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TANTALUS.COM MODERNIZE THE GRID BY HARNESSING THE POWER OF DATA CORPORATE PRESENTATION (TSX: GRID; OTCQX: TGMPF) November 2025
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary 2 Legal Notice and Disclaimer IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING. The information contained in this presentation has been prepared by Tantalus Systems Holding Inc. ("Tantalus" or the “Company”) for information purposes only. References to Tantalus or the Company for periods prior to January 29, 2021 refer to the Company’s predecessor entities. This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall the presentation or any part of it, nor the fact of its communication or distribution form the basis of, or be relied on in connection with, any contract or investment decision. No representation or warranty, express or implied, is given by the Company, its affiliates or any of their respective advisers, officers, employees or agents, as to the accuracy, completeness or fairness of the information or for any loss howsoever arising, directly or indirectly, from any use of the presentation or its contents. The merit and suitability of any investment in the securities of the Company should be independently evaluated and any entity or person considering such an investment is advised to obtain independent legal, tax, accounting, financial, credit and or any other related advice prior to making an investment. FORWARD LOOKING INFORMATION. Certain statements in this presentation (including, without limitation, the strategic growth initiatives and the investment thesis information cited within this presentation) may constitute “forward- looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information in this presentation includes, without limitation, statements with respect to: anticipated financial results, new product introductions, the expansion of partnerships, estimates regarding the growth of utility customers, the conversion of backlog and the continuing impact of secular drivers on Tantalus’ industry. The forecasts and projections that make up the forward-looking information in this presentation are based on management’s expectations and assumptions regarding historical trends, current conditions and expected future developments. The forward-looking information in this presentation is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. The factors which could cause results to differ from current expectations include, but are not limited to: economic, trade and political uncertainty; risks involved in developing products and integrating them with third-party products and services; market acceptance of the Company’s products and services; technological change; lengthy sales cycle; management of growth and expansion; dependence upon key personnel and hiring; competition; the Company not adequately protecting its intellectual property; risks related to product defects and product liability; and, currency exchange rate risk. Although Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, including those risks and uncertainties discussed in the Company’s materials filed with the Canadian securities regulatory authorities from time to time, available under the Company’s profile on SEDAR+ at www.sedarplus.ca, including those risk factors set forth in the Company’s most recent Annual Information Form. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this presentation, and the Company assumes no obligation to publicly update or revise such forward-looking information to reflect new information, subsequent or otherwise, except as may be required by applicable securities law. The forward-looking information contained in this presentation is expressly qualified in its entirety by this cautionary statement. IFRS and U.S. GAAP. The Company prepares its financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). Financial information of the Company in respect of periods prior to 2017 are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP), which differs in certain material respects from IFRS. NON-IFRS MEASURES. This presentation makes reference to certain non-IFRS financial measures. These non-IFRS financial measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with IFRS. Rather, these financial measures are provided as additional information to complement IFRS financial measures by providing further understanding of operations of the Company from management’s perspective. Accordingly, IFRS financial measures should never be considered in isolation nor as a substitute to using net income as a measure of profitability or as an alternative to the IFRS statements. Management presents non-IFRS financial measures, specifically Adjusted EBITDA and Adjusted EBITDA Margin, as it believes these supplementary disclosures provide useful additional information related to the operating results and financial condition of the Company and uses these measures of financial performance and financial condition as a supplement to the consolidated statements of income and statements of financial position of the Company. The definitions of the non-IFRS measures contained in this presentation are as follows: (i) “Adjusted EBITDA” means income (loss) less interest, income tax, depreciation, amortization, stock-based compensation, restructuring expenses, foreign exchange gain (loss) and other income (expenses) not attributable to the operations of the Company; and (ii) “Adjusted EBITDA Margin” means Adjusted EBITDA as a percentage of revenue. Please refer to the Company’s Management’s Discussion and Analysis for the periods ended September 30, 2025 and 2024 and years ended December 31, 2024 and 2023 for reconciliations of such non-IFRS measures to their related IFRS measures. THIRD PARTY INFORMATION. Certain information contained in this presentation includes market and industry data that has been obtained from or is based upon estimates derived from third party sources, including industry publications, reports and websites. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance or guarantee as to the accuracy or completeness of included data. Although the data is believed to be reliable, neither the Company nor its agents have independently verified the accuracy, currency or completeness of any of the information from third party sources referred to in this presentation or ascertained from the underlying economic assumptions relied upon by such sources. The Company and its agents hereby disclaim any responsibility or liability whatsoever in respect of any third-party sources of market and industry data or information. CURRENCY. References in this presentation to “US$” or “$” and “C$” are to United States dollars and Canadian dollars, respectively. The Company presents its financial statements in US$.
