Burnaby, British Columbia--(Newsfile Corp. - March 18, 2026) - Tantalus Systems (TSX: GRID) (OTCQX: TGMPF) ("Tantalus" or the "Company"), a technology company dedicated to helping utilities modernize their distribution grids by harnessing the power of data, is pleased to announce its financial and operating results for the three-month period and year ended December 31, 2025.All amounts are presented in this news release are in United States dollars ("U.S. dollars"), unless otherwise indicated.Q4 2025 FINAN ...

Core Insights - Tantalus Systems has extended its license agreement with Itron to ensure full compatibility of Encoder Receiver Transmitter (ERT) technology across its TRUConnect AMI Platform, facilitating modernization for utilities [1][4]. Company Overview - Tantalus Systems is focused on helping utilities modernize their distribution grids by leveraging data across various devices and systems [10]. - The company offers a grid modernization platform that includes intelligent connected devices, communications networks, data management, enterprise applications, and analytics [10]. License Agreement Details - The extended license allows Tantalus to read Itron's communications technologies used in legacy automated meter reading systems, enabling utilities to transition to a modern data-centric platform while preserving existing investments [2][4]. - Tantalus is the only provider licensed to deliver the complete ERT messaging structure, which supports advanced two-way data logging capabilities [4]. Industry Context - Over 80 million ERT devices have been deployed in North America, making ERT technology a foundational element for many utilities [3]. - Utilities are under pressure to modernize their infrastructure while managing costs and expectations from various stakeholders [8][9]. Technological Advancements - The inclusion of Network Interval Messaging (NIM) allows utilities to receive real-time interval readings and tamper notifications, enhancing operational awareness and data access for billing and demand calculations [5][6]. - Advanced SCM+ messaging expands access to features that improve consumption analysis and distribution optimization, such as loss and leak detection [6]. Strategic Importance - The agreement supports a capital-efficient pathway for utilities to integrate legacy metering assets into a scalable AMI platform, aligning operational performance with financial stewardship [9].

Core Viewpoint - Itron, Inc. plans to initiate a private offering of $600 million in convertible senior notes due 2032, with an option for initial purchasers to buy an additional $90 million in notes, aimed at qualified institutional buyers under Rule 144A of the Securities Act [1][6] Group 1: Offering Details - The terms of the notes, including interest rate and initial conversion rate, will be determined at the pricing of the offering [2] - The company expects to enter into capped call transactions to mitigate potential dilution of its common stock upon conversion of the notes [3] - The offering is not registered under the Securities Act and may not be sold in the U.S. without registration or an exemption [6] Group 2: Use of Proceeds - A portion of the net proceeds will be used to cover costs associated with the capped call transactions [5] - Up to $125 million of the net proceeds will be allocated for repurchasing shares of common stock, which could influence the market price of the stock [5] - Remaining proceeds will be used for repaying existing convertible senior notes due 2026 and for general corporate purposes [5] Group 3: Market Impact - The company anticipates that the capped call counterparties may engage in derivative transactions that could affect the market price of the common stock and the notes [4] - Activities related to the capped call transactions may lead to fluctuations in the market price of the common stock, impacting the conversion of the notes [4]

