Tantalus Systems Announces Preliminary 2022 Financial HighlightsTantulus

Anticipates reporting 23% revenue growth with record quarterly revenue and annual sales orders

Posted January 19, 2023

BURNABY, BC – January 19, 2023 – Tantalus Systems (TSX: GRID) (“Tantalus” or the “Company”), a company focused on helping build sustainable utilities for the future, is pleased to announce preliminary financial results for the quarter and year ended December 31, 2022. Tantalus believes that it will be reporting a strong quarterly and annual performance (as highlighted below) and is ending the year well-positioned for continued growth in 2023 as utilities accelerate smart grid investments.

“We started 2022 with the transformative acquisition of Congruitive to position Tantalus at the forefront of helping utilities prepare for the integration of microgrids, roof-top solar, storage and electric vehicle charging infrastructure and ended the year with strong financial results including a record level of revenue generated in a quarter,” said Pete Londa, President & CEO of Tantalus Systems. “As we turn our sights towards 2023, we continue to witness improving visibility into our financial position, strong demand for our new TRUSense™ Gateway product offering and favorable tailwinds across the utility industry,” said Mr. Londa.

Summary of Highlights

  • Q4 Revenue: Estimated at US$12.0 million to US$12.2 million, representing the highest quarterly revenue in Tantalus’ history and approximately 60% growth over the prior year.
  • 2022 Revenue: Estimated at US$39.5 million to US$39.7 million, representing approximately 23% growth over the prior year.
  • Annual Recurring Revenue (ARR)[1]: Estimated at approximately US$9.8 million as at December 31, 2022, representing approximately 13% growth over the prior year.
  • Q4 Adjusted EBITDA[2]: Estimated at positive US$0.075 million to US$0.15 million.
  • 2022 Adjusted EBITDA[3]: Estimated at (US$2.3) million to (US$2.5) million reflecting the Company’s investments in R&D initiatives.
  • Cash: US$5.9 million as of December 31, 2022 which is estimated to be sufficient to support ongoing operations and R&D investments, exclusive of US$0.7 million restricted cash.
  • Orders: The Company converted approximately US$42 million in orders from its sales pipeline, representing the highest order conversion for a calendar year in the Company’s history and year-over-year growth of approximately 12%.

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