Evidence of Sustained Positive MAU and Revenue Growth Needed

Research evidence excerpt

Evidence of Sustained Positive MAU and Revenue Growth Needed

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VerticalScope Holdings Inc.

TD SECURITIES INC. - CANADA EARNINGS UPDATE

May 13, 2026

Price: C$2.70 (05/12/2026) Evidence of Sustained Positive MAU and

Price Target: C$3.00 Revenue Growth Needed

HOLD (2)

ESG SCORE: 62/100

Vince Valentini, CFA^ THE TD COWEN INSIGHT

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Our price target and HOLD rating remain unchanged following Q1 /26 results. We need to see

vince.valentini@tdsecurities.com

more evidence of sustained positive MAU and revenue growth before we believe this small

Natale Puccia, CFA^ cap name could potentially re-rate higher, so we are staying conservative with our rating and

416 983 6399 target multiple.

natale.puccia@tdsecurities.com

Carter Sullivan, CPA^ Event: Q1 2026 results.

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Impact: Slightly Negative for our estimates and the share price.carter.sullivan@tdsecurities.com

Key Data We have modestly reduced our revenue and EBITDA estimates following Q1 results. Our

Symbol TSX: FORA-T updated forecast (Figure 3) incorporates management's commentary, indicating that year-

12-Month Div (Est.): C$0.00 over-year growth will continue to face challenging comparisons through Q2. Although revenue

Beta: 0.03 growth could return to positive in the second half of 2026, management currently lacks clear

12-Month Total visibility regarding the timing and certainty of this improvement.

11.1%

Return:

52-Week Range: C$4.95-C$2.50 On valuation, we continue to use a 3.5x EBITDA multiple; however, we have updated our

Market Cap: C$53.2MM calculation to be based on 2027 estimates rather than 2026. While we recognize that a

Dil. Shares Out (MM): 23.9 potential privatization could occur at a premium in the future, we currently see no indication

that such an event is imminent.