Core Insights - The company attributes record profitability and gross margins to a favorable customer and product mix, particularly the growth in grid edge intelligence and high-margin Outcomes [1] - The transition from a hardware-centric model to a system manager role emphasizes data, AI, and software to meet utility needs for electrification and decentralization [1] - The Outcomes segment experienced a 22% growth on a constant currency basis, driven by increased delivery services and the expansion of recurring revenue streams [1] - Project delays noted in mid-2025 have stabilized, with no further movement or cancellations reported despite uncertainties in data center siting and funding [1] - The acquisition of Urbint and LocusView has led to the establishment of a new Resiliency Solutions segment, supporting the entire asset lifecycle from planning to emergency response [1] - Strategic positioning is centered on 'Distributed Intelligence' (DI), with endpoint adoption increasing by 25% and application usage rising by 70% year-over-year as utilities seek real-time grid visibility [1]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $572 million, with adjusted EBITDA of $99 million and non-GAAP EPS of $2.46, reflecting strong execution and demand for Grid Edge Intelligence [5][11] - Free cash flow reached $112 million in Q4, up from $70 million a year ago, indicating improved earnings growth and working capital management [12] - GAAP net income was $102 million, or $2.21 per diluted share, compared to $58 million, or $1.26 in the prior year, driven by higher operating income and lower tax expense [11][12] Business Line Data and Key Metrics Changes - Device Solutions revenue decreased by 7% year-over-year, primarily due to a decline in legacy electricity products in EMEA [13] - Network Solutions revenue decreased by 15% year-over-year, mainly due to the timing of project deployments [13] - Outcomes revenue increased by 22% year-over-year, driven by growth in delivery services and recurring revenue [14] - The new Resiliency Solutions segment contributed $3 million in revenue since its acquisition of Urbint [14] Market Data and Key Metrics Changes - Fourth quarter bookings were $737 million, with a total backlog of $4.5 billion, indicating strong demand for Grid Edge solutions [7] - Outcomes backlog grew by 58% year-over-year, surpassing $1 billion, reflecting a positive trend in market demand [29] Company Strategy and Development Direction - The company is focused on enhancing utility resiliency through strategic acquisitions, including Urbint and Locusview, which will support customers throughout the asset lifecycle [9][10] - Itron aims to leverage its heritage in hardware and networks while expanding into high-growth areas driven by data, AI, software, and services [24] - The company emphasizes the importance of trusted data and operational intelligence in the ongoing grid transformation [24] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment for utilities is evolving rapidly, creating both opportunities and challenges [23] - The company anticipates 2026 revenue to be in the range of $2.35 billion to $2.45 billion, representing a slight growth compared to 2025 [19] - Non-GAAP EPS for 2026 is expected to be between $5.75 and $6.25, with a dilutive impact from recent acquisitions [20] Other Important Information - The company ended 2025 with approximately $368 million in annual recurring revenue (ARR), up 20% year-over-year [30] - Total debt was $1.265 billion, with cash and equivalents at $1.02 billion, reflecting a decrease in cash balance due to acquisitions and stock buybacks [18] Q&A Session Summary Question: Update on utility demand and behavior trends - Management reported strong fourth quarter bookings of $737 million, indicating a constructive market environment [28] Question: Clarification on ARR metric - The ARR run rate at the end of Q4 was $368 million, with expectations of mid-teens to 20% growth for 2026 [31][35] Question: Barriers to entry in resiliency solutions - The company highlighted the stickiness of its solutions due to extensive field service usage, which enhances customer value [44][46] Question: Trends in utility ordering patterns - Management noted that ordering patterns have normalized, with no significant cancellations, and the Book and Ship business remains strong [52] Question: Expectations for bookings and revenue growth - The company expects bookings to continue to grow, supported by a strong pipeline and increasing Outcomes backlog [81]

Core Insights - Itron, Inc. reported strong financial results for Q4 and full year 2025, driven by the adoption of its Grid Edge Intelligence platform, achieving a record 23% growth in the Outcomes segment revenue [1][2]. Financial Results Summary - Total revenue for Q4 2025 was $572 million, a decrease from $613 million in Q4 2024, primarily due to portfolio optimization and project deployment timing [2][3]. - Device Solutions revenue decreased by 3% (7% in constant currency) due to lower legacy electricity product sales in EMEA and reduced North American project deployments [3]. - Networked Solutions revenue fell by 15% due to project deployment timing [3]. - Outcomes revenue increased by 23% due to enhanced delivery services and recurring revenue [3]. - Resiliency Solutions revenue was $3 million, reflecting revenue from Urbint since its acquisition on November 3, 2025 [3]. Gross Margin and Operating Income - GAAP gross margin improved to 40.5%, up 560 basis points from the previous year, attributed to customer and product mix [4]. - GAAP operating expenses rose to $153 million, a $2 million increase from the prior year, while Non-GAAP operating expenses decreased by $1 million to $142 million [5]. - GAAP operating income was $79 million, an increase of $16 million from the prior year, with Non-GAAP operating income rising by $20 million to $91 million, mainly due to higher gross profit [5]. Net Income and Earnings Per Share - Net income for Q4 was $102 million, or $2.21 per diluted share, compared to $58 million, or $1.26 per diluted share in Q4 2024, driven by higher operating income and a tax benefit [6][7]. - For the full year, net income attributable to Itron, Inc. was $301 million, or $6.50 per diluted share, an increase of $62 million and $1.32 respectively from the previous year [7]. Cash Flow and Backlog - Net cash provided by operating activities was $119 million in Q4, up from $80 million in the prior year, with free cash flow increasing to $112 million from $70 million [9]. - Total backlog at the end of the quarter was $4.5 billion, down from $4.7 billion in the prior year, with bookings totaling $0.7 billion for the quarter and $2.1 billion for the full year [10]. Acquisition Activity - Itron announced the acquisition of Urbint and Locusview during the quarter, enhancing its AI-driven software solutions and recurring revenue focus [2][11]. The acquisition of Locusview was completed in January 2026 for $525 million, funded through cash on hand [11].

