Electronic monitoring solutions for corrections and criminal justice
Strategic Profile
The firm has rapidly expanded its electronic monitoring business, achieving strong revenue and margin growth, driven by proprietary technology and high win rates in both Europe and the U.S. The company has expanded into 11 new U.S. states since mid-2024, securing over 30 new electronic monitoring contracts and forming nine new provider partnerships. Its recurring revenue model ensures consistent monthly billing based on unit count, promoting financial stability and predictability.
Cyborg Score Rationale
Record 2025 results with revenue of $27.9M, 55% gross margin, and $9.4M EBITDA, driven by U.S. and European expansion, major contract wins, and reduced debt. U.S. electronic monitoring ARR run rate is up more than 180% year over year, driven by recent contract wins and deployments. Strategic momentum in high-margin recurring revenue across regulated government markets.
Top Insights
Secured 4 new New York State direct county electronic monitoring contracts in May 2026, marking over 40 new U.S. contracts since mid-2024
U.S. ARR run rate exceeded 180% year-over-year growth, reflecting successful market penetration and contract deployment momentum
Profitability improved from scale, centralizing European operations, more direct support, and higher-margin U.S. recurring revenue mix
Cash position above $12 million after significant debt reduction and lower interest costs over the past four years
Named Competitors
Elmotech — European electronic monitoring provider for criminal justice systems
G4S Electronic Monitoring — Integrated security and monitoring services for corrections
BI Incorporated — Electronic monitoring and detention management systems
Safend Data Protection Suite — Endpoint data protection and cybersecurity solutions
Recent Developments
(May 2026) Secured four new New York State county electronic monitoring contracts, expanding direct U.S. footprint
(May 2026) Announced record 2025 results with $27.9M revenue, 55% gross margin, and $9.4M EBITDA
(2026) Awarded national electronic monitoring contract from Norway's Prison and Probation Service, completing Nordic expansion (Sweden, Denmark, Finland, Iceland, Norway)
(2025) Reported record net income of $5.3M and non-GAAP EPS of $1.84 for first half 2025
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