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Pure-Play Technology Company Focused on Grid Modernization Helping utilities harness the power of data to modernize their distribution grids PURPOSE SCALABILITY RELATIONSHIPS ~330 Utilities within a growing user community 145+ Dedicated employees across Canada & the US 20+ Channel partners to support sales growth ~3.95M Connected devices deployed in the field $51.8M & $3.5M Q3 2025 TTM Revenue and Adjusted EBITDA 35% TTM Revenue from Software & Services segment $13.5M Annual recurring revenue with ~18% CAGR ~$18.3M Liquidity to support operations and working capital 3
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Emerging Challenges Confronting Utilities Utilities are facing increasing challenges that are accelerating grid modernization initiatives 4 Growing Imbalance Between Power Supply & Demand Increasing Risk of Power Outages Preparing for Retirement of an Aging Workforce Utilities are facing a serious human capital shortage as over 46% of utility engineers in the U.S. are approaching retirement within the next 5 years Power outages cost the U.S. economy $150B annually—and households have endured a 15% increase in outages over the last decade The increase in electric demand from EVs and data centers coupled with the decarbonization of energy (renewables) increases the risk of energy shortfalls in the near- and long-term
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Grid Modernization Is a Massive Opportunity Our core business continues to present upside with significant paths to scale 60% of the North American electrical grid is past its life expectancy $55.2B expected grid modernization market across North America by 2032 17% CAGR expected growth rate of the grid modernization market through 2030 $12.0B expected grid data management market across North America by 2030 5 Grid Modernization & Grid Data Management Opportunities Automated Metering Remains Robust Opportunity
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Our Technology Platform Delivers Grid Modernization The Tantalus Grid Modernization Platform Analytics TRUGrid Automation is a suite of AI-enabled data analytics tools (including TRUGrid Transformer and TRUGrid Reliability) Grid Data Management System TRUSync automates grid data management and integration across any device, system or vendor Communications Network TRUConnect Network provides flexibility Connected Devices TRUConnect family of endpoint devices (includes TRUSense Gateway and TRUEdge devices) Applications Software applications that target specific outcomes, including restoration, voltage reduction, wildfire mitigation, and more 6 GRID is a hardware-enabled software company
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Our Strategy is to Support a Utility’s Journey to Grid Modernization One platform. Multiple entry points. Flexible approach for utilities. 7 Grid Modernization JourneyGrid Modernization Journey Grid Modernization Journey Substation Distribution Feeder Meter Smart Breakers & Home Appliances In-Home Distributed Energy Resources & EV Chargers TRUGrid Automation Suite TRUConnect AMI TRUSense Gateway TRUFlex Load & DER Management System TRUSync Grid Data Management System Substation to Meter: Balance and managing supply/demand of electricity Behind the Meter: Leveraging every available device Grid Edge: Access to data + command and control
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Why Utilities Select Tantalus to Modernize Their Grids Technology Advantage Data-centric approach prioritize investments Predictive analytics powered by AI/ML Ability to capture and analyze very granular data from across the entire distribution grid Flexibility & Interoperability Tailored approach as utilities differ Leverage multiple technologies Support interoperability through a vast library of protocols and translation layers Leverage Existing Infrastructure Unique approach to extend life of existing assets Reverse compatibility No asset left behind Tailored support to meet the needs of each utility Multi-decade customer deployments Strong customer retention rate Customer Support 8 Connected devices are the foundation. Granular data is the differentiator
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Innovation to Accelerate Grid Modernization