Core Viewpoint - Tantalus Systems Holding Inc. has successfully closed a bought deal public offering, raising approximately C$23.0 million through the issuance of 4,299,275 Common Shares at a price of C$5.35 per share, which will strengthen the company's balance sheet and support its growth initiatives [1][3]. Group 1: Offering Details - The offering included the full exercise of an Over-Allotment Option, resulting in additional gross proceeds of approximately C$3.0 million from the sale of 560,775 Common Shares [1]. - The lead underwriter for the offering was ATB Cormark Capital Markets, with a syndicate that included TD Securities Inc., Beacon Securities Limited, Canaccord Genuity Corp., Paradigm Capital Inc., Raymond James Ltd., and Haywood Securities Inc. [1]. - The total gross proceeds from the offering were subject to a cash fee of 6.0% paid to the underwriters, reduced to 3.0% for certain identified purchasers [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated for various purposes, including sales and marketing, strategic growth initiatives, partial repayment of the term loan, capital expenditures, research and development, and general corporate expenses [2]. Group 3: Insider Participation - Certain insiders of the company participated in the offering, purchasing approximately 57,922 Common Shares, which was classified as a "related party transaction" but exempt from formal valuation and minority shareholder approval requirements [4]. Group 4: Company Overview - Tantalus is a technology company focused on modernizing utility distribution grids by leveraging data across devices and systems, offering a grid modernization platform that includes intelligent connected devices, communications networks, data management, and analytics [7]. - The company aims to provide utilities with the flexibility to maximize existing infrastructure investments while planning for future requirements, ultimately delivering Unified Intelligence to enhance grid modernization efforts [7]. Group 5: Share Information - Following the offering, Tantalus now has a total of 56,007,705 shares outstanding, with the Common Shares listed on the Toronto Stock Exchange [5].

Core Insights - Itron, Inc. is collaborating with Snowflake to enhance grid planning and utility analytics, addressing challenges like distributed energy resource integration and grid modernization [1][2] Group 1: Collaboration and Technology - The partnership combines Itron's grid edge intelligence with Snowflake's high-performance data platform to tackle the complexities introduced by the rapid growth of distributed energy resources [2][4] - Itron's advanced Grid Planning solution, powered by Snowflake, allows utilities to conduct detailed load forecasts and identify capacity constraints, enhancing reliability and cost savings [3][4] Group 2: Solution Features - The advanced Grid Planning solution includes four core modules: Scalable Performance, Cost Transparency, Operational Flexibility, and Data Harmonization, all designed to improve utility operations [5] - The solution enables predictive maintenance, load forecasting, and real-time grid optimization through AI-driven insights [5] Group 3: Availability and Future Developments - Model Validator and Load Forecasting are currently available, while Power Flow Analyzer and Hosting Capacity Analyzer are in private preview and expected to be generally available in 2026 [6] - The full solution is accessible through Itron and utilizes Snowflake's AI Data Cloud platform for seamless deployment across various cloud providers [7]

