Let’s talk about $TTZ.V $TTLTF The investment opportunity here can...
Juan Pablo Montero@jpmontero88
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Dec 22, 2025
~3 min read
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Let’s talk about $TTZ.V $TTLTF
The investment opportunity here can be best understood through the lens of the company’s current inflection point, which management itself highlights clearly:
“a business that is now consistently profitable, cash-generative, and positioned to scale.”
Mkt Cap ———--> C$6,7M
EV ——————->C$3,7M
FY’25 Rev ———-> C$2,2M
FY’25 FCF ———> C$615k
➡️ EV/FCF -> 6x
🧵👇🏻
The investment opportunity here can be best understood through the lens of the company’s current inflection point, which management itself highlights clearly:
“a business that is now consistently profitable, cash-generative, and positioned to scale.”
Mkt Cap ———--> C$6,7M
EV ——————->C$3,7M
FY’25 Rev ———-> C$2,2M
FY’25 FCF ———> C$615k
➡️ EV/FCF -> 6x
🧵👇🏻
2
1️⃣ Key Inflection Point: Consistently Profitable and Growing
FY’25 is not a one-off recovery year. It marks the continuation of a multi-year transition toward a structurally profitable model. The company delivered C$2,2M in Revenue (+12% YoY ; Harware 35% Recurring 32% Race Mgmt 33%), C$342k in Net Income (+17%), and C$670k in Operating Cash Flow, while simultaneously increasing its cash balance to C$3,2 million (yes… almost half it’s Mkt Cap in Cash)
✅ Many microcaps never reach this phase. Total Telcom is no longer dependent on external financing, dilution, etc. Growth initiatives (product development, fleet expansion, and international distribution) are now being funded internally. That shift materially changes the risk profile of the investment.
FY’25 is not a one-off recovery year. It marks the continuation of a multi-year transition toward a structurally profitable model. The company delivered C$2,2M in Revenue (+12% YoY ; Harware 35% Recurring 32% Race Mgmt 33%), C$342k in Net Income (+17%), and C$670k in Operating Cash Flow, while simultaneously increasing its cash balance to C$3,2 million (yes… almost half it’s Mkt Cap in Cash)
✅ Many microcaps never reach this phase. Total Telcom is no longer dependent on external financing, dilution, etc. Growth initiatives (product development, fleet expansion, and international distribution) are now being funded internally. That shift materially changes the risk profile of the investment.
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2️⃣ Recurring Revenues with Multiple New Commercialized Global Products
A core element of the opportunity is the growing base of Recurring Data and Communication Revenues, which now represent close to one-third of total sales and carry significantly higher margins than hardware. As more devices are deployed, especially through partners, this recurring layer becomes increasingly visible and valuable.
This dynamic is reinforced by the fact that several products are already commercialised and expanding geographically, not stuck in development:
➡️ Water-TraX is moving beyond North America, with early-stage distribution and projects in South America (Brazil, Chile, Argentina, Guyana) and Australia. These markets are structurally well suited for satellite-based environmental monitoring due to limited cellular coverage and growing regulatory pressure around water management.
➡️ RacingTraX continues to scale as a services-driven business, with revenues increasing materially in FY’25 and additional fleet investments already made.
➡️ RV-related products (controllers and SATrv) appear to have bottomed and are showing signs of recovery alongside the RV manufacturing cycle.
➡️ The heater controller IP sale adds a new royalty-based recurring stream that requires no additional capital or execution effort from Total Telcom.
The key point is that growth is no longer reliant on a single product or customer. The company now has multiple commercialised products, across multiple end markets, with recurring revenue characteristics, which materially improves both resilience and valuation quality.
A core element of the opportunity is the growing base of Recurring Data and Communication Revenues, which now represent close to one-third of total sales and carry significantly higher margins than hardware. As more devices are deployed, especially through partners, this recurring layer becomes increasingly visible and valuable.
This dynamic is reinforced by the fact that several products are already commercialised and expanding geographically, not stuck in development:
➡️ Water-TraX is moving beyond North America, with early-stage distribution and projects in South America (Brazil, Chile, Argentina, Guyana) and Australia. These markets are structurally well suited for satellite-based environmental monitoring due to limited cellular coverage and growing regulatory pressure around water management.
➡️ RacingTraX continues to scale as a services-driven business, with revenues increasing materially in FY’25 and additional fleet investments already made.
➡️ RV-related products (controllers and SATrv) appear to have bottomed and are showing signs of recovery alongside the RV manufacturing cycle.
➡️ The heater controller IP sale adds a new royalty-based recurring stream that requires no additional capital or execution effort from Total Telcom.
The key point is that growth is no longer reliant on a single product or customer. The company now has multiple commercialised products, across multiple end markets, with recurring revenue characteristics, which materially improves both resilience and valuation quality.
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3️⃣ Tight Share Structure and High Insider Ownership
Another important component of the opportunity is structural rather than operational. Total Telcom has a tight share count (26,4 million shares outstanding) and high insider ownership (~33%), with no dilution in recent years. Management and directors are economically aligned with shareholders, and capital allocation has been conservative and rational.
This matters because any improvement in operating results (new distributor wins, larger Water-TraX orders, or higher recurring revenue visibility) can translate disproportionately into share price movement in a company with limited float and low institutional ownership.
Another important component of the opportunity is structural rather than operational. Total Telcom has a tight share count (26,4 million shares outstanding) and high insider ownership (~33%), with no dilution in recent years. Management and directors are economically aligned with shareholders, and capital allocation has been conservative and rational.
This matters because any improvement in operating results (new distributor wins, larger Water-TraX orders, or higher recurring revenue visibility) can translate disproportionately into share price movement in a company with limited float and low institutional ownership.
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4️⃣ Highly Scalable, Capital-Light Business Model
Finally, the scalability of the model is often underestimated. Total Telcom does not need to build factories, launch satellites, or hire a large salesforce to grow. Manufacturing is outsourced, distribution is partner-led, and the core technical team remains small.
As a result:
✅ Incremental revenue carries high operating leverage.
✅ International expansion (such as Water-TraX in South America) can occur with minimal incremental fixed costs.
✅ The company can pursue growth while preserving margins and cash generation.
Finally, the scalability of the model is often underestimated. Total Telcom does not need to build factories, launch satellites, or hire a large salesforce to grow. Manufacturing is outsourced, distribution is partner-led, and the core technical team remains small.
As a result:
✅ Incremental revenue carries high operating leverage.
✅ International expansion (such as Water-TraX in South America) can occur with minimal incremental fixed costs.
✅ The company can pursue growth while preserving margins and cash generation.
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5️⃣ Valuation Context
At current levels, the market is effectively valuing Total Telcom close to its tangible backing:
➡️ Cash and short-term deposits of CA$3.21 million represent a substantial portion of market capitalisation.
➡️ On a cash-adjusted basis, the operating business is being valued conservatively relative to its profitability, margin profile, and growth optionality.
If recurring revenues continue to expand and Water-TraX gains traction internationally, even modest absolute improvements in earnings could justify a materially higher valuation multiple.
At current levels, the market is effectively valuing Total Telcom close to its tangible backing:
➡️ Cash and short-term deposits of CA$3.21 million represent a substantial portion of market capitalisation.
➡️ On a cash-adjusted basis, the operating business is being valued conservatively relative to its profitability, margin profile, and growth optionality.
If recurring revenues continue to expand and Water-TraX gains traction internationally, even modest absolute improvements in earnings could justify a materially higher valuation multiple.