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Building Momentum Through the TRUSense Gateway First-Mover Advantage • Combines four high-value use cases • Market-leading sensing capabilities • Leverages existing infrastructure • Designed by utilities for utilities Use Cases • Advanced Metering Infrastructure 2.0 • Advanced power quality measurement • Integration of EVs/DERs located behind-the- meter • Supports broadband initiatives Attributes • Three versions (Fiber, Ethernet, Cellular) • Referred to as a meter socket device • Sits between any existing meter socket and ANSI meter • Works with any ANSI electric meter • Received initial orders from 52 utilities • Pursuing over $500M in identified opportunities • Secured first contractual commitment for a large commercial deployment Commercialization Our latest innovation is at the intersection of the electrification of everything & grid modernization 10
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary TRUSense Gateway : Extending the Edge of the Grid Summary TRUSense Gateway is referred to as a meter socket device Versatile to help utilities accelerate grid modernization with existing infrastructure Retrofits into any existing residential electric meter socket (ANSI- based) Supports any existing ANSI meter Conforming to UL-2745 safety standards 11
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Granular Control Leads to Dispatchable Load Converting smart electric water heaters into thermal storage through TGMP 12 Savant Director Savant Panel Modules TRUSense Gateway Savant Pro App
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Access to Granular Data Leads to Predictive Analytics Enabling utilities to protect transformers and pinpoint vulnerabilities through power quality data • Predictive Analytics Offering – Common user interface designed alongside our user community provides real-time insights across the utility – Insights from our software supports operations and engineering teams – Analytics tied to protecting transformers & improving grid reliability – Enables utilities to predict and take proactive measures to protect assets and mitigate outages 13
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FINANCIAL SUMMARY As of September 30, 2025
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary How Tantalus Generates Revenue Deploying connected devices leads to recurring revenue over 12 – 15 years 10 – 15+ years1 – 5 years 6 – 10 years Recurring Software Maintenance & SaaS Subscriptions (Data Analytics) Perpetual Software License Annual Technical Support Agreements Deployment / Project Management Support New Revenue Streams from Additional Applications ERT: Migration from AMR Rip / Replace Meters Connected Device Upgrades Software & Analytics Professional Services Connected Devices 15
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Q3 2025 Income Statement Summary – US$M Highlights Continuing to build momentum in our business with revenue growth of 22.5% over the prior period 16 Gross profits increased by 19% year-over-year while gross profit margin remained strong at 55% (including the impact of tariffs) Positive Adjusted EBITDA reflects operating leverage as we scale the business and accelerate the launch of the TRUSense Gateway and TRUGrid Analytics Revenue growth coupled with disciplined cost management generated positive Adjusted EBITDA $11.6 $6.5 $0.6 $(0.4) $14.2 $7.8 $1.2 $0.4 $(2.0) $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 Revenue Gross profit Adjusted EBITDA Income (loss) Q3 2024 Q3 2025 56% 55% Note: Percentage reflects gross profit margin
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Q3 2025 Revenue Contribution & Gross Profit Margin Summary Demonstrating favorable trajectories for revenue and gross profit growth 17 Note: Percentage reflects contribution of total revenue Note: Percentage reflects Gross Profit Margin 51% 45% 41% 33% 70% 73% 53% 47% 72%42% 23% 74%34% 74%55% 44% 56% 81%41%65% 61% 39%35% 24%24% 51% 53% 36%41% 78%68% 32% 25% 53% 43% 75% $7.1 $4.4 $3.4 $9.3 $4.9 $3.4 $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 Connected Devices Software and Services Recurring Revenues Revenue by Segment - US$M Q3 2024 Q3 2025 62% 38% 29%66% 34% 24% $6.5 $3.0 $3.6 $7.8 $4.2 $3.6 $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 Total Connected Devices Software and Services Gross Profit by Segment - US$M Q3 2024 Q3 2025 56% 41% 81%55% 45% 74%
