In January 2026, Cleantek secured a contract for up to 60 HALO SE units with a Middle East customer, adding an estimated ~$7M in revenue in 2026 and establishing a beachhead in market where we believe follow-on contracts are likely as the product gains traction.

CTEK has consistently posted gross margins of ~60% and EBITDA margins of ~30%, among the highest in its peer group, supported by in-house manufacturing, a rental-heavy revenue model, and $71M in tax loss carryforwards that improve FCF conversion.

The balance sheet has improved steadily from ($8.3M) in working capital in 2022 to $0.8M in Q1/26, with shares outstanding growing at just a 1% CAGR since 2021, reflecting a disciplined approach to capital allocation rarely seen at this market cap.

Despite 56% revenue growth expected in 2026 and best-in-class margins, CTEK trades at just 4.0x/3.4x 2026E/2027E EBITDA, a discount to energy service and cleantech peers.