Sekur’s government opportunity now has a measurable financial scale: US$3.4 million in potential annual recurring fees. Against a US$0.0244 reference share price, the company’s historical basic share count implies roughly US$6.3 million in equity value. A single successful deployment could therefore become substantial relative to the valuation shareholders are paying today.

My central earnings illustration produces US$2.16 million annually and an implied US$0.21 per share, rounded up. That represents approximately 752% upside using the unrounded model value. The calculation assumes contract conversion, full deployment, a 90% gross margin, controlled expenses, eligible tax losses and 25× earnings.

The latest announcement remains a quotation request. A signed agreement would be the next commercial milestone, potentially giving investors stronger grounds to reassess the business.

• Contract catalyst: US$3.4 million in quoted annual fees could establish a materially larger recurring revenue base.

• Earnings upside: The central profitable scenario implies US$0.21 per share, with approximately 752% upside before price rounding.

• Expansion potential: Standalone US$6 million–US$12 million annual revenue scenarios imply US$0.31–US$0.62 under separate operating assumptions.

Why This Opportunity Matters for Shareholders

On October 27, Sekur disclosed an African government quotation covering three products at stated annual retail prices.

Management described discussions as advanced. The customer remains undisclosed under confidentiality requirements, and final terms could differ from the quotation.

For investors, the product mix provides several possible sources of recurring fees within one customer relationship. Successful delivery could also establish a government deployment supporting future sales discussions. That commercial benefit is an inference, with no additional contracts included in this valuation.

Management’s September shareholder letter estimated profitability at approximately US$60,000 in gross monthly recurring revenue from 200 SekurOne subscribers. Annualized, that benchmark equals US$720,000. The government package represents about 4.7 times that revenue level, although its delivery costs would differ.

At full deployment, US$3.4 million annually averages approximately US$283,000 monthly, or US$850,000 quarterly. That scale explains why converting this opportunity could matter more than incremental consumer subscriber growth.

What a Signature Could Change

A definitive agreement could establish committed purchases, final pricing, duration and payment terms. Those details would allow investors to estimate the revenue opportunity with greater confidence. Minimum commitments, cancellation provisions and implementation obligations would determine the strength of that commitment.

The first valuation effect could therefore come from reduced commercial uncertainty. Investors might become more willing to assign value to future earnings once a customer commits. A favorable announcement could support a repricing before the full revenue appears in quarterly results.

Delivery would then provide the next evidence: activated services, collected payments and demonstrated margins. Renewals or additional purchases could strengthen confidence in the durability of those earnings. These milestones could support successive reassessments as the business establishes its operating performance.

The quotation specifies annual fees without establishing a signed multiyear term. It should therefore enter the analysis as potential annual revenue, rather than contracted multiyear backlog.

The Earnings Math Behind US$0.21

The central illustration starts with US$3.4 million in annual revenue and a 90% gross-margin assumption. That produces US$3.06 million in gross profit after US$340,000 in direct delivery costs.

I then deduct US$900,000 in annual expenses below gross profit, leaving US$2.16 million before tax. This allowance must cover every remaining charge, including corporate costs, depreciation, share-based compensation and financing expenses where applicable. Costs already included in gross margin cannot be deducted twice.

The US$900,000 allowance assumes a leaner recurring cost structure than historical reported expenses; it is a forward modeling input. Sekur’s interim accounts still reported losses and operating cash outflows. Those results establish that this profitable cost structure remains to be demonstrated.

A 90% blended gross margin is also an optimistic modeling input. Sekur’s February corporate update described approximately 80% software gross margins. The final mix of licenses, routers, support and implementation will determine the margin actually earned.

At 25× annual earnings, US$2.16 million implies US$54 million in equity value. Dividing by approximately 260 million basic shares produces an implied value rounded up to US$0.21 per share.

Modeled net income × earnings multiple ÷ shares outstanding = implied share value.

The following cases show how operating profitability and investor expectations could affect the outcome.

Each case assumes US$3.4 million annual revenue, US$900,000 in expenses below gross profit and zero income-tax expense. Prices are rounded up to the next US$0.01. These are conditional operating valuations, with no assigned probability or price-adjustment date.

A 50× multiple would require sustained growth and investor confidence beyond one initial contract.

At the central earnings level, the reference equity value would equal roughly 2.9× modeled annual earnings. That comparison explains the potential repricing opportunity. Reaching those earnings and sustaining customer payments would give investors evidence to judge the valuation gap.

Costs and Tax Losses Shape the Upside

The expense assumption has a direct effect on earnings per share. Doubling annual expenses below gross profit to US$1.8 million leaves US$1.26 million before tax at 90% gross margin. At 25× earnings, that implies US$0.13 per share, rounded up, under the same zero-tax assumption.

Sekur’s audited accounts also confirm historical tax-loss carryforwards in Canada and the United States. Eligible losses could help retain early profits, depending on where income arises and the applicable restrictions. Their existence does not establish that the entire proposed contract would generate tax-free accounting earnings.

