NTG Clarity Networks Inc (TSE:NCI)
:NCI
Want to see TSE:NCI full AI Analyst Report?
Top Page
NTG Clarity Networks
(NCI)
Select Model
Select Model
Rating:56Neutral
Price Target:
C$1.00
▼(-7.41% Downside)
Action:ReiteratedDate:04/29/26
The score is driven primarily by improved fundamentals (strong multi-year growth and a much stronger equity position) but is held back by the 2025 move to negative operating/free cash flow and weaker profitability versus 2024. Technicals add additional caution given the stock’s position below longer-term moving averages, while valuation is supportive with a relatively modest P/E.
Positive Factors
Multi-year revenue growth and scale
Sustained, large revenue expansion demonstrates durable market demand and successful scaling of services. Growing top line over multiple years supports repeatable sales processes, broader client relationships, and fixed-cost absorption that can underpin longer-term margin improvement and competitive positioning.
Negative Factors
2025 operating and free cash flow reversal
A sharp swing to negative operating and free cash flow despite positive earnings signals cash conversion problems or rising working-capital and reinvestment needs. Persistent cash deficits can force external financing, constrain growth initiatives, and raise execution risk over the coming 2–6 months if not remedied.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth and scale
Sustained, large revenue expansion demonstrates durable market demand and successful scaling of services. Growing top line over multiple years supports repeatable sales processes, broader client relationships, and fixed-cost absorption that can underpin longer-term margin improvement and competitive positioning.
Read all positive factors
NTG Clarity Networks (NCI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$44.06M
Dividend YieldN/A
Average Volume (3M)125.83K
Price to Earnings (P/E)11.6
Beta (1Y)0.90
Revenue Growth48.50%
EPS Growth-52.12%
CountryCA
Employees400
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)N/A
Shares Outstanding47,894,703
10 Day Avg. Volume239,896
30 Day Avg. Volume125,830
Financial Highlights & Ratios
PEG Ratio-0.22
Price to Book (P/B)2.33
Price to Sales (P/S)0.77
P/FCF Ratio-16.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$2.25Price Target Upside108.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.16
Revenue Forecast (FY)C$91.60M
NTG Clarity Networks Business Overview & Revenue Model
Company Description
NTG Clarity Networks Inc. provides telecommunications engineering, information technology, networking, and related software solutions worldwide. Its products include StageEM, an enterprise solution that covers project portfolio management, demand ...
How the Company Makes Money
null...
NTG Clarity Networks Earnings Call Summary
Earnings Call Date:Nov 12, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Jun 01, 2026
Earnings Call Sentiment Positive
The call highlights significant financial growth and strategic achievements, including record revenue and net income, while acknowledging increased operating expenses and receivables due to expansion efforts. The overall sentiment is optimistic, driven by strong market positioning and future growth prospects in Saudi Arabia.Positive Updates
Record Revenue Growth
Q3 2024 marked the eighth consecutive quarter of record-setting revenue, with top-line revenue up 109% year-over-year to $14.7 million. Year-to-date revenue increased 100% to $38.9 million.
Negative Updates
Increase in Operating Expenses
Operating expenses rose to 18% of revenue due to investments in new office space, employee hiring, and training to support growth.
Read all updates
Q3-2024 Updates
Positive
Negative
Record Revenue Growth
Q3 2024 marked the eighth consecutive quarter of record-setting revenue, with top-line revenue up 109% year-over-year to $14.7 million. Year-to-date revenue increased 100% to $38.9 million.
