Tantalus Systems Holding Inc. Reports Third Quarter 2025 Financial Results
Executive Summary
- Tantalus Systems reported Q3 2025 revenue of $14.2 M, a 22.5% YoY increase and the highest quarterly revenue in company history.
- Net income turned positive at $0.384 M (vs. a loss of $0.361 M a year ago) and Adjusted EBITDA rose to $1.197 M.
- The company added 4 new utility customers, secured initial orders from 52 utilities for its TRUSense Gateway, and announced a major EPB contract for up to 20,000 gateways over five years.
Key Details
- Revenue Breakdown
- Connected Devices: $9.303 M (+30% YoY)
- Software & Services: $4.894 M (+10% YoY)
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Recurring Revenue: $3.4 M (24% of total)
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Annual Recurring Revenue (ARR) grew 11% YoY to $13.5 M.
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Profitability
- Gross Profit Margin: 55% (down 1 pt YoY).
- Net Income: $384 k vs. $(361 k) prior year.
- Diluted EPS: $0.01 vs. $(0.01) prior year.
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Adjusted EBITDA: $1.197 M (up from $585 k).
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Cash & Liquidity
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Cash balance: $9.8 M; total liquidity including revolving credit: $18.3 M.
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Sales Order Conversion
- Orders converted Q3 2025: $9.7 M, a 33% YoY increase.
- Book‑to‑bill ratio: 1.37×.
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FY‑to‑date orders converted: $53.8 M (record).
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Customer & Product Updates
- Added 4 new utilities in Q3 2025.
- TRUSense Gateway: 52 utilities have placed trial/pilot/deployment orders.
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EPB (Chattanooga, TN) agreement – up to 20,000 gateways over five years with optional extensions.
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Tariff Impact
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U.S. tariff on Philippine‑origin products set at 19% for Connected Devices; company absorbs 5%, passes 14% to customers.
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Conference Call
- Management call scheduled for Nov 13 2025, 10:00 am ET (dial‑in details provided).
Notable Quotes
“We remain on track to deliver record performance in 2025 thanks to the continued hard work and dedication of our team,” – Peter Londa, President & CEO.
All figures are presented in U.S. dollars unless otherwise noted.