Cleantech

Pender Growth Fund Inc. (the "Company" or "PTF") (TSXV: PTF) is pleased to announce that it has been included in the 2022 TSX Venture 50. The ranking is made up of top performing companies across five sectors, with PTF placing in the diversified industries sector based on three equally weighted criteria assessed during 2021: Share price, trading volume and market capitalization. This is the second time the Company has been included in the TSX Venture 50.

TSX Venture 50 – Pender Growth Fund Inc. Profile Video:
https://vimeo.com/marketonemediagroup/review/673313190/be8ca619f0

David Barr, CEO of PTF said, "It is an honour to be included in the TSX Venture 50. We are also investors in TSX Venture listed companies and several of our holdings have been recognized with this same award over the years. It is because of the continued success of these companies that we have been recognized today so I would like to thank the management teams of our portfolio companies for helping us get here."

2021 was an exciting year for the companies within the PTF portfolio. Three private holdings went public: Tantalus Systems Holdings Inc. (TSX: GRID), BuildDirect.com Technologies Inc. (TSXV: BILD), and Copperleaf Technologies Inc. (TSX: CPLF) which achieved unicorn status with its IPO at over a $1 billion valuation. The Company was also pleased to see private technology companies from its portfolio close on successful M&A transactions, which included: One45 Software Inc. (Altus Assessments Inc.), Redlen Technologies Inc. (Canon Inc.), and Teradici Corp. (HP Inc.).

During the past year, the Company also completed the acquisition of the majority of the shares of Working Opportunity Fund (EVCC) Ltd., a BC-based venture capital fund that was subsequently renamed Pender Private Investments Inc.

The Company saw share price appreciation in 2021 from $4.35 on December 31, 2020 to $18.00 a year later. Reporting Net Asset Value per share 1 of the Company increased through the year as a result of its portfolio's performance, from $6.07 on December 31, 2020 to $24.62 a year later.

For the full TSX Venture 50 ranking, methodology and video profiles of the TSX Venture 50 companies visit: tsx.com/venture50 .

About Pender Growth Fund Inc.
Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies based primarily in Canada and the U.S., principally in the technology sector. It trades on the TSX Venture Exchange under the symbol "PTF" and posts its Reporting NAV on its website, generally within five business days of each month end.

Please visit www.pendergrowthfund.com .

For further information, please contact:
Tony Rautava
Corporate Secretary
Pender Growth Fund Inc.
(604) 653-9625
Toll Free: (866) 377-4743

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

1 "Reporting NAV per share" is a non-IFRS measure that the Company uses as a key indicator to evaluate the performance and condition of our business. It represents PTF's Net Asset Value ("NAV") per share including the proportionate share of the NAV of Pender Private Investments Inc. ("PPI"). The calculation of Reporting NAV uses two financial measures that are individually recognized under IFRS, assets and liabilities, and adjusts them to include PTF's proportionate ownership share of PPI's NAV. PTF acquired its share of PPI's portfolio at a discount of 43.5% to fair value. Under IFRS, the gain on this acquisition at a discount, is treated as a deferred gain and total shareholders' equity per share for financial reporting purposes excludes this deferred gain and the deferred gain will be recognized to the extent that it arises from a change in a factor (including time) that market participants would take into account when pricing the investment. The calculation of Reporting NAV does not include potential future taxes associated with unrealized capital gains and from time to time it may reflect valuation discounts that are more conservative than those permitted under IFRS. We believe that Reporting NAV is a useful indicator of the value and condition of our business. Reporting NAV is a non-IFRS financial measure and does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other reporting issuers. Please refer to the Company's AIF for more information.

Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company's decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in the Company's annual information form available at www.sedar.com . There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


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GRID:CA
"smart grid"

Tantalus Systems


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Tantalus Systems Holding Inc. Reports Financial Results for Q2 of 2022

Tantalus Systems Holding Inc. Reports Financial Results for Q2 of 2022

Tantalus Systems (TSX: GRID) ("Tantalus" or the "Company"), a smart grid technology company focused on helping build sustainable utilities for the future, is pleased to announce its financial and operating results for the second quarter ended June 30, 2022.