Read all positive updates
Company Guidance
During the third quarter 2024 earnings call for NTG Clarity Networks Inc., several key financial metrics and guidance updates were highlighted. The company reported its eighth consecutive quarter of record-setting revenue, with a 109% increase to $14.7 million compared to the previous year, and a year-to-date revenue increase of 100% to $38.9 million. Net income also reached new heights, rising 303% to $2.1 million for the quarter and 272% year-to-date to $6.9 million. Additionally, NTG Clarity introduced adjusted EBITDA as a new metric, which grew by 140% to $3.2 million, resulting in a 22% adjusted EBITDA margin. A major highlight was a $53 million, three-year contract, contributing to a backlog of $83.5 million in work on hand. The company reaffirmed its full-year guidance of $55 million in revenue and a 14% net income margin for 2024, reflecting a recent increase from previous estimates. Despite the impressive growth, NTG Clarity emphasized continued investments in staffing and infrastructure to sustain its trajectory, particularly in the fast-growing Saudi Arabian market where 97% of its revenue is concentrated.NTG Clarity Networks Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
38
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 83.35M | 56.13M | 27.73M | 17.65M | 11.90M |
| Gross Profit | 29.27M | 20.85M | 8.80M | 6.72M | 6.59M |
| EBITDA | 11.58M | 12.07M | 2.52M | 2.00M | 1.81M |
| Net Income | 5.52M | 9.81M | 1.71M | 1.25M | 1.37M |
Balance Sheet | |||||
| Total Assets | 45.59M | 28.29M | 12.39M | 8.17M | 6.49M |
| Cash, Cash Equivalents and Short-Term Investments | 8.26M | 4.95M | 358.09K | 725.02K | 158.87K |
| Total Debt | 6.12M | 6.75M | 8.80M | 7.96M | 7.87M |
| Total Liabilities | 18.18M | 15.69M | 15.63M | 14.94M | 14.41M |
| Stockholders Equity | 27.41M | 12.60M | -3.24M | -6.78M | -7.92M |
Cash Flow | |||||
| Free Cash Flow | -3.83M | 1.61M | 1.17M | 1.06M | 253.14K |
| Operating Cash Flow | -2.82M | 2.57M | 1.86M | 2.49M | 1.80M |
| Investing Cash Flow | -1.11M | -825.49K | -2.50M | -1.43M | -1.55M |
| Financing Cash Flow | 7.25M | 2.84M | 275.06K | -496.65K | -239.50K |
NTG Clarity Networks Technical Analysis
Neutral
1.08
Price Trends
1.03
Positive
1.17
Negative
1.53
Negative
Market Momentum
0.02
Negative
53.44
Neutral
68.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NCI, the sentiment is Neutral. The current price of 1.08 is above the 20-day moving average (MA) of 0.98, above the 50-day MA of 1.03, and below the 200-day MA of 1.53, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 53.44 is Neutral, neither overbought nor oversold. The STOCH value of 68.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:NCI.
NTG Clarity Networks Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | C$44.06M | 11.57 | 42.87% | ― | 48.50% | -52.12% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | C$35.14M | -6.96 | 83.70% | ― | -43.06% | 77.47% | |
49 Neutral | C$69.02M | -18.90 | -393.78% | ― | -35.91% | 20.44% | |
45 Neutral | C$61.56M | -40.30 | -88.28% | ― | 7.84% | 30.83% | |
43 Neutral | C$44.39M | -26.60 | -77.16% | ― | 157.18% | -328.57% |
* General Sector Average
TSE:NCI
NTG Clarity Networks
0.90
-0.83
-47.98%
TSE:ABXX
Abaxx Technologies Inc
4.08
0.00
0.00%
TSE:ONE
01 Communique Laboratory Inc.
0.47
0.22
88.00%
TSE:NTAR
NexTech AR Solutions
0.17
0.14
450.00%
TSE:MHUB
Minehub Technologies
0.58
-0.01
-1.69%
NTG Clarity Networks Corporate Events
Business Operations and StrategyFinancial Disclosures
NTG Clarity Secures $12.3 Million in Renewals and New Orders Amid Gulf Volatility
Positive
Apr 9, 2026
NTG Clarity Networks has secured approximately $12.3 million in new purchase orders and contract renewals, underscoring sustained demand for its software development and digital transformation services despite ongoing regional conflict in the Gulf...
Business Operations and StrategyProduct-Related Announcements
NTG Clarity Advances AI Strategy With New Tools, Products and Peaktify Partnership
Positive
Mar 12, 2026
NTG Clarity Networks has outlined its evolving artificial intelligence strategy as it embeds AI across its service delivery and product portfolio for Middle Eastern enterprise clients. Management believes the shift toward AI-enabled workflows will...
Business Operations and StrategyFinancial Disclosures
NTG Clarity Secures Three-Year Saudi Digital Transformation Framework Deal
Positive
Mar 9, 2026
NTG Clarity Networks has signed a three-year framework agreement with a major vertically integrated Saudi real estate developer that is a portfolio company of one of the Kingdom’s largest investment entities, underpinning Saudi Arabia’...
Business Operations and StrategyFinancial Disclosures
NTG Clarity Secures $14.1M in Contracts and New Gulf Frame Agreement
Positive
Feb 17, 2026
NTG Clarity Networks has secured approximately $14.1 million in new purchase orders and contract renewals for offshore and onsite software development services and its NTGapps platform, largely from existing financial and telecom customers. The wo...
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.