The acquisition of CDM in November 2025 more than doubled the company’s size, significantly increasing market penetration in Canada and strengthening retail media network capabilities.

Management is transitioning the company into a software-first platform powered by data analytics and AI, moving away from a hardware-centric legacy model.

The sales organization was restructured into six specialized vertical teams, tripling the sales force to 42 personnel to drive targeted growth in high-value markets.

Revenue growth in Q4 was primarily driven by the CDM contribution, while legacy business saw a 6% decline due to project timing and decreased hardware activity.

Gross margin expansion to 47.9% reflects an improved service mix and the positive structural impact of integrating CDM’s higher-margin business lines.

The company added key leadership in finance, revenue, and experience roles to manage the complex integration of CDM and accelerate the consulting practice.

Management successfully eliminated potential stock overhang by repurchasing 1.7 million outstanding warrants from Slipstream in February.

Management maintains a 2026 revenue target exceeding $100 million with adjusted EBITDA margins in the mid-teens, and expects margins to surpass 20% once all synergies are realized.

The company anticipates achieving $10 million in annualized synergies by the end of 2026, with over 60% of that goal already secured.

Q1 2026 revenue of approximately $4 million was delayed into Q2 and Q3 due to historic winter weather disrupting construction and installations across North America.

Strategic focus is shifting toward deleveraging the balance sheet through significant free cash flow generation once integration-related investments stabilize.

The IPTV division is projected to double its revenue to over $17 million in 2026, supported by a new $8 million stadium project and Major League Baseball refreshes.

Indebtedness increased to $43.3 million at year-end, primarily to finance the CDM acquisition through a $36 million term loan; the acquisition was further supported by $30 million in preferred equity.

G&A expenses included $1.2 million in one-time costs related to legal, accounting, and transaction fees for the CDM closing.

The company utilizes a cash sweep instrument against its revolving debt facility to minimize interest expense, maintaining a lean cash balance of $1.6 million.

A $6 million media network project with AMC Theatres will utilize proprietary Reflect CMS and AdLogic software, featuring a five-year revenue-sharing model.