"We are pleased with the progress our team continues to make in 2022 despite operating in a challenging business environment. In addition to delivering revenue growth of approximately 13% in the quarter as compared to last year, we also had 5 new utilities join our user community during Q2," stated Peter Londa, President & CEO of Tantalus. "In addition to expanding our user community, we delivered a new milestone for converted orders from our sales pipeline for the first six months of a calendar year at $24.7 million, reflecting 44% growth year-over-year. We also set a new high-water mark for our Annualized Recurring Revenue1 which now stands at $9.0 million."

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Tantalus to Report Second Quarter Financial Results on August 9, 2022

Tantalus to Report Second Quarter Financial Results on August 9, 2022

Tantalus Systems (TSX: GRID) ("Tantalus" or the "Company"), a smart grid technology company focused on helping build sustainable utilities for the future, is pleased to announce that the Company will release its second quarter 2022 financial results on Tuesday, August 9, 2022, after the market closes. The Company will hold a conference call and webcast to discuss the financial results on Wednesday, August 10, 2022, at 11:00 am Eastern Time.

Conference Call

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Tantalus Systems Publishes Inaugural ESG Report

Tantalus Systems Publishes Inaugural ESG Report

Sets goals and commitments to key initiatives across the organization

Tantalus Systems (TSX: GRID) ("Tantalus" or the "Company"), a smart grid technology company focused on helping build sustainable utilities, is pleased to announce the publication of its inaugural Environment, Social and Governance (ESG) Report. The report is published in alignment with the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD), both of which are widely recognized global sustainability reporting frameworks. The inaugural ESG Report covers the period ending December 31, 2021, and highlights the ways in which Tantalus is working to create a sustainable and equitable future internally as well as for its growing user community of utilities.

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Tantalus Systems Announces Voting Results for Annual General and Special Meeting

Tantalus Systems Announces Voting Results for Annual General and Special Meeting

Tantalus Systems (TSX: GRID) ("Tantalus" or the "Company"), a smart grid technology company focused on helping build sustainable utilities for the future, today announced the voting results of the Company's annual general and special meeting of shareholders held on June 10, 2022 (the "Meeting").

Election of Directors

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Tantalus Systems Holding Inc. Reports Financial Results for Q1, 2022

Tantalus Systems Holding Inc. Reports Financial Results for Q1, 2022

Tantalus Systems (TSX: GRID) ("Tantalus" or the "Company"), a smart grid technology company focused on helping build sustainable utilities for the future, is pleased to announce its financial and operating results for the first quarter ended March 31, 2022.

"We are pleased with our financial results and operating performance despite navigating through a challenging business environment. Revenue contributions from our software and services business segment continue to improve our financial performance and increased to 36% of our total revenue profile in the quarter. Revenue from our Connected Devices and Infrastructure segment also grew as supply chain challenges began to stabilize throughout the quarter. Additionally, we witnessed our Gross Profit Margin increase to 48% as compared to 45% a year ago," stated Peter Londa, President & CEO of Tantalus. "Beyond our financial results, the feedback we continue to receive regarding our acquisition of Congruitive is extremely favorable, as the combined capabilities deliver a differentiated and secure smart grid platform that empowers utilities to connect devices deployed at the edge of the grid, where people live and work, directly to mission-critical systems that utilities rely upon every day to deliver power. While the current business environment remains fluid, we continue to witness strong momentum as utilities seek to digitize distribution grids to improve their resiliency and prepare for the broad adoption of electric vehicles, solar installations and distributed storage."

Consolidated Financial Highlights1:

  • Revenue for the Company increased by 16% to $9.3 million as compared to the prior year, reflecting the momentum witnessed across Tantalus' target market. Utility Software Applications and Services revenue increased by 28% to $3.4 million and represented 36% of total revenue as compared to 33% for the same period last year. The increase from software and services is tied to the increasing number of connected endpoints that drives software licenses and recurring maintenance and support agreements. Congruitive's software and services contributed approximately $290,000 in the quarter. Connected Devices and Infrastructure revenue increased by 10% as COVID-19 pandemic restrictions subsided allowing utilities to accelerate deployments. A portion of delayed shipments in 2021 also materialized in the quarter.

