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TANTALUS.COM August 2026 Tantalus © 2026 Tantalus Systems Corp. , All Rights Reserved MODERNIZE THE GRID BY HARNESSING THE POWER OF DATA Confidential and Proprietary Information , No Part For Public Disclosure CORPORATE PRESENTATION ( TSX : GRID ; OTCQX : TGMPF )
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TSX:GRID, OTCQX:TGMPF 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. 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 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. NON-IFRS MEASURES. This presentation makes reference to certain non-IFRS measures. These non-IFRS 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 measures determined in accordance with IFRS. Rather, these measures are provided as additional information to complement IFRS 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 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. 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$” are to United States dollars and Canadian dollars, respectively. The Company presents its financial statements in US$. Legal Notice and Disclaimer Confidential and Proprietary 2
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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 340+ Utilities within a growing user community 145+ Dedicated employees across Canada & the US 20+ Channel partners to support sales growth 4M+ Connected devices deployed in the field $59.6M & $4.0M TTM Revenue and Adjusted EBITDA ~ 35% Revenue from Software & Services segment $15.0M Annual recurring revenue with ~19% CAGR since 2016 ~$41.3M Liquidity to support operations (06/30/2026) 3 Figures in USD
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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 Focused Market Strategy Within Utility Industry U.S. Market Segmentation* Tantalus’ Core Focus • Public Power (~2,000 utilities) and Electric Cooperatives represent ~46M meters and support ~86M people in the U.S Additional Growth Potential • Investor-Owned (~165 utilities) represent ~110M meters and support ~220M people • Select Provinces in Canada (~60 LDCs) represent ~5 million meters and support ~15M people Why Utilities Select Tantalus Technology Advantage • Grid-edge data, analytics and actionable intelligence Leverage Existing Infrastructure • Modernization without full rip-and-replace Flexibility & Interoperability • Works across diverse systems, devices and vendors Customer Support • Long-duration customer relationships with strong retention 5 Deep penetration in core segments with expanding opportunity into larger utilities (~3,000 utilities in the US)* *Sources: US Energy Information Administration, American Public Power Association, National Rural Electric Cooperative Association and ArcGIS
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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 6 Grid Modernization & Grid Data Management Opportunities Automated Metering Remains Robust Opportunity Source: Northeast-Group AMI Research Report
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Tantalus Grid Modernization Platform (TGMP) A hardware-enabled software model that leads to recurring revenue from each intelligent device 7 Connected Devices TRUConnect family (TRUSense Gateway + TRUEdge modules) Communications Network TRUConnect Network — secure, flexible industrial IoT communications Grid Data Management System TRUSync — automated integration across any device, system, or vendor Applications TRUConnect AMI, TRUFlex Load+DER Management, and outcome-driven applications Analytics TRUGrid Automation & Analytics (Transformer, Reliability, Verify and Advantage)
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Our Strategy is to Support a Utility’s Journey to Grid Modernization A suite of solutions integrated through TGMP to solve immediate challenges with expansion opportunities 8 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 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 • Initial pipeline prior to commercialization identified ~$500M of opportunity • Received initial orders from 77 utilities representing $250M+ of revenue potential • ~50% have moved into deployments and roughly 66% are existing customers Commercialization to Date Our latest innovation is at the intersection of the electrification of everything & grid modernization 9
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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 10
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Front-of-Meter + Behind-the-Meter Capabilities A unified platform to unlock residential demand flexibility & enhanced grid visibility 11 TRUSync Grid Data Management System TRUSense Gateway Electricity Power Quality Anomalies Electricity Electricity Electricity DATA + CONTROL DATA + CONTROL DATA + CONTROL SCADA TGMP and TRUSync can ingest and share data with existing SCADA ADMS Complement ADMS by feeding high-resolution AMI/edge data and DER telemetry into ADMS DERMS TRUFlex Load + DER Management provides DER portfolio visibility and control behind the meter, similar to “edge DERMS OMS AMI and grid analytics can support outage detection, validation, and restoration workflows in an OMS Customer Engagement TRUConnect, TRUFlex, TRUSense can underpin programs like demand response, EV programs, and targeted notifications
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Power Quality Use Case: Predictive Transformer Analytics Leveraging grid edge data to detect vulnerabilities, reduce overload risk, and support reliability • 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 12
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Business Model and Financial Summary As of June 30, 2026
