Tantalus Systems (GRID) Status update summary

Financial performance highlights

• Achieved record Q4 revenue of $14.9 million, up 19% year-over-year.

• Full-year 2025 revenue reached $54.1 million, a 22% increase from the prior year.

• Gross profit margin remained strong at 56% for Q4 and 54% for the year.

• Adjusted EBITDA for 2025 was $3.4 million, up 156% year-over-year.

• Generated $4.7 million in cash flow from operations for the year.

Commercial and operational achievements

• Bookings hit a record $65 million, representing 27% year-over-year growth.

• Book-to-bill ratio stood at 1.2, outperforming industry peers.

• 66 utilities have placed orders and begun deploying the TRUSense Gateway.

• Customer base includes both new and existing utilities, with deployments ranging from trials to full upgrades.

• Largest utility deployment involves over 350,000 meters; smallest utilities have fewer than 10,000 meters.

TRUSense Gateway deployment and strategy

• About two-thirds of utilities ordering TRUSense are existing customers upgrading networks.

• Deployments vary by utility size and geography, with both rural and urban use cases.

• 1.6 million meters are represented across the 66 utilities deploying TRUSense.

• Focus remains on rapid expansion and land grab to maximize market share.

• 85%-87% of 2025 revenue came from existing customers.