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Integrated Cyber Solutions, Inc. (TSE:ICS)
:ICS
Canadian Market

Integrated Cyber Solutions, Inc. (ICS) AI Stock Analysis

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TSE:ICS

Integrated Cyber Solutions, Inc.

(ICS)

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Neutral 42 (OpenAI - 5.2)
Rating:42Neutral
Price Target:
C$0.81
â–¼(-44.25% Downside)
Action:ReiteratedDate:03/14/26
The score is weighed down primarily by weak financial performance (shrinking revenue, large losses, negative gross profit, persistent cash burn, and negative equity). Technicals are also unfavorable with bearish momentum and the price below key moving averages. Valuation provides limited support because the company is unprofitable (negative P/E) and no dividend yield is indicated.
Positive Factors
Industry exposure
Being classified in Software - Infrastructure aligns the company with durable IT and infrastructure spending trends. Over a multi-month horizon this sector exposure supports ongoing demand for infrastructure software solutions and provides a structural market backdrop for revenue recovery if execution improves.
Improving free cash flow trend
Free cash flow remains negative but improved in 2025 versus 2024, indicating a moderation in cash burn. A sustained reduction in cash consumption lengthens runway, reduces near-term financing needs, and gives management time to execute restructuring or revenue initiatives that can restore self-funding over months.
Historic ability to be profitable
Prior profitable periods (2020) and a positive gross profit in 2023 demonstrate the business can reach profitability under different conditions. This indicates the cost structure and business model have operational levers that, if re-applied or combined with revenue recovery, could restore margins over a multi-month timeframe.
Negative Factors
Severe revenue contraction
A sharp decline in revenue undermines scale economics and reduces the base available to absorb fixed costs. Persistently falling top line over multiple periods makes margin recovery and investment returns harder, forcing deeper cost cuts or dilutive financing to sustain operations over the medium term.
Negative gross profit and deep losses
Negative gross profit means the core product/service costs exceed revenue, a structural operating problem that cannot be fixed solely by cutting SG&A. Sustained negative gross margins erode prospects for sustainable profitability and require either pricing, product, or cost-base changes to restore viable margins.
Strained balance sheet and negative equity
Consistently negative shareholders' equity and rising debt materially increase solvency and refinancing risk. Negative equity limits financial flexibility, raises creditor scrutiny, and can force dilutive or expensive capital raises, constraining strategic options and increasing long-term downside if losses continue.

Integrated Cyber Solutions, Inc. (ICS) vs. iShares MSCI Canada ETF (EWC)

Integrated Cyber Solutions, Inc. Business Overview & Revenue Model

Company DescriptionIntegrated Cyber Solutions Inc. operates as a managed security service provider. The company delivers cybersecurity managed services to the small-to-medium business and small-to-medium enterprise segments. Its services include managed detection and response, endpoint detection and response, vulnerability management and assessment, penetration testing, dark web scanning, remediation, security awareness and training, and cybersecurity insurance. The company was founded in 2016 and is headquartered in Salem, New Hampshire.
How the Company Makes Moneynull

