99% Retention, Record Orders, 25% Recurring Revenue and a Huge Runway

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On July 11, 2025, I profiled a quiet infrastructure company solving one of the biggest problems in North America.

Since then, the stock is up around 40%. At its peak in May, it was up nearly 100%.

Today I'm revisiting it with a full, updated thesis.

America’s power grid was built in the 1960s for one-way power flow. It’s now handling rooftop solar pushing electricity backwards, EV chargers doubling household demand, and data centers requiring city-sized power blocks.

The largest utility in the United States is predicting blackouts this summer for the first time in 50 years. One rural Kentucky co-op is watching a single data center take its system from 200 megawatts to two gigawatts. And half of all US utility engineers are within five years of retirement.

Utilities can’t afford to rip everything out and start over.

So they’re modernizing surgically - with smart software and sensors layered onto what’s already there.

That’s what this company sells. And the numbers say utilities are buying:

• Founded in 1989, with 99% customer retention ever since

• 330+ utilities on the platform, over 4 million devices in the field

• Its new flagship product: 70 utilities ordering within two years of launch

• Record revenue, a 1.3x book-to-bill, and the strongest balance sheet in its history

This isn’t a moonshot. It’s a low-drama, deep-infrastructure compounding machine that I believe is hitting an inflection point.

This is currently a 4.2% position in the model portfolio.

Let’s dig in...