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Sustainable Growth: Extended Revenue Opportunity Connected Devices and Software & Services deliver complementary revenue across three strategic phases 14 PHASE 1: DEPLOY Years 1 – 3 PHASE 2: EXPAND & SUSTAIN Years 4 – 10 PHASE 3: UPGRADE & EXTEND Years 10 – 15+ CONNECTED DEVICES (~65% of total revenue) Primary Revenue Driver at Outset of Project • AMR-to-AMI meter migrations • TRUSense Gateway initial deployments • Rip/replace meter upgrades Grow & Sustain Deployment • Connected device expansion during deployment • TRUSense Gateway broad commercial rollouts • DER integration devices (EV, solar, storage) Upgrade with NextGen Devices & Extend Customer • Hardware refresh cycle drives repeat revenue • Next-gen TRUEdge and gateway devices • 4M+ deployed base creates ongoing replacement demand SOFTWARE & SERVICES (~35% of total revenue) Foundation Building to Support Deployment • Perpetual software licenses (TRUSync, TRUConnect) • Professional services for deployment support • Annual technical support agreements begin at month 13 of the deployment Enhance Value With Applications / Analytics • AI/ML-powered predictive analytics (TRUGrid Automation) drive SaaS subscription model • Maintenance renewals compound ARR (~19% CAGR) • New application revenue (wildfire, voltage, restoration) Long-Term Growth of Annual Recurring Revenue • Managed service offering for analytics • TRUFlex load & DER management platform at scale • Grid data management across $12B addressable market • Multi-decade customer relationships drive durable ARR Each connected device deployed creates 12–15+ years of recurring Software & Services revenue | $15.0M ARR today with ~19% CAGR since 2016
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary How Do We Drive Durable Demand? The Tantalus sales process – Land, Expand & Broaden Validation of repeating our process Tantalus adds ~20 new accounts annually 15 Existing user community represents ~85% of our annual revenue profile Sales organization comprised of regional sales managers and customer success managers along with ~20 channel partners Between .75M – 1M connected devices not yet deployed within existing customer base Compound annual growth rate of ARR ~ 19% since 2016 as each deployed device triggers recurring revenue Land • Expand and leverage sales coverage via channel partners Expand • Offer data- driven analytics • Upgrade systems over time Broaden • Launch new innovative solutions Durable Demand Growth Model ---------- Repeatable model that continues to scale • Expand geographically • Target new utility segment
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Q2 2026 Income Statement – US$M Highlights Continuing to build momentum, with revenue growth of 18% year-over-year 16 Gross profits increased by 22% year-over-year while gross profit margin remained strong at 55% Positive Adjusted EBITDA reflects operating leverage as we scale the business Revenue growth and margin discipline drove generated positive Adjusted EBITDA Note: Percentage reflects gross profit margin $13.1 $6.9 $0.5 $(0.9) $15.4 $8.5 $0.7 $(1.0) $(2.0) $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 Revenue Gross profit Adjusted EBITDA Loss Q2 2025 Q2 2026 53% 55%
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Q2 2026 Revenue & Gross Profit by Segment Q2 delivered solid revenue, recurring revenue and margin 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%51% 53% 36%41% 78% 53% 43% 75% $8.9 $4.2 $3.2 $10.4 $5.0 $3.6 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 Connected Devices Software and Services Recurring Revenues Revenue by Segment - US$M Q2 2025 Q2 2026 68% 32% 25% 68% 32% 23% $6.9 $3.8 $3.2 $8.5 $4.6 $3.9 $- $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 Q2 2025 Q2 2026 53% 43% 75%55% 44% 78%
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary TTM Income Statement – US$M Highlights TTM revenue grew over 20%, driven by expanding user community, accelerating deployments and commercialization of new capabilities 18 TTM gross profit and margin expansion are funding continued investment across the business TTM Adjusted EBITDA growth highlighting operating leverage as we continue to scale the business New TTM records for revenue, gross profit and Adjusted EBITDA Note: Percentage reflects Gross Profit Margin $49.2 $26.6 $2.8 $59.6 $32.5 $4.0 $- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 Revenue Gross profit Adjusted EBITDA Q2 2025 Q2 2026 54% 55%
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Q2 2026 TTM Cash Flow Waterfall • TTM cash flow from operations was $1.1 million and free cash flow was approximately $0.4 million • Q1’26 bought deal added approximately $15.6 million in cash • Debt refinancing included a $3.5 million draw on a new term loan and full repayment of the EDC term loan on July 6, 2026 • Other financing reflects share-based compensation and scheduled debt and lease repayments • Closing cash of ~$29.3 million with total liquidity of ~$41.3 million provides ample capacity to fund growth 19 Rising operating and disciplined capital allocation translate into positive free cash flow US$000s $654 $1,451 $1,137 $15,600 $3,465 $11,175 $29,272 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 Opening cash Operating Capex Bought deal New Term Loan Other financing Closing cash
