Tantalus Systems (GRID) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $54.1 million, up 22% year-over-year, with Q4 revenue reaching $14.9 million, a new quarterly high.

• Revenue growth driven by both Connected Devices (up 28% annually) and Software and Services (up 13% annually), with recurring revenue up 20% to $13.9 million for the year.

• Shipped the 4 millionth intelligent connected endpoint and expanded TRUSense Gateway commercialization to 66 utilities.

• Strong customer retention, with 87% of 2025 revenue from existing customers, supporting durable long-term relationships.

• Adjusted EBITDA reached a record $3.4 million for the year, up 156% year-over-year.

Financial highlights

• Q4 2025 revenue reached $14.9M, up 19% year-over-year, the highest quarterly revenue to date.

• Full-year 2025 revenue was $54.1M, up 22% year-over-year; recurring revenue grew 20% to $13.9M.

• Q4 gross profit margin was ~56%; software/services segment margin hit 86% due to contract timing.

• Net income for Q4 was $179K (down from $289K YoY) due to higher operating expenses; annual net loss narrowed to $992K from $2.6M last year.

• Cash flow from operations was $3.3M in Q4 and $4.7M for the year; free cash flow was $3.2M in Q4 and $3.9M for the year.

• Liquidity at year-end was $21.1M, including $12.6M cash and $8.5M available credit.

Outlook and guidance

• Entered 2026 with ARR at $14.5M, a high watermark, and a strong pipeline of orders.

• Management expects continued growth, citing strong sales order conversion and expanding customer base.

• Focus remains on scaling TRUSense Gateway deployments, expanding recurring revenue, and investing in analytics and customer value.

• Book-to-bill ratio of 1.2 in 2025 signals strong demand and visibility into future growth.

• Vision for data-centric grid modernization and Unified Intelligence is resonating with utilities, supporting growth into 2026.