NTG Clarity Networks Inc. (NCI:TSXV)
NTG land-and-expand model turns satisfied customers into referral sources, with contracts scaling from $2-4M in 2024 to consistently above $10M and a contracted backlog of $73M as of Q1.
NTG has operated in Saudi Arabia for 20+ years, serving tier 1 clients in financial services, telecom, and government. Its Egypt-based offshore delivery model provides a cost and cultural advantage that global IT firms struggle to replicate.
NTG invested heavily in talent in 2025, compressing EBITDA margins to 14% from a peak of 22%. We expect margins to recover sequentially through 2026 as new staff are deployed on new contracts.
Management and board own 36% of shares outstanding and have led the Company since its founding in 1992, with the last financing conducted at $2.20/share, well above today's price.
Investment Summary
Company Description
NTG Clarity Networks’ vision is to be a global leader in digital transformation solutions. As a Canadian company established in 1992, NTG Clarity has delivered software, networking, and IT solutions to large enterprises including financial institutions and network service providers. More than 1,300 IT and network professionals provide design, engineering, implementation, software development and security expertise to the industry’s leading enterprises.
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