TSSI Hawk 2026 EV/Adjusted EBITDA Valuation

TSSI Hawk 2026 EV/Adjusted EBITDA Valuation

as of 2026-10-22

Fair value per share
$13.07
Upside / downside
88.5%
Implied enterprise value
$333.3
Implied equity value
$386.3

Balance sheet assumptions

$53.0

Market

$6.93
Latest TSSI quote · updated Oct 23, 2026 2:00 PM MDT
29.6

Operating assumptions

$21.5

Valuation assumptions

15.5

Sources

  1. October 22: investigated -5.07% daily move through indexed issuer activity, release discovery and web searches. No newly verified quantified issuer change supports altering the existing operating assumptions. Preserve methodology and financial anchors; update regular-session reference price and market-relative outputs. Exact company-specific price attribution remains unconfirmed. (accessed 2026-10-22)
  2. Regular-session reference $7.11 retrieved 2026-10-22T15:22:04.112055-06:00. Quote updates alone do not change operating assumptions. (accessed 2026-10-22)
  3. October 15 Model Edge regular-session TSSI reference $7.43, refreshed 2026-10-15T15:04:36.68365-06:00. Retrieval time is not trade time. Scope and separate financial-anchor changes are described in refresh context. (accessed 2026-10-15)
  4. October 14 Model Edge regular-session reference TSSI price $7.83, refreshed 2026-10-14T14:58:22.691396-06:00. Price refresh changes market-relative outputs; separate evidence/relative-method changes are described below. — modeledge.ai (accessed 2026-10-14)
  5. October 12 Model Edge regular-session reference TSSI price $9.22, refreshed 2026-10-12T15:02:21.139008-06:00. Price refresh changes market-relative outputs; BRUN separately reprices its existing relative valuation. (accessed 2026-10-12)
  6. NVIDIA OCP architecture announcement is industry context, with no quantified TSS customer order. — blogs.nvidia.com (accessed 2026-10-12)
  7. September 24: shares rose 9.81%. The September 21 issuer release schedules today's Singular Research presentation at 11 a.m. ET; it does not change guidance. Presentation content was not recovered, so a guidance change or exact price catalyst is unverified. Keep $21.5M EBITDA, 15.5x multiple, $53.041M net cash including restricted cash and 29.564M diluted shares. Retain the user procurement and growth flags; legacy thresholds must not be silently reset. — tradingview.com (accessed 2026-09-24)
  8. September 24 reference TSSI price $10.19; quote refresh timestamp 2026-09-24T15:15:28.26881-06:00. This changes market-relative outputs; price alone does not change operating assumptions. (accessed 2026-09-24)
  9. September 14 company-specific filing/press discovery and market-news checks did not establish a new operating forecast or capital-structure change. Preserve the existing intrinsic assumptions; continue the model's unresolved refresh checklist. (accessed 2026-09-14)
  10. September 14 Modeledge reference TSSI share price $8.45 retrieved after the regular U.S. close. Quote updates affect market-relative outputs; forecast changes, if any, are separately identified. (accessed 2026-09-14)
  11. Reference TSSI share price refreshed from Modeledge price data on September 10, 2026 to $8.92; market price alone does not change intrinsic assumptions. (accessed 2026-09-10)
  12. Q2 10-Q/A reports 29.564M diluted weighted-average shares versus 28.094M basic, $67.679M cash, $1.811M utility-letter-of-credit restricted cash and $16.449M debt principal ($16.080M after issuance costs). Replace inferred shares and use principal in net cash while preserving the model's inclusion of restricted cash and exclusion of operating leases. Q2 call reiterates upper-end $20M-$22M FY adjusted EBITDA outlook. — modeledge.ai (accessed 2026-09-10)
  13. Modeledge market data showed TSSI at $9.53 and market capitalization of about $267.5 million on 2026-08-14; diluted shares are inferred from market capitalization divided by price and rounded.
  14. Q2 2026 results reported revenue of $35.1 million, systems integration revenue of $13.9 million up 46% year-over-year, gross profit of $8.0 million, net income of $1.4 million, adjusted EBITDA of $4.5 million, and year-to-date adjusted EBITDA of $9.8 million. — sec.gov
  15. Management said systems integration represented 39% of Q2 revenue, began deploying about $17 million for next-generation AI data center technology, and maintained 2026 adjusted EBITDA outlook toward the upper end of the $20 million to $22 million range. — ir.tssiusa.com
  16. Q2 2026 balance sheet reported $67.7 million cash and cash equivalents, $1.8 million restricted cash, $4.2 million current long-term debt, and $11.9 million non-current long-term debt, supporting a net-cash estimate of $53.4 million excluding operating leases. — sec.gov

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