Tantalus Systems Holding (TSE:GRID)
TSX:GRID
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Tantalus Systems Holding
(TSX:GRID)
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Rating:62Neutral
Price Target:
C$5.50
▼(-6.94% Downside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by improving financial performance (better operating profitability, reduced leverage, and stronger operating/free cash flow) and supported by constructive technicals (positive MACD and price above key longer-term moving averages). These positives are tempered by valuation metrics reflecting ongoing net losses (negative P/E) and the lack of a dividend yield.
Positive Factors
Gross margin sustainability
Sustained gross margins near 52% indicate durable unit economics for GRID’s smart-grid hardware and software offerings. High gross margins provide room to invest in R&D and customer support while protecting operating profits as scale increases, supporting multi‑period margin resilience.
Negative Factors
Net income still negative
Despite operating profit improvement, persistent slight net losses keep returns on equity negative. Continued lack of consistent GAAP profitability constrains shareholder returns and leaves outcomes sensitive to non‑operating items and tax/interest variability over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin sustainability
Sustained gross margins near 52% indicate durable unit economics for GRID’s smart-grid hardware and software offerings. High gross margins provide room to invest in R&D and customer support while protecting operating profits as scale increases, supporting multi‑period margin resilience.
Read all positive factors
Tantalus Systems Holding (GRID) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$288.73M
Dividend YieldN/A
Average Volume (3M)90.75K
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth21.49%
EPS Growth60.08%
CountryCA
Employees134
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.01
Shares Outstanding56,282,005
10 Day Avg. Volume69,485
30 Day Avg. Volume90,753
Financial Highlights & Ratios
PEG Ratio2.68
Price to Book (P/B)23.30
Price to Sales (P/S)3.17
P/FCF Ratio43.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$8.50Price Target Upside43.82% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)C$63.25M
Tantalus Systems Holding Business Overview & Revenue Model
Company Description
Tantalus Systems Holding Inc., headquartered in Burnaby, Canada, is a prominent smart grid technology provider serving utilities across North America and the Caribbean Basin. The company delivers an extensive portfolio of solutions designed to enh...
How the Company Makes Money
Tantalus makes money primarily by selling and supporting smart grid connectivity and software offerings to electric utilities. Key revenue streams include: (1) Product revenue from utility communications hardware and related grid-edge infrastructu...
Tantalus Systems Holding Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
Tantalus Systems demonstrated strong financial performance, with record revenue and growth in key segments. Despite challenges related to tariffs and increased operating expenses, the company showed significant profitability improvements and expansion of its TRUSense Gateway deployments.Positive Updates
Record-Breaking Revenue and Growth
Tantalus Systems achieved record financial results with revenue reaching $14.2 million, reflecting a 22.5% growth year-over-year. Trailing 12-month revenue hit approximately $52 million compared to $42 million at the same time last year.
Negative Updates
Tariff-Related Challenges
Tantalus continues to absorb 5% of tariffs on connected devices manufactured in the Philippines, which may impact future deployments and investments.
Read all updates
Q3-2025 Updates
Positive
Negative
Record-Breaking Revenue and Growth
Tantalus Systems achieved record financial results with revenue reaching $14.2 million, reflecting a 22.5% growth year-over-year. Trailing 12-month revenue hit approximately $52 million compared to $42 million at the same time last year.
Read all positive updates
Company Guidance
During the third quarter of 2025, Tantalus Systems reported strong financial performance, with revenue increasing to $14.2 million, marking a 22.5% growth year-over-year. The company's recurring revenue for the quarter rose to $3.4 million, representing 24% of total revenue, while annual recurring revenue grew by over 11% to $13.5 million. The gross profit margin remained robust at 55%, with the Connected Devices segment achieving a 30% increase in revenue and a gross profit margin of 55%, while the Software and Services segment delivered a 74% gross profit margin. Tantalus also reported a net income of $384,000, translating to a diluted income per share of $0.01. The company achieved positive adjusted EBITDA of $1.2 million, reflecting an improvement from the previous year's $585,000. With a strong book-to-bill ratio of 1.37x and $54 million in orders converted in the first nine months, Tantalus is well-positioned for continued growth, supported by its robust liquidity of approximately $18.3 million.Tantalus Systems Holding Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 57.29M | 55.06M | 44.31M | 42.15M | 39.60M | 32.17M |
| Gross Profit | 30.13M | 28.41M | 24.02M | 21.86M | 18.90M | 14.35M |
| EBITDA | 2.25M | 2.21M | 722.72K | 1.52M | -3.23M | -4.90M |
| Net Income | -735.61K | ― | -2.63M | -1.69M | -5.20M | -7.02M |
Balance Sheet | ||||||
| Total Assets | 60.79M | 43.11M | 41.55M | 34.80M | 37.36M | 31.03M |
| Cash, Cash Equivalents and Short-Term Investments | 31.96M | 12.60M | 13.22M | 5.15M | 5.85M | 14.20M |
| Total Debt | 8.70M | 8.47M | 12.82M | 14.37M | 13.84M | 12.11M |
| Total Liabilities | 37.84M | 35.62M | 34.61M | 32.48M | 33.78M | 24.24M |
| Stockholders Equity | 22.96M | 7.49M | 6.94M | 2.32M | 3.58M | 6.79M |
Cash Flow | ||||||
| Free Cash Flow | 5.66M | 4.03M | 2.23M | -1.11M | -3.58M | -4.54M |
| Operating Cash Flow | 6.31M | 4.80M | 2.64M | -839.72K | -3.40M | -4.01M |
| Investing Cash Flow | -739.30K | -766.18K | -409.30K | -269.36K | -5.86M | -188.14K |
| Financing Cash Flow | 10.75M | -4.65M | 5.86M | 403.69K | 1.07M | 13.75M |
Tantalus Systems Holding Technical Analysis
Negative
5.91
Price Trends
5.90
Negative
5.38
Negative
4.75
Positive
Market Momentum
-0.22
Positive
37.83
Neutral
19.88
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GRID, the sentiment is Negative. The current price of 5.91 is above the 20-day moving average (MA) of 5.70, above the 50-day MA of 5.90, and above the 200-day MA of 4.75, indicating a neutral trend. The MACD of -0.22 indicates Positive momentum. The RSI at 37.83 is Neutral, neither overbought nor oversold. The STOCH value of 19.88 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:GRID.
Tantalus Systems Holding Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$4.17B | 61.79 | 18.82% | 0.69% | 20.35% | -26.97% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | C$288.73M | -272.27 | -6.81% | ― | 21.49% | 60.08% | |
57 Neutral | C$717.36M | 102.66 | 11.31% | ― | 46.91% | ― | |
46 Neutral | C$23.34M | -9.32 | -1552.79% | ― | -20.31% | 34.02% | |
42 Neutral | C$3.98M | -0.40 | 26.22% | ― | -20.21% | 57.49% |
* Industrials Sector Average
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Tantalus Systems Holding Corporate Events
Business Operations and StrategyFinancial Disclosures
Tantalus Systems Sets Date to Release Q1 2026 Results and Host Investor Call
Neutral
Apr 8, 2026
Tantalus Systems, a Canadian grid-modernization technology provider for electric utilities, develops data-centric platforms that integrate connected devices, communications networks, data management tools and analytics to help utilities extract mo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.