Author: Atrium Research September 18, 2026
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
Luca Perna | Equity Research Associate | [email protected] | 647-969-1027
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What you need to know:
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PesoRama reported record Q2/27 revenue of $9.7M (+59% YoY, +29% QoQ), in line with our $10.0M estimate. Adjusted EBITDA was ($0.3M), also in line with our estimate of ($0.4M).
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Gross margin was 44% vs. our 45% estimate. Same-store sales grew 4% on +37% average traffic and a +2% average ticket.
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The store network reached 42 at the end of the quarter and stands at 46 today, with seven stores opened in the period.
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We recently initiated coverage on PESO, read our initiation report here.
Yesterday evening, PesoRama (PESO:TSXV, PSSOF:OTCQX) reported Q2/27 financial results (ending July 31st) that were largely in line with our expectations, showcasing its scaling store count with revenue up 59% YoY. PESO delivered the highest revenue quarter in its history while continuing to accelerate the store rollout, and completed the reset of its balance sheet with the senior secured revolving facility now repaid in full. We are maintaining our BUY rating and target price of $1.60/share on PesoRama.
Key Highlights
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Revenue came in at $9.7M (+59% YoY), in line with our estimate of $10.0M. This builds on the 36% YoY growth posted in Q1 and represents 29% QoQ growth, marking the highest revenue quarter in the Company’s history.
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Same-store sales grew 4% against our 5% forecast. SSSG was also positive in each month of the quarter. Average traffic increased 37% and average ticket increased 2% across the network.
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Gross profit increased 46% YoY to $3.3M. Product gross margin was 44% in line with our 45% estimate. Store expenses improved to 5.3% of sales from 5.6%.
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G&A increased 62% YoY, roughly in line with revenue with the largest increases coming from salaries/wages, SBC, professional fees, and travel. Large amounts of this came from the recent financings and are not core to operations. Store expenses only increased 40% YoY, demonstrating some operating leverage.
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Adjusted EBITDA came in at ($0.3M), ahead of our ($0.4M) estimate and an improvement over the ($0.6M) posted in Q2/26 and the ($1.1M) in Q1.
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PESO opened seven new stores in Q2, ending with 42 stores against 28 a year ago (+50% YoY). The Company has opened a further four stores since quarter-end, bringing the network to 46 and announced an additional three stores opening this month bringing the total count to 49.
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Net income was ($4.6M) compared to ($3.0M) in Q2/26. OCF was ($3.3M) as inventory increased $1.7M QoQ. PESO spent $3.1M on capex in the quarter.
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The Company closed the $21.0M senior unsecured convertible debenture financing in June and repaid the senior secured revolving facility in full.
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PESO ended the period with $4.0M in cash and $34.4M in debt. The Company reached positive working capital in the quarter vs. ($13.4M) in Q1 and depths of ($19.5M) in Q3/26.
| Q2/27A | Atrium Est. | YoY | |
| Revenue ($M) | $9.7 | $10.0 | +59% |
| Product Gross Profit ($M) | $4.3 | $4.5 | +53% |
| Product Gross Margin (%) | 44% | 45% | -167 bps |
| Adj. EBITDA ($M) | ($0.3) | ($0.4) | N/A |
| Adj. EBITDA Margin (%) | -3% | -4% | N/A |
Figure 1: Q2 Financial Summary
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Atrium Research Ratings System
BUY: The stock is expected to generate returns of over 20% over the next 24 months.
HOLD: The stock is expected to generate returns of 0-20% over the next 24 months.
SELL: The stock is expected to generate negative returns over the next 24 months.
NOT RATED (N/R): Atrium does not provide research coverage on the respective company.
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