  • Gross Profit2 Margin increased to 48% as compared to 45% for the same period last year. The Company was able to increase Gross Profit Margin despite inflationary pressures across its supply chain. The increase in Gross Profit Margin tied to the Company's continued focus on expanding revenue contributions from software and services and managing its supply chain effectively. Moving forward, the Company initiated a price increase that went into effect on April 15, 2022, to further offset inflationary cost pressures.

  • Adjusted EBITDA3 was ($0.7 million) compared to $0.1 million in the prior year. The decline in Adjusted EBITDA was primarily due to targeted investments in research and development to accelerate key projects, integrating the team from the acquisition of Congruitive, bolstering sales and marketing activities given the continued momentum in the market, and the Company's continued absorption of costs associated with going public.

  • The loss for the period was ($1.8 million) compared to ($2.9 million) in the prior year, an improvement of 38%. The loss per share in the quarter was $0.04 compared to $0.08 in the prior year.

  • The Balance Sheet remained strong with total assets amounting to $40.0 million, inclusive of $12.0 million in cash, compared to $31.0 million of total assets and $14.2 million in cash as at December 31, 2021. The cash balance remained strong despite investing $3.5 million of cash as part of the consideration in acquiring Congruitive on January 31, 2022.

  • Adjusted Working Capital4 was $9.0 million compared to $13.6 million as at December 31, 2021. The decline in Adjusted Working Capital is primarily due to the cash consideration of $3.5 million and corresponding fees and expenses incurred as a result of the acquisition of Congruitive.

Continued Strong Momentum

  • Tantalus secured 5 new utilities in the quarter through its ongoing sales activity. Coupled with over 40 utilities within Congruitive's user community, the combined business now supports over 250 utility customers, including several of the largest investor-owned utilities ("IOUs") in the United States.

  • The Company continues to anticipate growing revenue year-over-year by 20% to 25%, targeting approximately $38.6 to $40.2 million in 2022. This guidance includes revenue contributions from the recent acquisition of Congruitive.

  • Tantalus is actively leading an effort to support current and prospective utility customers with the submission of applications to access funding across several programs being offered by the US Federal government, including the ARPA and BRIC programs. For more information, please go to the Company's website (https://www.tantalus.com/resources/funding/).

"Due to our team's ongoing commitment to adapt to changes and the continued execution of our plan, we are in the fortunate position to make prioritized investments in our next-generation TRUSense™ Fiber Gateway and our AI-enabled data analytics, both of which further position Tantalus as a market leader," noted Mr. Londa. "The TRUSense Fiber Gateway will allow utilities to backhaul consumption and power quality data across a fiber network, gain direct access to and control of EV chargers and inverters for solar panels and battery walls deployed behind the meter, and deliver broadband services to customers. Coupled with the expanding portfolio of AI-enabled data analytics, this one-of-a-kind offering will propel Tantalus forward as a market leader to truly build sustainable utilities. We remain optimistic as market dynamics remain favorable and believe Tantalus remains well positioned for the future."

The Company will hold a conference call and webcast to discuss the financial results on Wednesday, May 11, 2022 at 11:00 am Eastern Time.

Conference Call
Participant Dial In (Toll Free) 1-844-854-4410
Participant International Dial In 1-412-317-5791
Please ask to join the Tantalus Systems earnings call.

Webcast
https://services.choruscall.com/mediaframe/webcast.html?webcastid=5gmBWvNT

Replay Information
A conference call replay will be available until May 18, 2022. The webcast will be available until May 17, 2023 at the link set out above. To access the conference call replay, please see details below:

US Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 1-855-669-9658
Replay Access Code: 1750619

Financial Statements and Management Discussion & Analysis

Please see the consolidated financial statements ("Financial Statements") and related Management's Discussion & Analysis ("MD&A") for more details. The consolidated financial statements for the quarter ended March 31, 2022, and related MD&A have been reviewed and approved by Tantalus' Audit Committee and Board of Directors. For a more detailed explanation and analysis, please refer to the MD&A that has been filed on SEDAR at www.sedar.com and is also available on the Company's website at www.tantalus.com.

