What you need to know: • Cleantek Industries is beginning to show strong revenue growth, with 23% in 2025E and 48% in 2026E, backed by a new contract signed for 60 HALO lighting systems. • CTEK has some of the best profitability in the industry, consistently posting EBITDA margins in the 30% levels. • The Company has been improving its balance sheet over time and has a strong shareholder base, including PillarFour Capital, which owns 27%. Cleantek Industries (CTEK:TSXV, GLKFF:OTCPK) designs, patents, manufactures, rents, and services intuitive, technology-driven equipment for the oil and gas industry globally. Its equipment aims to reduce fuel consumption, reduce maintenance, and minimize operating costs. We believe CTEK is entering a new phase of growth, where it can post accelerating revenue growth and strong cashflow. We are initiating coverage on Cleantek Industries with a BUY rating and a $1.10/share target price. Investment Thesis Summary Finding its Rhythm for Revenue Growth. Management has guided for 20-30% revenue growth in 2025 due to the expansion of its North American sales team, revised marketing plan, and data-driven sales. We are expecting this to accelerate into 2026 as the Company increases its market penetration in the Middle East. New Contract is a Game Changer. On January 22nd, Cleantek announced that it secured a significant international contract for the supply and installation of up to 60 HALO SE Crown Mount industrial lighting systems, with deliveries scheduled through 2026. We are estimating that this contract will add ~$8M in sales and can be built upon in the future. Stable Margins. CTEK has posted steady gross margins and EBITDA margins over the years, in the ~60% and ~30% ranges, respectively. These are some of the highest margins in its peer group due to its superior and differentiated products. CTEK also has $71M in tax loss carryforwards, increasing FCF conversion. Balance Sheet on the Right Track. Cleantek has been slowly improving its balance sheet over the last few years, with its working capital position improving from ($8.3M) in 2022 to ($0.9M) in Q3/25 while limiting dilution. Trusted by Industry Leaders. For a company of its size, CTEK has an elite group of leading clients in the oil and gas industry, including Cenovus, Petronas, Continental, and Canadian Natural Resources, amongst others. Management & Ownership. CTEK is led by President & CEO Riley Taggart, who brings prior experience scaling industrial and energy services businesses, making significant improvements since joining the company in July 2024. The largest shareholder is PillarFour Capital (27%), with management and board owning 5%. Valuation. CTEK trades at 4.2x/3.5x 2026E/2027E EBITDA vs. energy service firms at 6.9x/6.9x and cleantech firms at 7.6x/6.6x. We believe CTEK will continue to outpace the group’s growth and margins, commanding a higher multiple.