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Key Financial Trends Extending growth trajectory as the TRUSense GatewayTM is commercialized and new initiatives are activated • Record TTM Revenue and Adjusted EBITDA achievement • Gross profit margins expanding well above long- term target of 50% • Our model is designed to drive recurring revenue from every connected device deployed in the field, supporting ARR growth over time • Key metrics – New customers added – Gross Profit Margin – Devices shipped – ARR growth – YTD book-to-bill ratio 20 (US$ millions) $39.6 $42.1 $44.3 $54.1 $59.6 $(2.4) $(0.0) $1.3 $3.3 $4.0 48% 52% 54% 55% 55% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $(5.0) $5.0 $15.0 $25.0 $35.0 $45.0 $55.0 $65.0 2022 2023 2024 2025 TTM Q2 2026 Revenues Adjusted EBITDA Gross Profit %
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Annual Recurring Revenue Growth Annual Recurring Revenue growth is providing a durable earnings foundation • Growth stems from expanding our user community, commercializing analytics tools, renewing annual service agreements and deploying additional connected devices • Recurring Revenue comprises SaaS and other subscriptions, term-based software licenses, software maintenance, technical support and hosting services • Recurring Revenue is a subset of total Software & Services revenue, and ARR represents a forward- looking twelve-month revenue estimate at a point in time 21 $3.0 $4.0 $4.8 $5.3 $6.4 $7.2 $9.8 $11.5 $12.7 $14.5 $15.0 $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 2026 Annual Recurring Revenue (ARR) - US$M CAGR of 19% since 2016
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Disciplined Approach to Capital Allocation Prioritizing opportunities that strengthen market position and generate attractive long-term returns 22 ✦ Product Innovation Invest in differentiated solutions such as TRUSense Gateway and TRUGrid analytics offerings that expand addressable markets ⊕ Expand Installed Base Prioritize investments that increase revenue opportunities within existing, long-term customer relationships and build market-share ▲ Scalable Growth Invest in sales, customer success and operations where returns are measurable and repeatable $ Financial Discipline Maintain balance sheet flexibility while evaluating selective strategic opportunities TRUSense Gateway Case Study US$15M Investment 77 Initial Utilities $250M+ Revenue Opportunity from Initial Utilities • Opened access to utilities with competitive AMI systems • Created new analytics and monitoring opportunities based on power quality data • Path to upgrade existing customers • Expanding target customer base and geographic reach to increase long-term addressable market • Orders from 77 initial utilities in first 18 months of commercialization with $250M+ of revenue opportunity to pursue (~22k units in backlog)
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Why Invest in Tantalus? Durable Demand to Drive Scalable Growth • Electrification, DERs, and grid complexity increasing rapidly • Utilities require real-time visibility and control at the edge • Aging infrastructure & utility workforce • Validated sales model that continues to secure and maintain long-term relationships with utilities • High retention with expanding product adoption • Business model continues to demonstrate an ability to generate positive Adjusted EBITDA and free cash flow while scaling revenue • TRUSense GatewayTM enables new use cases across the grid (PQM, DER, edge intelligence) and access to new utility market segment • New applications and analytics shifts toward higher-margin, recurring software and analytics revenue 23 Structural Tailwinds Driving Durable Demand Proven Platform with Embedded Customer Base Scalable Growth With New & Existing Customers
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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 26 Board of Directors Management Peter Londa President & CEO Board Member Michael Julian CRO Michael Grandis Chief Legal & Administrative Officer Tom Allen EVP, Product Development Azim Lalani CFO Leena Al-Hajjar Chief People & Culture Officer Dr. Francis Harvey Board Member Compensation Chair Tom Liston Board Member John McEwen Board Member Greg Williams Board Member Laura Formusa Chair Governance Chair Kristi Honey Board Member Dave McLennan Board Member Audit Chair Susanna Zagar Board Member
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary Capitalization Overview 27 TSX:GRID, OTCQX:TGMPF Share Price (as of 08/05/2026) C$4.90 Market Cap C$279M 52 Week H/L C$6.64/C$2.67 Average Daily Volume (3-month) 263,000 Shares Outstanding 57M* Fully Diluted 64.8M* Cash (as of 6/30/2026) US$29.3M Debt (as of 6/30/2026) US$9.5M Analyst Coverage Beacon Securities Canaccord Genuity ATB Cormark Capital Markets Haywood Securities Paradigm Capital National Bank Raymond James TD Securities Gabriel Leung Yuri Lynk Nick Boychuk Gianluca Tucci Daniel Rosenberg Baltej Sidhu Daniel Magder Jeff Osborne Consensus Analyst Target Price C$7.44 Shareholders Institutional Directors & Executives Retail 66% 27% 7% *As of 6/30/2026 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 06-30-2025 07-31-2025 08-31-2025 09-30-2025 10-31-2025 11-30-2025 12-31-2025 01-31-2026 02-28-2026 03-31-2026 04-30-2026 05-31-2026 06-30-2026 07-31-2026
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TSX:GRID, OTCQX:TGMPF Confidential and Proprietary NON-IFRS MEASURES Reconciliation of Loss to Adjusted EBITDA for the period 28 2026 2025 2026 2025 Loss for the period $ (1,005) $ (903) $ (1,410) $ (1,554) Interest income (193) - (338) - Finance expense 247 360 488 722 Income tax expense 127 32 194 32 Depreciation and amortization 427 408 847 826 EBITDA (397) (103) (219) 26 Share-based compensation 775 305 1,120 548 Foreign exchange (gain) loss (40) 324 187 270 Restructuring costs 352 - 352 - Unrealized gain on loan modification - (16) - (16) Adjusted EBITDA $ 690 $ 510 $ 1,440 $ 828 Three months ended June 30, Six months ended June 30,