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Tantalus Systems Holding Inc. (TSX: GRID) is a technology company dedicated to helping utilities modernize their distribution grids by leveraging data across all devices and systems deployed throughout the entire distribution grid. With a focus on grid modernization platforms, intelligent connected devices, communications networks, data management, enterprise applications, and analytics, Tantalus offers solutions that provide utilities with flexibility to maximize value from existing infrastructure investments and anticipate future requirements.
The Company recently announced the launch of TRUSense Gateway, a groundbreaking solution that received Underwriters Laboratories certification and is poised to transform grid modernization efforts. Through collaborations with industry partners, academic institutions, and research centers, Tantalus aims to enhance reliability, resiliency, and affordability for the communities utilities serve.
Tantalus is committed to accelerating growth, evidenced by the record sales orders of US$21.6 million converted in Q1 2024. The Company added 5 new utilities to its user community, bringing the total to 293. Additionally, Tantalus achieved a Gross Profit Margin of 53% in Q1 2024, reflecting a strategic focus on sustainable financial performance.
By securing C$10 million in gross proceeds through a successful bought deal financing, Tantalus is well-positioned to drive innovation, expand research and development initiatives, and further solidify its market presence. The Company's recent achievements and financial results underscore its dedication to advancing grid modernization and delivering impactful solutions to the utility sector.
Tantalus Systems (TSX: GRID) has expanded its Board of Directors with two new appointments. Kristi Honey, former CISO of Ontario Power Generation with expertise in cybersecurity and AI, and Dave McLennan, former CFO of Sierra Wireless with extensive IoT industry experience, join the board. The appointments aim to strengthen the company's capabilities in cybersecurity, financial management, and grid modernization solutions. Honey brings certification in AI from MIT and global competency in ESG, while McLennan contributes 16 years of experience in financial stewardship and corporate development from his tenure at Sierra Wireless.
Tantalus Systems announced that its TRUSense Cellular Gateway (TCG) has received PTCRB certification, marking the final step for commercial deployment on cellular networks. The TCG is part of the Tantalus Grid Modernization Platform and joins existing fiber and ethernet configurations. This certification, along with UL and FCC authorizations, enables full production and delivery of the device.
The TCG enhances grid modernization by providing utilities with improved visibility and control across their entire grid, from substations to behind-the-meter devices. It supports next-generation AMI integration, advanced power quality sensing, and sophisticated control capabilities without requiring meter replacement.
Tantalus Systems reported strong Q3 2024 financial results with record-breaking sales orders of $40.2 million for the first nine months, showing 46% growth year-over-year. Revenue increased 14% to $11.6 million, with the Utility Software Applications segment contributing 38%. The company maintained a healthy gross profit margin of 56% and generated Adjusted EBITDA of $0.6 million. Cash position improved to $10.3 million from $5.2 million at year-end 2023. The company expanded its utility customer base by 26 to reach 314 total users, while Annual Recurring Revenue grew 11% to $12.2 million. Notable product developments include UL and FCC certifications for TRUSense Gateway and launch of TRUFlex Protect software.
Tantalus Systems (TSX: GRID) announced it will release its Q3 2024 financial results on November 13, 2024, after market close. The company will host a conference call and webcast to discuss the results on November 14, 2024, at 11:00 am Eastern Time. A replay of the conference call will be available until December 14, 2024. The company specializes in grid modernization technology, helping utilities leverage data for grid modernization.
Tantalus Systems announced that the TRUSense Cellular Gateway (TCG) has received FCC certification, marking a significant milestone towards its commercialization. The TCG is part of the TRUSense Gateway suite and the Tantalus Grid Modernization Platform (TGMP), aimed at modernizing utility grids. The FCC certification confirms the TCG's compliance with national standards for electromagnetic compatibility, enabling Tantalus to commence production. CEO Peter Londa emphasized the benefits of integrating this technology, including enhanced data analytics, improved outage management, and sustainable energy practices. The TCG facilitates the integration of advanced metering infrastructure (AMI) and reliable behind-the-meter control without replacing existing meters. This certification also paves the way for updating the UL-2745 Certification for the TRUSense Fiber Gateway to include the LTE daughterboard. Tantalus is awaiting PTCRB approval for full commercialization.
Tantalus Systems (TSX: GRID) reported financial results for Q2 and H1 2024. Key highlights:
- Record $32.9 million in sales orders for H1 2024, up 46% YoY
- Revenue of $10.7 million, down 4% YoY
- Annual Recurring Revenue (ARR) of $12.0 million, up 14% YoY
- Strong Gross Profit Margin of 55%
- Adjusted EBITDA of -$0.2 million
- Cash position increased to $11.4 million
- Added 14 new utilities, bringing total to 302
- Secured orders from 15 utilities for TRUSense Gateway trials and pilots
Despite a slight revenue decline, the company sees growth opportunities with its TRUSense Gateway product line and Grid Modernization Platform.
Tantalus Systems (TSX: GRID) has launched TRUFlex™ Protect, an advanced software application designed to help utilities manage rolling blackouts caused by extreme weather or emergencies. This solution allows utilities to keep their distribution grid energized while selectively shedding electric load through edge intelligence. Key benefits include:
- Ensuring uninterrupted power for vulnerable customers
- Providing equal access to power for all customers
- Protecting revenue and minimizing customer inconvenience
- Preventing overloads and expensive rebound peaks
- Maintaining functional outage management systems
TRUFlex Protect is available through Tantalus' TRUFlex Load+DER Management System software and the TRUConnect™ Load Champ edge intelligence application. The automated system eliminates the need for manual feeder rotation, offering a more efficient and equitable approach to load shedding during energy supply shortfalls.
Tantalus Systems (TSX: GRID), a technology company focused on modernizing utility distribution grids through data-driven solutions, has announced the voting results from its annual general meeting held on July 23, 2024. Six director nominees were elected with overwhelming support, each receiving over 99.9% of votes in favor. The nominees include Laura Formusa, Dr. Francis J. Harvey, Tom Liston, Peter Londa, John McEwen, and Greg Williams.
Additionally, Ernst & Young LLP was appointed as the company's auditor for the upcoming year, with the directors authorized to determine their remuneration. The meeting results demonstrate strong shareholder confidence in Tantalus Systems' leadership and governance structure.
Tantalus Systems (TSX: GRID) has announced that its TRUSense Ethernet Gateway (TEG) has received Underwriters Laboratories (UL) certification, confirming its compliance with electric safety requirements for deployment across the electric distribution grid. The TEG, part of the Tantalus Grid Modernization Platform™ (TGMP™), enhances utility grid visibility and control from substations to behind-the-meter devices.
Key features of the TEG include:
- Compatibility with various broadband types
- AMI 2.0 functionality without replacing existing meters
- Integration of distributed energy resources and smart appliances
- High-resolution measurement of power quality and events
This certification is expected to accelerate the commercialization of Tantalus' technology and increase field trials.
Tantalus Systems (TSX: GRID), a grid modernization technology company, has announced it will release its Q2 2024 financial results on August 6, 2024, after market close. The company will host a conference call and webcast to discuss these results on August 7, 2024, at 11:00 am Eastern Time.
Interested parties can join the conference call using the following dial-in numbers:
- Toll-Free: 1-844-854-4410
- International: 1-412-317-5791
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