Integrated Cyber Solutions, Inc. Financial Statement Overview

Summary
Financials show significant stress: revenue declined sharply in 2025 vs 2024, gross profit is negative in 2024–2025, and operating/net margins are deeply negative. The balance sheet is strained with consistently negative shareholders’ equity (2023–2025) and rising debt, while operating cash flow and free cash flow remain negative despite some improvement in 2025.
Income Statement
9
Very Negative
Performance has deteriorated materially: revenue fell sharply in the latest annual period (2025) versus 2024, and the business is deeply unprofitable with very large negative operating and net margins. Gross profit is also negative in 2024 and 2025, signaling that costs are exceeding revenue at the gross level. While 2023 showed a positive gross profit and 2020 was profitable, the recent trajectory is clearly unfavorable.
Balance Sheet
6
Very Negative
The balance sheet is highly strained, highlighted by consistently negative shareholders’ equity in 2023–2025, which limits financial flexibility and increases solvency risk. Total debt has also risen versus prior years, and negative equity makes leverage measures difficult to interpret economically even when the reported ratio looks small or negative. Assets are relatively modest versus the scale of losses, leaving limited cushion if losses continue.
Cash Flow
12
Very Negative
Cash generation is weak: operating cash flow and free cash flow are negative across all provided periods, implying the business is consuming cash rather than producing it. The latest year (2025) shows improved free cash flow versus 2024 (less cash burn) and positive free-cash-flow growth, but cash flow remains firmly negative and not self-funding.
BreakdownTTMDec 2024Sep 2023Jun 2023Dec 2021Dec 2020
Income Statement
Total Revenue189.43K174.20K131.55K316.75K400.46K926.79K
Gross Profit3.37K-10.59K-22.13K28.57K113.84K476.81K
EBITDA-2.11M-1.27M-924.62K-211.89K-59.11K130.81K
Net Income-2.17M-1.31M-998.28K-214.35K-62.81K126.69K
Balance Sheet
Total Assets121.32K211.07K57.14K223.24K127.41K297.16K
Cash, Cash Equivalents and Short-Term Investments50.79K20.89K6.95K36.39K26.86K26.06K
Total Debt579.01K407.11K269.05K202.02K76.63K12.02K
Total Liabilities2.18M1.06M722.79K361.18K116.98K55.95K
Stockholders Equity-2.06M-1.72M-665.66K-566.44K10.39K0.00
Cash Flow
Free Cash Flow-444.14K-366.33K-834.87K-132.61K-20.68K-13.61K
Operating Cash Flow-442.79K-364.98K-834.87K-56.99K-20.68K-13.61K
Investing Cash Flow0.00-1.35K0.004.20K0.000.00
Financing Cash Flow470.06K380.27K830.84K86.16K1.84K-184.00K

Integrated Cyber Solutions, Inc. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
65
Neutral
C$2.70B43.053.01%―-9.05%―
61
Neutral
$37.18B12.37-10.20%1.83%8.50%-7.62%
59
Neutral
C$204.28M-28.58-2.82%―-4.34%31.52%
47
Neutral
C$11.58M-29.38-21.69%―-69.94%-281.40%
45
Neutral
C$2.92M-0.41――-13.42%-126.00%
45
Neutral
C$11.42M-3.84286.87%―17.18%79.56%
42
Neutral
C$63.13M-3.40148.75%―――
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:ICS
Integrated Cyber Solutions, Inc.
0.85
0.75
750.00%
TSE:BB
BlackBerry
4.57
-1.93
-29.69%
TSE:STC
Sangoma Technologies
6.15
-0.37
-5.67%
TSE:NBVA
Nubeva Technologies Ltd
0.17
0.02
10.00%
TSE:MTLO
Martello Technologies Group Inc
0.01
-0.01
-50.00%
TSE:PLUR
Plurilock Security Inc
0.15
-0.13
-47.27%

Integrated Cyber Solutions, Inc. Corporate Events

Business Operations and StrategyShareholder Meetings
Integrated Quantum Sets March 12 Shareholder Call to Outline Post-Quantum AI Strategy
Positive
Mar 9, 2026

Integrated Quantum Technologies will host a live shareholder update call on March 12, 2026, to brief investors and stakeholders on recent milestones and its evolving strategic roadmap. Management plans to detail progress on a recently filed patent application, advances in its core technology platform, and the company’s long-term vision for quantum-ready AI infrastructure.

Executives will also outline the broader market opportunity in privacy-preserving AI and quantum-resilient infrastructure, emphasizing how its platform is being positioned to tackle emerging security challenges in an era of advanced artificial intelligence and post-quantum computing. The update is intended to provide greater clarity on strategy and reinforce the company’s ambitions within a rapidly shifting cybersecurity and AI landscape.

