Turnium Technology Group Inc. (“TTGI” or the Company) is a Vancouver-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. TTGI operates globally through its three wholly owned subsidiaries: Turnium Network Solutions Inc. (TNSI), Claratti Pty. Ltd. (Claratti), and Insentra, which together form a complete suite of business technology solutions. 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 telecom, managed networks & IT services, mobile services, cybersecurity, and cloud infrastructure solutions. Insentra provides channel-only advisory, professional services, and managed IT solutions across the United States, the United Kingdom, and Asia-Pacific. (1.0) REPORT HIGHLIGHTS: (1.1) FQ2/2026 Results in Line: TTGI reported revenue of $6.44M, in line with our estimate of $6.40M, representing the first full quarter consolidating TNSI, Claratti, and Insentra. Adj. EBITDA loss was $1.85M, including $0.47M in one-time M&A and financing transaction costs that are not expected in FQ3/2026. (1.2) Guidance Reaffirmed, Sequential Revenue Growth Expected: Management reaffirmed revenue guidance of $7.0-$7.5M in FQ3/2026 and $8.0-$8.5M in FQ4/2026, implying continued sequential growth toward the $28-$32M 12-month target. A cost optimization program targeting $1.2-$2.4M in annualized SG&A reductions has been initiated to help improve cash flow. (1.3) Insentra U.S. Enterprise Pipeline Building: Post-quarter, Insentra secured two six-figure U.S. enterprise contracts, both structured as multi-phase programs with recurring revenue potential. These wins validate Insentra's enterprise credentials and channel-led growth model beyond its core Australian market. (1.4) Balance Sheet Repair Remains the Key Risk: Total debt increased to $19.9M but includes ~$7M in VTB loan & earn-outs. The $6.0M private placement announced 3/31 targets $2.5M in debt retirement & $3.5M in working capital. (2.0) FINANCIAL ANALYSIS & VALUATION: (2.1) We valued TTGI using an Equal-Weighted average of DCF & EV/Revenue, which we believe reflects its high recurring revenue mix, margins, and revenue growth profile (organic, improving SD-WAN business, a full-year contribution from Claratti, and Insentra starting FQ2/2026). (2.2) We are maintaining our Speculative Buy rating and increasing our 12-month Target Price to $0.35 per share.