Terago (TGO) investor relations material

Executive summary

• Strengthened financial flexibility in 2025 through new term debt and equity capital, attracting new institutional investors.

• Focused on operational efficiency, customer-centric strategy, and leveraging AI-driven demand for business internet, with disciplined investment in fixed wireless and private 5G.

• Appointed a Chief Customer Officer to drive a customer-first culture and improve retention and engagement.

• Launched new fixed wireless broadband products to address rising market demand.

• Macroeconomic pressures extended procurement cycles and delayed contract signings.

Financial highlights

• Q4 2025 revenue was $6,200,000, down 5.7% year-over-year; full year revenue was $25,356,000, down 3.1%.

• Adjusted EBITDA for Q4 2025 was $885,000, down 26.3% year-over-year; full year Adjusted EBITDA was $3,790,000, down 5.6%.

• Net loss for Q4 2025 was $4,913,000, up from $3,174,000; full year net loss was $16,765,000, compared to $13,271,000.

• Gross profit margin for Q4 2025 was 73.0%, down from 74.1%; full year margin was 73.7%, up from 73.3%.

• Cash and cash equivalents at year-end: $12,648,000.

Outlook and guidance

• Revenue growth expected to resume later in 2025 as the company cycles through the exit of unprofitable customers and delayed installations for large multi-site clients.

• Focus remains on customer quality, cost discipline, and balance sheet strength to drive sustainable long-term performance.

• Optimistic about increased sales funnel momentum and client engagement, though installation and revenue recognition may lag.

• Anticipates a regulatory decision on millimeter wave spectrum reclassification by ISED within 2025.

• Ongoing 5G trials and managed services expansion are central to future growth, but face regulatory and competitive risks.