The most recent analyst rating on (TSE:ICS) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Integrated Cyber Solutions, Inc. stock, see the TSE:ICS Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Integrated Quantum Technologies Launches C$1.5 Million Private Placement for AI Infrastructure Growth
Positive
Feb 24, 2026

Integrated Quantum Technologies has announced a non-brokered private placement of 1,500,000 common shares at C$1.00 per share, aiming to raise gross proceeds of C$1.5 million. The shares will be subject to a four-month hold period under Canadian securities laws, and the closing remains contingent on required submissions to the Canadian Securities Exchange.

The company plans to use the net proceeds primarily for general working capital and ongoing software development, supporting its strategy to build quantum-ready infrastructure for secure, scalable AI. The financing underscores Integrated Quantum’s efforts to advance its AIQu platform and related products, potentially strengthening its competitive position in addressing emerging post-quantum security threats and enterprise AI deployment needs.

The most recent analyst rating on (TSE:ICS) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Integrated Cyber Solutions, Inc. stock, see the TSE:ICS Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Integrated Quantum Readies Quantum‑Resilient AI Infrastructure VEIL for Enterprise Market
Positive
Feb 12, 2026

Integrated Quantum Technologies said its AIQu VEIL (Vector Encoded Information Layer), a quantum‑resilient AI infrastructure layer, has completed development and security validation and is now ready for commercial deployment across on‑premise, private cloud and public cloud environments. Designed to be cloud‑agnostic and interoperable with modern AI architectures, VEIL aims to let enterprises integrate secure, scalable AI capabilities without restructuring existing workflows.

The company positions VEIL as a privacy‑preserving security and performance layer that addresses growing demands for responsible AI, data governance and post‑quantum cyber resilience, complementing existing AI systems rather than replacing them. After extensive testing against advanced AI and machine‑learning attack vectors, led by former Equifax engineering head Gustin Prudner and supported by an independent cybersecurity firm, Integrated Quantum is now in discussions with prospective enterprise customers to launch initial pilots expected to demonstrate VEIL’s real‑world effectiveness in protecting sensitive data while maintaining high performance.

The most recent analyst rating on (TSE:ICS) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Integrated Cyber Solutions, Inc. stock, see the TSE:ICS Stock Forecast page.

Business Operations and StrategyShareholder Meetings
Integrated Cyber Rebrands as Integrated Quantum Technologies to Target Next-Gen AI Security
Positive
Feb 7, 2026

Integrated Cyber Solutions Inc. has launched a strategic rebrand, adopting the doing-business-as name Integrated Quantum Technologies Inc. as it shifts from a traditional cybersecurity provider toward a research-focused developer of infrastructure designed to secure and scale next-generation AI. The move, supported by a full refresh of its digital and marketing presence and an upcoming shareholder vote on a formal legal name change, underscores the company’s intent to address emerging quantum threats, growing compute demands and deployment complexity in AI, while maintaining existing stock trading symbols and requiring no action from shareholders, signaling an evolution in market positioning without immediate structural disruption for investors.

The most recent analyst rating on (TSE:ICS) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Integrated Cyber Solutions, Inc. stock, see the TSE:ICS Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Integrated Quantum Technologies Names Anita Oehley CTO to Drive Enterprise-Scale AI Infrastructure
Positive
Feb 7, 2026

Integrated Quantum Technologies has appointed veteran enterprise technology leader Anita Oehley as Chief Technology Officer, tasking her with driving technology strategy, platform architecture, and global enterprise adoption for its AIQu and VEIL platforms. With nearly 25 years of experience in large-scale digital transformation and a background that includes leading customer innovation at AWS Marketplace, Oehley is expected to strengthen the company’s ability to operationalize its AI and quantum-resilient infrastructure for complex, regulated environments, reinforcing its push from innovation into enterprise-scale deployment and supporting its positioning as a provider of trusted, enterprise-grade AI systems.

