel, and Golden lighting.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.