What you need to know: • CTEK reported solid financials, with Q4 and 2025 revenue coming in at $3.4M (+17% YoY) and $13.8M (+17% YoY), respectively, compared to our estimates of $4.2M and $14.5M. • Adjusted EBITDA was $1.5M (45% margin) for Q4, compared to our estimate of $1.4M and $4.6M for 2025 compared to our estimate of $4.5M. • We recently interviewed CEO Riley Taggart, click here to view. Also, as a refresher on the thesis, please refer to our initiation report here. Yesterday, Cleantek Industries (CTEK:TSXV, GLKFF:OTCPK) reported its Q4 and 2025 financial results that were mixed relative to our expectations. Nonetheless, the quarter represented consistent growth, led by the equipment sales segment. We remain bullish on CTEK as it enters a catalyst-filled 2026, where the growth will accelerate. Please refer to our initiation report on the Company here. We are maintaining our BUY rating and $1.10/share target price on CTEK. Financial Highlights • 2025 revenue was $13.8M (+17% YoY), just below our $14.5M, while Q4 revenue was $3.4M (+17% YoY) vs. our $4.2M. This comes just below CTEK’s guidance for 20-30% growth in 2025. • For 2025, revenue included $12.2M in rental revenue and services (+7% YoY) and $1.6M in equipment sales (+246% YoY). As for Q4, rental revenue was $3.0M (+3% YoY) and equipment sales were $0.4M (vs. negligible for Q4/24). • Gross margin for the year came in at 58% vs. our 59% forecast and 61% in 2024. Gross margin for the quarter was 57% compared to our 61% estimate. The compression reflects a revenue shift towards equipment sales. • 2025 adjusted EBITDA came in at $4.6M (+25% YoY), vs. our estimate of $4.5M and the $3.7M reported last year, representing a 33% margin (vs. 31% expected). This compares to guidance of $4.5-5.5M. Adjusted EBITDA for the quarter was $1.5M (45% margin, +26% YoY) vs. our $1.4M. G&A declined $0.2M YoY in Q4 and $0.1M YoY in 2025, reflecting efficient operations. • 2025 net income totalled $0.9M vs. our estimate of $1.1M, and Q4 net income was $0.6M for the quarter vs. our $0.7M estimate. This declined YoY as CTEK had a $0.5M gain on debt forgiveness in 2024 and a $0.4M FX loss in 2025 compared to a $0.7M FX gain in 2024. • OCF was $2.8M for 2025 (+27% YoY) and $0.6M for Q4. Capex was $1.4M in 2025 and $0.2M in Q4, translating to FCFF of $1.4M and $0.4M, respectively. • CTEK ended the year with $0.3M in cash and $10.0M in debt, down from $10.2M in Q3 and $10.8M in Q2. Working capital was ($0.2M), demonstrating improvements over the ($1.9M) in Q4/24 and ($0.9M) in Q3/25.