The most recent analyst rating on (TSE:ICS) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Integrated Cyber Solutions, Inc. stock, see the TSE:ICS Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Integrated Quantum Technologies Appoints Seasoned Finance Executive as New CFO Amid Ongoing Rebrand
Positive
Jan 20, 2026

Integrated Cyber Solutions Inc., dba Integrated Quantum Technologies Inc., has appointed veteran finance executive Mickey Goldstein as its new Chief Financial Officer, effective December 3, 2025, replacing Robert Consaga, who will remain on the board as a director. Goldstein brings nearly two decades of experience in corporate governance, financial reporting, and regulatory compliance for Canadian public companies, a move that signals the company’s intent to bolster its financial oversight and public market readiness as it advances its AI and quantum-focused strategy and continues its corporate rebranding efforts.

The most recent analyst rating on (TSE:ICS) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Integrated Cyber Solutions, Inc. stock, see the TSE:ICS Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Integrated Quantum Technologies Files Provisional Patent for Post-Quantum AI Platform AIQu
Positive
Jan 20, 2026

Integrated Quantum Technologies has filed a provisional U.S. patent application for its proprietary AI and machine learning infrastructure, which will serve as the backbone of AIQu, the company’s core post-quantum AI platform. The patent covers a novel privacy-preserving framework intended to protect sensitive data throughout the AI lifecycle, enabling enterprises to train and operate AI models without exposing raw information or sacrificing performance and efficiency. As the first commercial product on this platform, AIQu VEIL is designed to eliminate the need to store or process sensitive data in its original form, reducing regulatory, security, and operational risks across the enterprise AI pipeline. The move marks a significant step in solidifying the company’s position in the emerging post-quantum AI infrastructure market, targeting growing enterprise demand for secure, scalable AI foundations that can withstand quantum-era threats and manage escalating compute and governance challenges.

The most recent analyst rating on (TSE:ICS) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Integrated Cyber Solutions, Inc. stock, see the TSE:ICS Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
Integrated Quantum Technologies Updates Brand and Investor Materials to Highlight Post-Quantum AI Infrastructure Strategy
Positive
Jan 20, 2026

Integrated Quantum Technologies has launched an updated corporate website and new investor presentation that align with its sharpened focus on next-generation, post-quantum AI infrastructure for enterprise customers. The new materials spotlight its AIQu platform and VEIL product as infrastructure-layer solutions designed to enable privacy-preserving, quantum-resilient AI pipelines, positioning the company to address growing enterprise concerns over data protection, governance, and long-term security in an AI- and quantum-impacted world while deepening engagement with institutional and strategic investors.

The most recent analyst rating on (TSE:ICS) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Integrated Cyber Solutions, Inc. stock, see the TSE:ICS Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Integrated Quantum Technologies Taps Former Equifax AI Leader to Drive Secure, Quantum-Ready Platform Growth
Positive
Jan 20, 2026

Integrated Quantum Technologies has appointed Jeremy Samuelson, a veteran AI and data science leader with nearly two decades of experience in regulated industries and former Principal Data and AI Scientist at Equifax, as Executive Vice President of Artificial Intelligence and Innovation. Samuelson will lead the company’s AI strategy and innovation roadmap, focusing on accelerating the development and commercialization of its AIQu platform and VEIL privacy-preserving technology to help enterprises adopt AI securely and in compliance with regulatory and future quantum-related challenges, a move that is expected to strengthen Integrated Quantum’s position in enterprise-grade, secure AI infrastructure and support scalable growth in highly regulated markets.

The most recent analyst rating on (TSE:ICS) stock is a Hold with a C$2.00 price target. To see the full list of analyst forecasts on Integrated Cyber Solutions, Inc. stock, see the TSE:ICS Stock Forecast page.

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.Date of analysis: Mar 14, 2026