Zedcor’s recurring, AI-enabled security platform is scaling rapidly in the U.S., offering substantial long-term upside despite dilution, execution risk, and a premium 33.5x EV/EBITDA valuation.
Overview
Zedcor Inc. is a vertically integrated, technology-enabled security provider transitioning from oilfield equipment rentals into recurring Video Surveillance as a Service. Its MobileyeZ™ towers combine high-definition cameras, edge AI, deterrence tools, and ex-law-enforcement-supervised live monitoring, targeting customers that need lower-cost, rapidly deployable protection. **The key operating inflection is U.S. expansion:** in Q1 2026, U.S. revenue rose 189% year over year to $9.70 million CAD and reached 50% of consolidated revenue for the first time. Consolidated revenue increased 69.1% to $19.40 million CAD, while Adjusted EBITDA rose 86.1% to $7.65 million CAD and margin expanded to 39.4%, despite a weather- and permitting-related revenue miss. Management maintained its 4,300-to-4,800-tower year-end 2026 target and has more than $43.20 million CAD of undrawn credit capacity after a $30.5 million CAD equity raise. The stock trades at $5.09 CAD, or 33.5x EV/EBITDA, making execution important, but the report views P/E as distorted by depreciation and front-loaded expansion costs. Near-term catalysts include Q2 utilization data on August 19, 2026, U.S. branch scaling, GAAP profitability, and national enterprise wins. The five-year probability-weighted target is $8.46 CAD.