Tantalus Systems Holding Inc
TSX:GRID
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Tantalus Systems Holding Inc
Tantalus Systems Holding, Inc. provides mission-critical smart grid solutions that include a market edge computing platform, robust software applications and an advanced IoT communications network. The company is headquartered in Burnaby, British Columbia. The company went IPO on 2018-11-21. The firm transforms aging one-way grids into multi-directional grids, which improves the efficiency, reliability and sustainability of public power and electric cooperative utilities and the communities they serve. The company operates through two segments: Connected Devices and Infrastructure, and Utility Software Applications and Services. The Connected Devices and Infrastructure segment is engaged in edge computing modules, which are integrated into multiple devices deployed across a utility’s distribution grid including meters, sensors, street lighting fixtures and distribution automation equipment. The Utility Software Applications and Services segment is engaged in mission-critical software applications and a suite of professional services to support utilities. The segment sales software licenses, hosting services and professional services. The Company’s business operations are in Canada and in the United States.
Tantalus Systems Holding, Inc. provides mission-critical smart grid solutions that include a market edge computing platform, robust software applications and an advanced IoT communications network. The company is headquartered in Burnaby, British Columbia. The company went IPO on 2018-11-21. The firm transforms aging one-way grids into multi-directional grids, which improves the efficiency, reliability and sustainability of public power and electric cooperative utilities and the communities they serve. The company operates through two segments: Connected Devices and Infrastructure, and Utility Software Applications and Services. The Connected Devices and Infrastructure segment is engaged in edge computing modules, which are integrated into multiple devices deployed across a utility’s distribution grid including meters, sensors, street lighting fixtures and distribution automation equipment. The Utility Software Applications and Services segment is engaged in mission-critical software applications and a suite of professional services to support utilities. The segment sales software licenses, hosting services and professional services. The Company’s business operations are in Canada and in the United States.
Revenue: Q4 revenue was $14.9 million, up 19% year‑over‑year, and full‑year 2025 revenue reached $54.1 million, up 22% YoY — the highest annual revenue in company history.
Recurring ARR: ARR grew to $14.5 million (over 14% YoY), underlining a larger, more predictable recurring revenue base going into 2026.
Margins & profit: Q4 gross profit margin was ~56% (in line with 2024); the company delivered positive adjusted EBITDA of $1.3 million in Q4 and $3.4 million for the year (6.2% margin), up 156% YoY.
TRUSense traction: TRUSense Gateway commercialization advanced — orders from 66 utilities, 14 utilities started demos in Q4, and the company shipped its 4 millionth connected endpoint.
Orders & backlog: Record orders converted from pipeline of approximately $65 million in 2025, giving a book‑to‑bill of 1.2 and stronger near‑term visibility.
Supply chain & tariffs: Management flagged supply pressure from a global high‑bandwidth memory shortage (lead times and costs ~50% higher for impacted memory components) and a fluid U.S. tariff situation (White House implemented an immediate 10% tariff with intent to raise to 15%).
Liquidity & cash flow: Q4 operating cash flow $3.3M, free cash flow $3.2M; year‑end liquidity about $21M (cash $12.6M plus $8.5M availability on revolver).
