Turnium Technology Group Inc. (“TTGI”) is a Canada-based public company that delivers scalable, secure, and cost-effective network and Information Technology (IT) solutions through a unified Technology-as-a-Service (TaaS) model. Headquartered in Vancouver, TTGI operates globally through its three wholly owned subsidiaries: Turnium Network Solutions Inc. (TNSI), Claratti, and Tenacious Networks (TNET), each offering complementary capabilities that together form a complete suite of software-defined networking and managed IT services. TNSI’s Software-Defined Wide Area Network (SD-WAN) platform enables service providers, IT resellers, and enterprise customers to build and manage secure, resilient wide area networks. Claratti delivers managed IT services, cybersecurity, and cloud infrastructure services. TNET provides managed IT services, professional services, and value-added resell services. (1.0) REPORT HIGHLIGHTS (1.1) Claratti Acquisition Doubles Revenue Base and Expands the Company Globally Post-merger, TTGI is positioned to scale recurring revenue and expand globally via its TaaS service model, which caters to any-sized business in the Small and Medium-sized Enterprise (SME) market. (1.2) Platform-Based Growth in Cybersecurity and AI Technology TTGI delivers an integrated cybersecurity stack via its TaaS platform, enabling SMEs to adopt enterprise-grade, AI-driven security supported by its global NOC, SOC, and IT Help Desk, aligned with key security compliance standards. (1.3) Expanding Partner Network Through White-Label TaaS TTGI enables ISPs and MSPs to brand and deploy its TaaS solution, including its secure SD-WAN services, boosting partner stickiness, upsell, and reach. (1.4) Recurring Revenue Model Drives Operational Leverage TTGI’s multi-year SME contracts drive high-margin recurring revenue, providing revenue stability, mitigating market compression and tariffs, and supporting scalable growth and margin recovery. (2.0) FINANCIAL ANALYSIS & VALUATION (2.1) We valued TTGI using an Equal-Weighted Target Price of DCF, EV/Revenue, and EV/EBITDA, which we believe best reflects its current revenue growth profile (both organic and a full-year contribution from Claratti), high recurring revenue mix, and margin profile. We are initiating coverage with a 12-month target price of $0.25 per share and a Speculative Buy Rating.