Summary of Tantalus Systems Holding Update / Briefing Company Overview - **Company**: Tantalus Systems Holding (OTCPK:TGMP.F) - **Industry**: Utility Management and Smart Metering Solutions Key Points and Arguments Remote Disconnect and Customer Management - Tantalus offers remote disconnect capabilities that allow utilities to manage customer power supply effectively, even in cases of non-payment, through prepay programs [1] - The system enables utilities to maintain power for customers by automatically reconnecting service when payment thresholds are met, enhancing customer satisfaction and reducing trip charges [1] Interval Success Rate and Data Accuracy - Tantalus measures its performance against specific intervals for meter readings, aiming for high accuracy in data collection [2] - The company emphasizes the importance of real-time data collection, allowing utilities to respond quickly to customer inquiries and issues [5][6] Customer Service Enhancements - The system provides detailed customer data, enabling utility representatives to address high bill complaints effectively by analyzing usage patterns and potential causes [4][10] - Tantalus allows utilities to communicate effectively with customers about their energy usage, reducing frustration and improving customer relations [9] Advanced Metering Infrastructure (AMI) - Tantalus does not manufacture meters but integrates its technology into third-party meters, enhancing data collection capabilities [38] - The TruSense Gateway device captures extensive data, providing utilities with real-time insights into power quality and consumption [39] AI and Machine Learning Integration - Tantalus is leveraging AI and machine learning to enhance the functionality of its systems, allowing for predictive analytics and better grid management [28] - The company aims to transform traditional utility equipment into smart devices, improving operational efficiency and decision-making [28] Transformer Monitoring and Management - Tantalus provides utilities with the ability to monitor transformer performance, identifying overloads and potential failures before they occur [29][31] - The system helps utilities manage reverse power flow, which can pose safety risks if not monitored properly [30] Idle and Underloaded Transformers - The company addresses the issue of idle transformers, which can incur unnecessary costs for utilities, by providing data to identify and manage these assets effectively [34] - Tantalus also helps utilities monitor underloaded transformers to prevent issues that could affect service quality [35] Utility Adoption and Market Presence - As of Q3 results, Tantalus has over 330 utilities deploying its capabilities, with ongoing efforts to expand its market presence [40] - The company is actively working with utilities to enhance their operational capabilities and address the challenges posed by increasing electrification and energy demand [41] Future Developments and Challenges - Utilities are seeking more innovative solutions to manage power constraints and improve service delivery, which Tantalus aims to provide through its advanced technology [44] - Funding remains a significant barrier for some utilities in adopting new technologies, impacting deployment timelines [50] Additional Important Insights - Tantalus emphasizes the importance of real-time data and proactive communication between utilities and customers to enhance service quality [37] - The company is focused on educating utilities about its systems to ensure effective implementation and utilization of data [16] This summary encapsulates the key points discussed in the Tantalus Systems Holding update, highlighting the company's innovative solutions and the challenges faced in the utility industry.

Company Overview - Itron, Inc. is a leading provider of integrated technology solutions for managing energy and water resources efficiently, leveraging hardware, software, and data analytics capabilities [5] - The company reported a total revenue of $2.41 billion and a net income of $257.5 million for the trailing twelve months (TTM) [4] Recent Performance - Itron's shares experienced a significant rally followed by a sharp pullback of approximately 20%, indicating a potential decision to lock in gains rather than a loss of confidence in the business [6] - The company's revenue declined by 5% year over year to $582 million, attributed to project timing and portfolio optimization, while gross margin expanded by 360 basis points to 37.7% [9] Financial Metrics - As of the latest report, Itron's free cash flow nearly doubled to $113 million, highlighting its ability to convert earnings into liquidity despite revenue pressures [9] - The company has a backlog of $4.3 billion and is experiencing growing recurring revenue in its Outcomes segment, positioning it well for long-term utility spending related to grid modernization and smart infrastructure [10] Market Position - Itron's stock price as of the latest report was $95.22, reflecting a 15% decline over the past year, underperforming the S&P 500, which increased by about 13% during the same period [3] - Following a sale of 123,119 shares by Aristotle Capital Boston, Itron now accounts for approximately 1.95% of the fund's reportable U.S. equity assets under management (AUM) [2][3]