FTRC keeps $3.00 target at Research Capital

Research Capital says Futr’s (The Futr Corporation Stock Quote, Chart, News, Analysts, Financials TSXV:FTRC) Q2 results showed early evidence that its multi-stream monetization strategy is beginning to take shape.

Analyst Greg McLeish reiterated his “Speculative Buy” rating and $3.00 target on Futr.

Ongoing operations revenue rose 16.5% sequentially to $1.89-million, while June revenue reached a record $810,000, or an annualized run rate of about $9.7-million.

Futr Planning began contributing revenue during the quarter, adding $294,276 from one month of operations. McLeish said that established a second live revenue stream alongside Payments.

The company signed a record 51 dealer contracts in Q2, up from 22 in Q1. Its active network now stands at about 180 dealers, with management targeting 500 by the end of 2027.

Futr Planning generated 6,618 financial plans in June, including 1,590 consumers identifying an auto-loan need and 4,136 identifying a mortgage need. The platform also supports more than 400 paying financial advisors.

McLeish said the next test is whether higher revenue and lower costs can translate into operating leverage. Adjusted operating loss remained elevated at $1.85-million in Q2, but management has since implemented monthly cost reductions of about $150,000 to $160,000.

The company’s Agent App also entered its first commercial deployment after quarter-end through the dealer network. McLeish said the investment case is shifting from platform development to execution and scale.

“The investment case is increasingly shifting from building the platform to demonstrating that it can scale economically,” McLeish said in his Sept. 4 update.

McLeish’s sum-of-the-parts valuation assigns $1.81 per share to Futr’s core platform and $1.08 per share to its discounted Futr token reserve.

The analyst said execution and funding risks remain, but Q2 marked an important transition as Payments showed renewed dealer momentum, Planning began generating revenue and the Agent App entered commercial deployment.

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