Tantalus Systems (GRID) Q2 2026 earnings summary

Executive summary

• Record Q2 revenue of $15.4 million, up 18% year-over-year; first-half revenue reached $30.5 million, up 22%.

• Gross profit margin increased to 54.9%, up 190 basis points year-over-year; adjusted EBITDA rose 35% to $690,000.

• ARR reached $15.0 million, up 13% year-over-year; Q2 recurring revenue was $3.6 million, 23% of revenue.

• Added five utilities in Q2 and eight in the first half; eight more were in contracting, with 77 utilities ordering TRUSense Gateway and 37 beyond pilots.

Financial highlights

• Q2 gross profit was $8.5 million; net loss was $1.0 million, or $0.02 per share, compared with a $0.9 million loss in Q2 2025.

• Adjusted EBITDA was $1.44 million for the first half; trailing 12-month adjusted EBITDA was $4 million, with a 6.7% margin.

• Operating cash flow was an outflow of $5.7 million, mainly reflecting working capital investments in inventory and deferred revenues.

• June 30 cash was $29.3 million and total liquidity was $41.3 million, including available credit.

• Six-month net loss was $1.4 million, improved from $1.6 million a year earlier; operating loss for Q2 was $0.86 million.

Outlook and guidance

• Demand remains strong, supported by a growing utility pipeline and continued adoption of TRUSense Gateway and analytics solutions.

• Inventory investments are expected to support deployments in the second half of 2026 and early 2027.

• Continued investment in software and analytics capabilities; no specific forward-looking revenue or earnings guidance provided.