Non-IFRS and Other Financial Measures
This press release refers to the following non-IFRS measures:

"EBITDA" is comprised as income (loss) less interest, income tax and depreciation and amortization. Management believes that EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See "Reconciliation of Net (Loss) / Income to Adjusted EBITDA" for a quantitative reconciliation of EBITDA to the most directly comparable financial measure. "Adjusted EBITDA" is comprised as income (loss) less interest, income tax, depreciation, amortization, stock-based compensation, foreign exchange gain (loss) and other income / expenses not attributable to the operations of the Company. Management believes that EBITDA is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See "Reconciliation of Net (Loss) / Income to Adjusted EBITDA" for a quantitative reconciliation of Adjusted EBITDA to the most directly comparable financial measure.

"Gross Profit" is comprised as the Company's revenues less cost of sales. Management believes that Gross Profit is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company. See "Gross Profit Reconciliation" for a quantitative reconciliation of Gross Profit to the most directly comparable financial measure. This press release refers to "Gross Profit Margin" which is a non-IFRS ratio. Gross Profit Margin is comprised of Gross Profit expressed as a percentage of the Company's revenues. Management believes that Gross Profit Margin is a useful indicator for investors, and is used by management, in evaluating the operating performance of the Company.

"Adjusted Working Capital" is comprised as current assets less current liabilities exclusive of the Company's bank loan. Management believes Adjusted Working Capital is a useful indicator for investors, and is used by management, for evaluating the operating liquidity to the Company. See "Adjusted Working Capital Reconciliation" for a quantitative reconciliation of Adjusted Working Capital to the most directly comparable financial measure.

Such non-IFRS measures and non-IFRS ratio do not have a standardized meaning under IFRS and may not be comparable to a similar measure disclosed by other issuers.

Gross Profit Margin Reconciliation

  Three months ended March 31, 2022 Three months ended March 31, 2021
Revenue$9,291,478 $ 8,011,331
Cost of sales 4,870,365 4,409,319
Gross Profit 4,421,113 3,602,012
Gross Profit Margin 48% 45%

 

Reconciliation of Net (Loss) to Adjusted EBITDA

  Three months ended March 31, 2022 Three months ended March 31, 2021
Loss for the period $(1,789,383)$(2,908,432)
Finance expense (a) 236,986 166,329
Income taxes - -
Depreciation and amortization 493,169 434,957
EBITDA (1,059,228) (2,307,146)
Stock-based compensation (b) 203,056 195,769
Foreign exchange (c) (385,050) 14,068
Congruitive acquisition related costs (d) 586,960 -
RiseTech reverse acquisition listing expense (e) - 1,188,175
Reverse acquisition legal, professional and related costs (e)  - 964,484
Adjusted EBITDA $(654,262)$55,350

 

(a)Finance expense comprised of interest and related finance expense on bank loans and lease liabilities. 
(b)Share-based non-cash compensation expense. 
(c)Foreign exchange comprised of unrealized (gain) / loss from non-functional currency assets and liabilities. 
(d)General and administrative expenses pertaining to the Company's acquisition of Congruitive.
(e)Reverse acquisition listing expense comprised of excess purchase price over RiseTech net assets acquired and costs. 

Adjusted Working Capital Reconciliation

  March 31, December 31,
Adjusted Working Capital  2022 2021
Total current assets$25,494,272$26,427,657
Less current liabilities (25,730,784) (20,953,001)
  (236,512) 5,474,656
Add Bank loans - current portion 9,200,000 8,100,000
Adjusted Working Capital $8,963,488$13,574,656

 

About Tantalus Systems Holding Inc. (TSX: GRID)

Tantalus is a smart grid technology company that transforms aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of public power and electric cooperative utilities and the communities they serve. Our solutions are purpose-built to allow utilities to restore power quickly after major disruptions, adapt to rapidly shifting consumer expectations and population shifts, innovate new solutions based on the adoption of distributed energy resources and evolve their grid infrastructure at their own pace without needless cost or complexity. All this gives our user community the flexibility they need to get the most value from existing infrastructure investments while planning for future requirements. Learn more at www.tantalus.com.

Forward-Looking Statements:

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes", "may", "plans", "will", "anticipates", "intends", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements such as those relating to: continuing extremely favorable feedback regarding our acquisition of Congruitive, strong momentum going forward as utilities seek to digitize distribution grids to improve their resiliency and prepare for the broad adoption of electric vehicles, solar installations and distributed storage, growing revenue year-over-year by 20% to 25% and targeting approximately $38.6 to $40.2 million in 2022, the development of our next-generation TRUSense Fiber Gateway and our AI-enabled data analytics, both of which further position Tantalus as a market leader, and Tantalus being well positioned for the future.

