TSX Shariah screener · September 2026
Is Tantalus Systems (GRID) Halal?
Tantalus Systems Holding Inc · TSX: GRID · Technology
The short answer
Tantalus Systems (GRID) is a PASS. The business gate passes: it sells smart-grid hardware and software that helps utilities modernize their distribution grids, with no disclosed prohibited lines. The debt gate passes: a US$9.4M term loan at June 30, 2026 is about 5% of the ~C$267M September 2026 market cap, against a ~33% ceiling. The income gate passes: interest income of US$193,000 in Q2 2026 is about 1.3% of US$15.4M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating was found for GRID as of September 2026. As with every screener here, this is a rules-based screening of published figures, not a religious ruling - consult a qualified scholar for personal guidance.
Gate 1 — Business activity: PASS
Tantalus Systems Holding Inc is a Burnaby, B.C.-based technology company selling smart-grid hardware (Connected Devices and Infrastructure) and utility software applications and services, helping electric utilities modernize their distribution grids by harnessing data. Customers are mostly public-power and cooperative utilities in the US and Canada; annual recurring revenue hit US$15.0M at June 30, 2026, with 77 utilities ordering the TRUSense Gateway. There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines. The business-activity gate passes. Facts only, no fatwa.
Gate 2 — Debt: PASS
The Q2 2026 balance sheet shows a term loan of US$9.4M at June 30, 2026 (US$1.6M current portion plus US$7.8M non-current), against cash of US$29.3M. Against a market capitalization of about C$267M (C$4.72, the September 30, 2026 market price), the debt-to-market-cap ratio is roughly 5% - against a ~33% ceiling.
Gate 3 — Non-compliant income: PASS
The Q2 2026 income statement separately discloses interest income of US$193,000 for the quarter ended June 30, 2026 (US$338,000 for the first six months). Against Q2 revenue of US$15,420,000, interest income is about 1.3% of revenue - under the ~5% ceiling.
Key figures used
- Business: smart-grid hardware + software for electric utilities — no prohibited lines — PASS
- Term loan: US$9.4M at June 30, 2026 (cash US$29.3M)
- Market cap: ~C$267M (C$4.72, September 30, 2026 market price; ~57.0M shares)
- Debt ÷ market cap: ~5% vs ~33% ceiling — PASS
- Interest income ÷ revenue: US$193,000 ÷ US$15,420,000 ≈ 1.3% vs ~5% ceiling — PASS
- Q2 2026: revenue US$15.4M (+18% YoY, record), gross margin 54.9%, ARR US$15.0M, net loss US$1.0M
Frequently asked questions
Is Tantalus Systems (GRID) halal?
Our September 2026 screen gives Tantalus Systems Holding Inc (TSX: GRID) a PASS. The business gate passes: it sells smart-grid hardware and software that helps utilities modernize their distribution grids, with no disclosed prohibited lines. The debt gate passes: a US$9.4M term loan at June 30, 2026 is about 5% of the ~C$267M September 2026 market cap, against a ~33% ceiling. The income gate passes: interest income of US$193,000 in Q2 2026 is about 1.3% of US$15.4M revenue, under the ~5% ceiling. No public Zoya, Musaffa or ShariaPortfolio rating was found for GRID as of September 2026. This is a rules-based screening of published figures, not a religious ruling.
What business is Tantalus Systems in?
Tantalus Systems Holding Inc is a Burnaby, B.C.-based technology company that sells smart-grid hardware (Connected Devices and Infrastructure) and utility software applications and services, helping electric utilities modernize their distribution grids through data. Its customers are mostly public-power and cooperative utilities in the United States and Canada, and it reported annual recurring revenue of US$15.0M at June 30, 2026. Its shares trade on the Toronto Stock Exchange under the symbol GRID (also OTCQX: TGMPF). There are no disclosed alcohol, tobacco, gambling, conventional finance or insurance, pork, adult entertainment, weapons or cannabis lines, so the business gate passes under this screen's AAOIFI-style criteria.
How leveraged is Tantalus Systems on the debt gate?
The Q2 2026 balance sheet shows a term loan of US$9.4M at June 30, 2026 (US$1.6M current portion plus US$7.8M non-current), against cash of US$29.3M. Against a market capitalization of about C$267M (C$4.72 on September 30, 2026), the debt-to-market-cap ratio is roughly 5% versus a ~33% ceiling.
How much interest income does Tantalus Systems earn?
The Q2 2026 income statement separately discloses interest income of US$193,000 for the quarter ended June 30, 2026 (US$338,000 for the first six months). Against Q2 revenue of US$15,420,000, interest income is about 1.3% of revenue - under the ~5% ceiling - so the non-compliant income gate passes.
What do Zoya, Musaffa or ShariaPortfolio say about GRID?
No public Zoya, Musaffa or ShariaPortfolio rating for GRID (TSX) was found as of September 2026, so this screen relies entirely on the company's published figures. Other technology names on this site - Constellation Software, Shopify, Enghouse, Docebo and Kinaxis - are screened on the same business, debt and income basis.
Sources
- Company Q2 2026 interim financial statements — revenue US$15.42M, interest income US$193k, term loan US$9.4M, cash US$29.3M
- Company Q2 2026 MD&A — record revenue, ARR US$15.0M, TRUSense Gateway orders
- Company Q2 2026 press release (Newsfile, Aug 5, 2026) — revenue US$15.4M +18%, gross margin 54.9%
- Tantalus Systems overview (Kalkine, September 2026) — smart-grid business, Q2 highlights
- Finnhub — GRID.TO market data (C$4.72, ~C$267M market cap, September 30, 2026)
Screened September 30, 2026 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.