ADF Group Inc. (ticker: DRX.to) reported strong financial results for Q2 2024, despite facing a significant revenue delay from a major client. The company achieved 37% gross margins, up 1440 basis points year-over-year, and a 97% increase in EBITDA. Free cash flow for the quarter was $82 million against a market cap of $428 million. However, Q2 revenues were $75 million, down 7% year-over-year, though they would have been up 37% year-over-year if the delayed $35 million in revenue had been included. Despite the positive profitability metrics, the stock experienced a decline, possibly due to cautious statements in the Q2 earnings call regarding the timing of delayed sales and EV projects. The market's reaction may also be influenced by concerns over the company's reliance on a few key customers and whether it has reached a peak in its growth cycle.