To the extent any forward-looking information in this news release constitutes a "financial outlook" within the meaning of securities laws, such information is being provided because management's estimate of the future financial performance of Tantalus is useful to investors, and readers are cautioned that this information may not be appropriate for any other purpose and that they should not place undue reliance on such information.

In connection with the forward-looking information contained in this news release, Tantalus has made numerous assumptions, regarding, among other things: the expected impact of COVID-19, the expected impact of supply chain constraints, the expected impact of inflationary pressures on costs and the expected timing of new product introductions. While Tantalus considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause Tantalus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein.A complete discussion of the risks and uncertainties facing Tantalus is disclosed under the heading "Risk Factors" in the Tantalus' Annual Information Form dated March 23, 2022, as well as those risk factors included with Tantalus' continuous disclosure filings with Canadian securities regulatory authorities available at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Tantalus disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

Contact Tantalus:
Linda Armstrong
Investor Relations
647-456-9223 | larmstrong@tantalus.com

Website: www.tantalus.com
LinkedIn: LinkedIn/company/tantalus
Twitter: @TantalusCorp

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STEER EV Subscription Service Launches in British Columbia

STEER Technologies Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce its electric vehicle subscription service (" STEER EV ") has obtained a business license to operate in British Columbia, Canada, and added the province as a new service area. STEER EV's subscription service is available to the eligible residents of the province as of August, 2022. STEER EV has been working on expanding the financing required to accommodate further launches, and is now aiming to grow both its fleet size and geographical footprint throughout the second half of 2022.

From its inception, the STEER EV platform has been focused on challenging the traditional car ownership model and accelerating the general public's switchover to environmentally friendly transportation through an automobile subscription service. Having transformed the platform into a leading provider of subscription-based EV services in Canada, the Company feels its turnkey month-to-month model which includes insurance, maintenance, vehicle swaps and concierge delivery presents an attractive alternative for customers seeking a time-efficient and hassle-free transportation solution.

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STEER EV Subscription Platform Expands Across Continent to Launch in British Columbia

STEER Technologies Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, is pleased to announce its electric vehicle subscription service (" STEER EV ") has obtained a business license to operate in British Columbia, Canada, and added the province as a new service area. STEER EV's subscription service is available to the eligible residents of the province as of August, 2022. STEER EV has been working on expanding the financing required to accommodate further launches, and is now aiming to grow both its fleet size and geographical footprint throughout the second half of 2022.

From its inception, the STEER EV platform has been focused on challenging the traditional car ownership model and accelerating the general public's switchover to environmentally friendly transportation through an automobile subscription service. Having transformed the platform into a leading provider of subscription-based EV services in Canada, the Company feels its turnkey month-to-month model which includes insurance, maintenance, vehicle swaps and concierge delivery presents an attractive alternative for customers seeking a time-efficient and hassle-free transportation solution.

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Cleantech Market Update: H1 2022 in Review

Cleantech Market Update: H1 2022 in Review

Click here to read the previous cleantech market update.

The trend toward a green energy transition continues to gather pace as governments push forward with measures to fight climate change and investor interest in cleantech increases.

Cleantech spans several industry verticals, including: renewable energy generation, energy storage, energy efficiency, transportation, air and environment, clean industry, water and agriculture.

With the second half of 2022 now in full swing, the Investing News Network (INN) looks at the main trends in the sector and what’s ahead for cleantech investing for the rest of the year.

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What is Cleantech Investing?

What is Cleantech Investing?

Clean technology, or cleantech, refers to products, services and technologies that reduce negative environmental impacts through improving energy efficiency, the sustainable use of resources or environmental protection activities.

Cleantech spans several industry verticals, including: renewable energy generation, energy storage, energy efficiency, transportation, air and environment, clean industry, water and agriculture. Together, this array of sectors constitutes much of the diverse market of cleantech investing.

The key trends dominating the global cleantech sector in 2022 are energy storage, electric vehicles (EVs), hydrogen solutions and carbon capture. Read on for more of what the space looks like today.

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