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Tantalus Systems Holding

TGMPF
36
Electrical Equipment & Parts · Industrials
Price
$2.80
+0.10 (+3.51%)
Market Cap
$157.6M
Exchange
Other OTC
Winston Score
36
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Good
Cash Flow
Weak
Stability
Mixed
Valuation
Data not available

Share count rising — dilution

+27.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 40.3M (2021) → 51.2M (2025)

§Winston Score History

The full picture

Tantalus Systems makes smart grid technology that helps electric, water, and gas utilities manage their networks more efficiently. Its main product is the TRUSense platform, which connects utility meters and sensors so companies can monitor energy use, detect outages, and collect data in real time. The company primarily serves small to mid-sized public utilities across North America and the Caribbean.

Tantalus earns revenue through a mix of hardware sales, software licenses, and recurring service fees for its connected platform. Headquartered in Canada, it is a small-cap company with a market capitalization around $200 million. Its focus on smaller utilities gives it a niche position, as larger competitors often target bigger customers. Growth depends on utilities continuing to invest in grid modernization and smart infrastructure, though the company's thin operating margins mean it has limited room for error if spending slows.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+13.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$7M/ year

Flat (+0% vs prior year)

12.7% of revenue

3.2x the sector average (4%)

Steady R&D investment year-over-year

Insider Activity

19.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

~15 months

$29M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Growth context

Tantalus Systems Holding is growing revenue at 15% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
52.1%
Healthy — 52.1% gross margin
Profit after running costs
Operating Margin
-5.6%
Losing money on operations — -5.6%
Return on the money invested
ROCE
0.6%
Weak — 0.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+20.5%
Fast-growing sales (+20.5% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
1.6%
Thin free cash flow (1.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.42
Conservative — low debt load (0.42)
Covers its interest
Interest Cover
0.22x
Dangerous — barely covers interest (0.2x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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