Tantalus Systems (GRID) Investor update summary

Financial performance highlights

• Achieved record Q2 revenue of $15.4 million, up 18% year-over-year, with gross margin at 55% and positive adjusted EBITDA of $690,000, up 35%.

• Liquidity reached $41.3 million, the strongest in company history, with first half revenue at $30 million and trailing 12-month revenue at $60 million.

• Q2 saw the highest revenue ever but also the largest operating loss in two years, attributed to increased R&D and sales investments.

• Over 85% of revenue is from existing customers, with ARR retention in the high 90th percentile.

• Book-to-bill ratio for H1 was 0.97x, with variability expected due to utility order cycles.

Commercial and operational updates

• Added eight new utilities to the user community, expanding the customer base.

• 77 utilities have placed orders for the TRUSense Gateway; 40 completed pilots, with 37 moving to deployment.

• Over 6,200 TRUSense Gateways shipped, with a backlog of about 26,000 units.

• Six utilities activated TRUGrid Verify and seven opted into TRUGrid Advantage managed services.

• Customer concentration is low, with the largest customer under 5% of revenue and top 20 customers at about 30%.

Product and technology developments

• TRUSense Gateway supports three main use cases: AMI/smart metering upgrades, power quality measurement, and behind-the-meter control.

• Power quality measurement and communications networking are key differentiators, with increasing demand for analytics and reliability tools.

• Behind-the-meter control demonstrated in Connecticut, enabling direct load management for utilities.

• TRUSense Gateway can read up to 250 meters, but typical deployment ratios are modeled at 100–150 meters per gateway, depending on density.