The Thesis Pays Off

At mid-year, we said 2026 was about depth: discipline, revenue quality, and platform maturity. Q3 delivered the payoff. Growth re-accelerated sharply, new national-scale wins landed across three continents, and the product roadmap entered its most ambitious phase in company history. The quarter confirmed what the first half was building toward: a durable foundation converting into velocity.

“Discipline is only worth something if it compounds into growth. Q3 showed exactly that: accelerating revenue, expanding global reach, and a platform pulling further ahead of the market it is defining.” Tarek Helaly, CEO

Financial Momentum

Revenue up 25% year-over-year in Q3, lifting year-to-date growth to 15%, a clear acceleration from the first half
Recurring revenue at 60% year-to-date, driven by subscriptions and renewals, with the base growing approximately 19% in dollar terms
Adjusted EBITDA positive year-to-date, a $2.0M improvement over the prior year, as operating discipline continued to outpace targets
Gross margins of 77.8% year-to-date, up from 73% a year ago, reflecting the scalability of the SXM platform

Growth up, margins up, EBITDA up: the profile of a company compounding on every line that matters.

Global Commercial Momentum: Wins Across Three Continents

Q3 was a geographically diverse quarter, with sales and renewals spanning Canada, the United States, the Middle East, and Africa:

The installed base compounds. The deployed SXM base grew more than 50% over the past year, extending the recurring foundation of subscriptions and renewals.
The Bahamas goes nationwide. thinkRF signed a contract with the Utilities Regulation and Competition Authority (URCA), the national telecommunications regulator of The Bahamas, for a nationwide deployment of SXM. URCA joins a growing roster of national regulators entrusting their spectrum oversight to the platform.
Significant new wins worldwide. The quarter closed major deals with a leading U.S. system integrator for thinkRF’s RTSA platform and with a government customer in Egypt for SXM, alongside thinkRF’s nationwide SXM deployment in Jordan entering the second year of its multi-year term.
A pipeline widening through new channels. thinkRF appointed channel partners in the UAE, Qatar, and Africa during the quarter, with further partnerships in development across Latin America. Multiple national-scale tenders and proof-of-concept engagements are now in motion across Africa and the GCC, several already flowing through the new partner network, including a national regulator engagement advancing to proof-of-concept stage.

The deeper story is continuity across three continents: year-over-year renewals across North America and Africa, and Jordan’s nationwide deployment entering the second year of its multi-year term. SXM earns its place, then holds it.

Innovation: The Roadmap Accelerates

Product delivery kept pace with commercial growth. Q3 releases brought advanced interference hunting and ultra-fast drive-test capabilities to the field, directly extending SXM’s reach in enforcement and network-validation use cases. The drive-test capability has already proven itself commercially: thinkRF completed a paid proof of concept with a Canadian connectivity organization, validating SXM as a faster, far more comprehensive replacement for traditional drive testing – an engagement now converting to a multi-year cellular quality-of-service monitoring deployment in partnership with national carriers.

Behind them, the most ambitious development agenda in thinkRF’s history is underway: AI-assisted RF intelligence, an on-premises command and control centre, signal classification and decoding for defence and security applications, Wi-Fi monitoring and intrusion detection, fused multi-sensor emitter geolocation, and an ultra-compact RF sensor prototype that will extend the platform into entirely new deployment scenarios. Each of these moves SXM further along the same arc: from observing the spectrum to understanding and acting on it, autonomously.

Global Visibility

thinkRF took its message directly to the world’s regulators in Q3, participating in the LATAM Spectrum Management Conference in Costa Rica and the Africa Spectrum Management Conference in Tunisia, engaging spectrum authorities from dozens of countries across two continents and reinforcing SXM’s position as the reference platform for national spectrum modernization.

The industry’s analysts took note as well: Spherical Insights’ 2026 global market report lists thinkRF among the leading companies in real-time spectrum analysis, alongside Keysight, Rohde & Schwarz, and Anritsu.

Looking Ahead

thinkRF enters Q4 with accelerating revenue, a geographically diversified base of national deployments, active tenders across multiple regions, and a product roadmap pushing the boundary of what spectrum intelligence means.

We are equally candid about what lies ahead. Since March, the escalation of regional tensions in the Middle East has disrupted one of our most active markets, deferring anticipated national-scale awards that were expected to contribute to 2026. These opportunities are deferred, not lost: the engagements remain active and the relationships strong. But the timing shift may weigh on full-year results, with growth moderating from the pace set through the first nine months.

This is the short-term picture. The structural picture is stronger, and Q3 is the evidence: in the same quarter the Middle East slowed, the company signed a national regulator in the Caribbean, deepened its footprint in Africa, and closed significant business in North America. The diversification strategy exists precisely for moments like this. No single region, customer, or contract defines the trajectory.