2025 Growth & Innovation Highlight at the ATB Institutional Investor Conference
ATB Capital Markets hosted its 13th Annual Institutional Investor Conference in Toronto.
On January 9, ATB Capital Markets hosted the second day of its 13th Annual Institutional Investor Conference. Four Growth & Innovation companies conducted one-on-one meetings with investors:
- Docebo Inc.
- Galaxy Digital Holdings Ltd.
- Real Matters Inc.
- TeraWulf Inc.
In this report, we summarize key themes from the discussions. Key themes included:
Real Matters Optimistic Heading Into 2025
Despite volatility in rates throughout the year, REAL has reported three consecutive quarters of positive adjusted EBITDA, which we think is reflective of a right-sized cost structure and operating leverage in the business. While rates remain stubbornly high, we believe Real Matters has demonstrated impressive control over its business and will enter the next up-cycle in a strong position that is unique in its industry.
DCBO’s Moat, Operating Leverage Being Reflected
Management noted that the business/platform would be difficult for any emerging competitor to replicate, as it would take “years” of coding to build up the platform (citing a four-to-five-year timeline, specifically). It would also be “expensive” to scale the platform to the point where it can attend to many users at once, while also providing customers with the security that they require. While guiding for ~20% revenue growth this year and higher margins, management sees an opportunity to improve efficiency through the use of AI in sales and R&D.
High Performance Computing and Nasdaq Listing Remain Key Catalysts For Galaxy
Management noted that in its discussions with investors, the focus is on HPC progress and the Company’s pursuit of a Nasdaq listing. According to management, a Nasdaq listing approval would provide three immediate benefits:
i) it would unlock a new cohort of US investors
ii) it would enable index and passive ownership and
iii) it would provide more liquidity to the stock.
WULF’s High Performance Computing Execution and Vision
WULF’s Lake Mariner facility has multiple connections to the grid, which management describes as being “very unique”, and means less backup power is required. According to management, that lowers WULF’s HPC build-out costs, providing the Company with an advantage over competing providers. Management re-emphasized that it projects 1 MW to equate to ~$1mm in EBITDA. That implies ~$750mm in EBITDA should HPC capacity at Lake Mariner reach its 750 MW potential. Management also believes that its 70% HPC gross margin guidance is conservative.
2025 Outlook
ATB Capital Markets’ research analysts have published their expectations in sector-specific thematic Outlooks. Click to read an executive summary or request the full report: