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Original-Research: dynaCERT Inc. - from GBC AG

25.03.2025 / 08:01 CET/CEST
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Classification of GBC AG to dynaCERT Inc.

Company Name: dynaCERT Inc.
ISIN: CA26780A1084

Reason for the research: Research Report (Initial Coverage)
Recommendation: BUY
Target price: 0.75 CAD
Target price on sight of: 31.12.2025
Last rating change:
Analyst: Matthias Greiffenberger, Marcel Goldmann

Scaling Clean Tech Opportunities

dynaCERT Inc. is a Canadian cleantech firm dedicated to developing
innovative emission-reduction technologies, specifically targeting internal
combustion engines. The company's primary technology, HydraGEN(TM), leverages a
proprietary electrolysis process to produce on-demand hydrogen and oxygen
gases, enhancing combustion efficiency, improving fuel economy, and
significantly reducing greenhouse gas emissions. dynaCERT serves diverse
sectors including transportation, mining, oil & gas, construction, forestry,
and power generation. The company's solutions are complemented by the
HydraLytica(TM) telematics platform, facilitating data-driven fuel savings and
carbon credit monetization.

Historically, dynaCERT has faced challenges generating sustainable revenue
streams, resulting in significant operational losses. The company reported
revenues declining from CAD 1.15 million in FY2022 to CAD 0.45 million in
FY2023 due to slower customer adoption, economic uncertainty, and prolonged
regulatory approval processes. Despite these past revenue fluctuations,
recent financial results indicate a potential turnaround, driven by
increased product acceptance and accelerated sales momentum demonstrated
over the first nine months of 2024.

As of September 30, 2024, dynaCERT exhibited financial constraints, notably
a negative shareholders' equity of CAD -0.39 million. Liquidity also remains
a concern, evidenced by a substantial decrease in cash and cash equivalents.
Despite these hurdles, the company has actively improved working capital
management and significantly reduced total liabilities. dynaCERT's liquidity
position has been bolstered by recent financing activities, including
private placements totaling CAD 6 million, enhancing its capacity to scale
operations and drive growth initiatives faster and more efficiently.

dynaCERT's financial outlook shows robust potential, underpinned by growing
global interest in carbon reduction technologies and regulatory mandates
pushing emissions compliance. Revenues are projected to scale significantly,
from an estimated CAD 2.40 million in FY2024 to CAD 21.00 million by FY2026,
driven primarily by increasing unit sales, software subscriptions, and
adoption within key sectors like transportation and energy. Earnings are
expected to progressively improve, transitioning from continued losses in
2024 to profitability by FY2026, with a net profit forecast of CAD 5.77
million. This turnaround reflects improved production efficiencies, better
pricing strategies, and economies of scale as operations expand globally.

Based on our DCF model and key market assumptions, dynaCERT's stock is
valued at CAD 0.75 (0.48 EUR) per share, significantly above its current
trading price of CAD 0.15, highlighting considerable upside potential. This
valuation reflects anticipated revenue acceleration, improving margins, and
strategic positioning within the rapidly expanding cleantech and hydrogen
economies. Given these compelling factors and the robust projected growth
trajectory, the stock receives a 'BUY' rating, offering investors attractive
exposure to global environmental trends, regulatory tailwinds, and the
growing carbon credit market.

You can download the research here: http://www.more-ir.de/d/32050.pdf

Contact for questions:
Kontakt für Rückfragen:
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Completion: 23.03.2025 (10:00 a.m.)
First distribution: 25.03.2025 (8:00 a.m.)

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2104718 25.03.2025 CET/CEST

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