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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 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
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Neutral 44 (OpenAI - 5.2)
Rating:44Neutral
Price Target:
C$0.71
â–¼(-51.51% Downside)
Action:ReiteratedDate:03/22/26
The score is primarily held down by severe fundamental strain—sharp revenue deterioration, large ongoing losses, negative equity, and continued cash burn. Technicals add only modest support due to oversold conditions, but the broader trend remains bearish. Valuation is also constrained because a negative P/E reflects unprofitability and there is no dividend yield data.
Positive Factors
Assets exceed debt provides a solvency buffer
Total assets exceeding total debt provides a tangible solvency buffer that can absorb losses and support creditor negotiations. This structural offset improves potential recovery options, reduces immediate liquidation risk, and preserves strategic flexibility while operations are stabilized.
Improving free-cash-flow trend
An improving free-cash-flow trend signals management has begun extracting operational efficiencies or timing improvements. If sustained, this durable shift reduces reliance on external funding, lengthens runway, and indicates operational levers exist to move toward self-funded growth and liquidity stability.
Position in Software - Infrastructure industry
Being in the Software - Infrastructure sector places the company in a market with structural demand for core platform and enterprise tools. Should execution and finances stabilize, secular industry tailwinds can support revenue reacceleration and high operating leverage over a multi-quarter horizon.
Negative Factors
Sharp revenue deterioration
Revenue turning negative with a sharp TTM contraction destroys scale and undermines unit economics. Persistent top-line decline reduces gross margin potential, weakens pricing power, and impairs the company's ability to fund SG&A and R&D, making sustainable recovery and profitability harder over months.
Persistently negative shareholders' equity
Negative shareholders' equity reflects accumulated losses and materially weak capitalization. This structural imbalance constrains conventional financing, raises refinancing and covenant risk, and increases the likelihood of dilutive raises or distressed restructuring absent a credible path back to profitability.
Ongoing negative operating and free cash flow
Consistent negative operating and free cash flow indicates ongoing cash burn and dependency on external funding or balance sheet resources. This long-term liquidity drain limits the firm's ability to invest in product or sales, increases refinancing risk, and pressures strategic options until cash generation improves.

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
Income statement trends are very weak with sharp recent deterioration (revenue turning negative) and materially negative profitability (gross profit, EBIT/EBITDA, and net income). The balance sheet shows persistently negative shareholders’ equity and higher debt versus earlier years, elevating solvency/refinancing risk. Cash flow remains negative (operating and free cash flow), indicating ongoing cash burn despite some improvement in the free-cash-flow trend.
Income Statement
9
Very Negative
TTM (Trailing-Twelve-Months) results show a sharp revenue contraction (revenue turned negative) alongside deeply negative profitability (gross profit, EBIT/EBITDA, and net income all materially negative). The prior annual periods also reflect recurring losses and generally weak/negative gross margin, with the only clear profitable year being 2020—suggesting the business has not sustained a stable earnings model and recent performance has deteriorated meaningfully.
Balance Sheet
12
Very Negative
The balance sheet is pressured by persistently negative shareholders’ equity in recent periods (including TTM), which limits financial flexibility and signals accumulated losses. Debt has also stepped up notably versus earlier years, while negative equity makes leverage difficult to interpret in a conventional way and increases refinancing/solvency risk; the main offset is that total assets currently exceed total debt, but the capital structure remains stressed.
Cash Flow
14
Very Negative
Cash generation is weak, with negative operating cash flow and negative free cash flow across the periods shown, including TTM (Trailing-Twelve-Months). While free cash flow improved versus the prior period on a growth basis, the company is still burning cash, implying continued reliance on external funding or balance sheet resources until operations stabilize.
BreakdownTTMDec 2024Sep 2023Jun 2023Dec 2021Dec 2020
Income Statement
Total Revenue-44.73K174.20K131.55K316.75K400.46K926.79K
Gross Profit-171.61K-10.59K-22.13K28.57K113.84K476.81K
EBITDA-3.20M-1.27M-924.62K-211.89K-59.11K130.81K
Net Income-3.29M-1.31M-998.28K-214.35K-62.81K126.69K
Balance Sheet
Total Assets1.59M211.07K57.14K223.24K127.41K297.16K
Cash, Cash Equivalents and Short-Term Investments1.44M20.89K6.95K36.39K26.86K26.06K
Total Debt1.29M407.11K269.05K202.02K76.63K12.02K
Total Liabilities1.90M1.06M722.79K361.18K116.98K55.95K
Stockholders Equity-310.40K-1.72M-665.66K-566.44K10.39K0.00
Cash Flow
Free Cash Flow-844.55K-366.33K-834.87K-132.61K-20.68K-13.61K
Operating Cash Flow-844.54K-364.98K-834.87K-56.99K-20.68K-13.61K
Investing Cash Flow0.00-1.35K0.004.20K0.000.00
Financing Cash Flow2.21M380.27K830.84K86.16K1.84K-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$2.61B43.053.01%―-9.05%―
61
Neutral
$37.18B12.37-10.20%1.83%8.50%-7.62%
59
Neutral
C$197.64M-28.58-2.82%―-4.34%31.52%
47
Neutral
C$11.23M-29.38-21.69%―-69.94%-281.40%
45
Neutral
C$5.84M-0.41――-13.42%-126.00%
45
Neutral
C$9.84M-3.84286.87%―17.18%79.56%
44
Neutral
C$54.21M-10.77148.75%―――
* Technology Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:ICS
Integrated Cyber Solutions, Inc.
0.73
0.55
305.56%
TSE:BB
BlackBerry
4.43
-1.93
-30.35%
TSE:STC
Sangoma Technologies
5.95
-0.73
-10.93%
TSE:NBVA
Nubeva Technologies Ltd
0.16
0.03
23.08%
TSE:MTLO
Martello Technologies Group Inc
0.01
-0.01
-50.00%
TSE:PLUR
Plurilock Security Inc
0.13
-0.16
-56.90%

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 22, 2026