Tantalus Systems is the real deal, this analyst says

Haywood analyst Gianluca Tucci maintained a “Buy” rating and $8.50 target on Tantalus Systems (Tantalus Systems  Stock Quote, Chart, News, Analysts, Financials TSX:GRID) after attending the company’s 2026 users conference and investor day in Las Vegas.

Tucci said in his May 22 report that his long-term conviction was reinforced, though he trimmed near-term estimates to reflect temporary macro pressure from elevated interest rates and energy costs, which he said may be causing some electric co-ops to pace capital spending more cautiously.

“With $40M in liquidity, the company is no longer capital constrained and can aggressively pursue market share while its competitors grapple with legacy technology debt,” Tucci said.

Tucci said the TRUSense Gateway land-and-expand model is working, with 70 utilities having placed orders, 49 already filled and 21 actively deploying. No pilots have been cancelled, and the average time to a second order is about four months.

He said the key near-term catalyst is conversion of the pilot cohort, with 42 utilities still in pilot phase and 28 actively deploying. All open orders are expected to be filled by Q2/26, which Tucci said should support stronger deployment activity in the back half of 2026.

Tucci said Tantalus also has a durable customer expansion model, pointing to Fleming-Mason Energy, a 13-year customer relationship that now includes TRUSense Gateways, power quality monitoring and transformer monitoring.

The anayst lowered his 2026 revenue and Adjusted EBITDA estimates to $61.5-million and $3.3-million from $64.9-million and $3.5-million. His 2027 estimates move to $75.7-million and $7.2-million from $79.8-million and $7.5-million.

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