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Q3 2025 Cash Bridge – US$000s Stable cash and liquidity to fund growth Normal-course working capital changes impacting cash flow from operating activities, a portion of which was offset by positive operating income 18 At September 30, 2025, total liquidity was $18.3M, consisting of cash of $9.8M and full access to $8.5M under our line of credit facility CAPEX-light operating model with no debt maturities until June 30, 2027 Highlights -$1,000 $1,000 $3,000 $5,000 $7,000 $9,000 $11,000 $13,000 Opening cash Income Working capital Capex Financing Closing cash
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary TTM Q3 2025 Income Statement Summary – US$M Highlights Revenue growth attributable to adding 17 new utilities over the past 12 months and accelerating deployments with existing accounts 19 Continuing to generate strong gross profit margin to support investments in sales and marketing and our analytics offering Adjusted EBITDA growth reflects higher revenues coupled with strategic investments to capitalize on the TRUSense Gateway opportunity Growth coupled with rising Adjusted EBITDA Note: Percentage reflects Gross Profit Margin $42.1 $22.8 $0.2 $51.8 $27.8 $3.5 $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 Revenue Gross profit Adjusted EBITDA Q32024 Q32025 54% 54%
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary TTM 2025 Cash Flow – US$000s Positive free cash flow and liquidity to fund growth Strong revenue growth and cost management translated into positive Adjusted EBITDA and positive cash flow from operations 20 Generated positive cash flow from operations of $4.3M and free cash flow of $3.5M Change in financing reflects drawdown of term loan tranche in December 2024 and paydown of line of credit in December 2024 and April 2025 Highlights $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 Opening cash Operations Capex Repay line of credit Other financing Closing cash
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Increasing Annual Recurring Revenue Growth Continuing to increase the revenue contribution from Recurring Revenue each year Highlights Recurring Revenue is comprised of SaaS and other subscriptions, term-based software licenses, software maintenance, technical support and hosting services 21 Growth stems from expanding our user community, commercializing analytics tools, maintaining annual service agreements and deploying additional connected devices Recurring Revenue is a subset of total Software & Services revenue and represents a rolling twelve- month revenue estimate at a point of time $3.0 $4.0 $4.8 $5.3 $6.4 $8.8 $8.7 $10.2 $11.6 $12.8 $13.3 $13.5 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q12025 Q22025 Q32025 Annual Recurring Revenue - US$M CAGR of 18% since 2016
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Why Invest in Tantalus? Strong Market Catalysts Substantive Business Growth Catalyst Electrification of Everything & Grid Modernization Differentiated Solutions With a Growing User Community TRUSense Gateway Provides a Compelling Growth Opportunity 22
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tantalus.com TSX:GRID, OTCQX:TGMPF QUESTIONS? deborah@adcap.ca
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APPENDIX
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Executive Leadership Team 25 Board of Directors Management Peter Londa President & CEO Board Member Michael Julian CRO Doug Campbell CSO Michael Grandis Chief Legal & Administrative Officer Tom Allen EVP, Product Development Dr. Francis Harvey Board Member Tom Liston Board Member John McEwen Board Member Greg Williams Board Member Laura Formusa Chair Kristi Honey Board Member Dave McLennan Board Member Azim Lalani CFO Christopher Allen COO & EVP Solution Strategy
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Capitalization Overview 26 TSX:GRID, OTCQX:TGMPF Share Price (as of 11/12/2025) C$3.73 Market Cap C$192M 52 Week H/L C$4.54/C$1.57 Shares Outstanding 51.4M Fully Diluted 58.6M Cash (as of 09/30/2025) US$9.8M Debt (as of 09/30/2025) US$7.1M Analyst Coverage Beacon Securities Canaccord Genuity Cormark Securities Haywood Securities Paradigm Capital Raymond James Gabriel Leung Yuri Lynk Nick Boychuk Gianluca Tucci Daniel Rosenberg Daniel Magder Consensus Analyst Target Price C$5.13 Shareholders Institutional Directors & Executives Retail $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 11-11-24 12-2-24 12-23-24 1-13-25 2-3-25 2-24-25 3-17-25 4-7-25 4-28-25 5-19-25 6-9-25 6-30-25 7-21-25 8-11-25 9-1-25 9-22-25 10-13-25 11-3-25 66% 27% 7%