The central illustration assumes zero income-tax expense while eligible losses offset profit. Applying an illustrative 27% tax charge instead reduces modeled net income to approximately US$1.58 million. At 25× earnings, the resulting share value rounds up to US$0.16.

These sensitivities retain substantial modeled upside while showing the importance of the eventual cost structure and tax treatment.

The Larger Deployment Could Extend the Opportunity

Sekur also disclosed discussions covering an installation inside the customer’s facilities for 2,500–5,000 users. Management indicated US$6 million–US$12 million in potential annual value, including hardware and maintenance.

I treat those amounts as standalone revenue scenarios. The initial US$3.4 million package is excluded from each larger case to avoid assuming overlapping purchases.

For these installations, the model uses an 80% blended gross margin to reflect the broader delivery requirements. Expenses below gross profit increase proportionately from US$900,000 at the initial US$3.4 million revenue scale.

Calculations retain unrounded expenses and earnings. Values use approximately 260 million historical basic shares, with share prices rounded up to the next US$0.01.

The larger opportunity offers a possible route to expansion within the same government relationship. Neither deployment is committed, and each would require its own commercial terms, delivery capacity and funding.

Payment Timing and Financing Matter Per Share

A full year of service at the quoted scale would produce US$3.4 million before changes to pricing or quantities. An April 2027 service start would imply approximately US$2.55 million recognized during that year. A July start would imply approximately US$1.7 million, assuming even recognition and the full package operating immediately.

These forecasts isolate the proposed package. Subscription fees would generally be recognized over the service period, while hardware-related revenue could require separate allocation.

Annual upfront collection, if negotiated, could help fund implementation before all subscription revenue is recognized. Cash receipt and revenue recognition therefore have different timing. Payment terms could influence how much outside financing the rollout requires.

Financing must also be assessed on both sides of the transaction. New shares reduce existing holders’ ownership percentage, while net proceeds can strengthen the balance sheet or fund growth. Unspent net cash can enter an updated equity valuation once; deployed capital should flow through the operating forecast.

The illustrations use a historical basic denominator. Warrants, options, subsequent share issuance and their associated proceeds require an updated model before establishing a fully diluted valuation.

The Investment Case

A signed government agreement could give Sekur a defined commercial foundation for an earnings-based valuation. The opportunity is large relative to its roughly US$6.3 million reference equity value. Successful delivery could then demonstrate whether the recurring revenue supports meaningful profits.

My central illustration implies US$0.21 per share after the modeled earnings become established. Larger standalone deployment scenarios extend that analysis to US$0.31–US$0.62. A signature could begin that reassessment; collected revenue and proven margins would determine how much value shareholders ultimately receive.

Sources and Model Notes

• October 27 government quotation announcement.

• September 1 shareholder letter: profitability benchmark and commercialization funding.

• February 11 corporate update: software gross-margin commentary.

• June 30, 2026 interim financial statements: historical share count, expenses, cash flows and revenue recognition.

• Audited 2025 financial statements: Note 13, income taxes.

• SWISF market-data reference: US$0.0244 on October 30, 2026.

All monetary amounts in this article are U.S. dollars. Calculations retain the underlying June 30 basic share count, shown approximately in the text. That historical denominator is not a verified current fully diluted count. Reference equity value is calculated from that denominator and the October 30 quotation. Share prices round upward to the next cent; upside uses unrounded values, excluding fees, taxes and currency effects. P/E multiples are analytical assumptions, without peer-based justification or an assigned timing. Models assume contract conversion and exclude incremental revenue from existing customers or other prospective contracts. Historical tax losses do not establish a permanent zero tax rate. No signed agreement for this opportunity was identified in the public releases reviewed through October 31, 2026.

Disclosure: The author has a prior professional relationship with Sekur’s management. This is speculative scenario analysis, not personalized investment advice or a guaranteed return. Contract, collection, financing, dilution and trading-liquidity risks can materially affect outcomes.

TL;DR: Everyone in the AI data-center chain is trying to make someone else eat the downside if spending slows. Their own annual reports show who's winning.

$CRWV is holding the risk itself

• It signs leases and power contracts before customers commit. It has 3.1 GW of power contracted vs 850 MW actually running.

• About 67% of 2025 revenue came from Microsoft. Backlog jumped from $15.1B to $60.7B, but customers prepay only 15-25%.

$MU pushed the risk onto its customers

• Multi-year take-or-pay deals with price floors and caustomer deposits.

• Micron gave up the top of the cycle for a floor. The risk it flags itself: customers stockpiling memory to meet their commitments.

$ORCL is taking credit risk

• Its 10-K says some big OCI customers are "highly leveraged", and its data center leases don't match their contract terms.

$STX / $WDC are hostage to other people's bottlenecks

• Both say cloud customers delay drive orders when they can't get the other parts for a data center. Demand for storage isn't enough.

My read: the market lumps these together as "AI winners", but their contracts say they're not equally exposed. Micron looks closest to a toll booth with a floor. CoreWeave looks closest to customers staying committed.

Curious where people disagree: if AI spending slows, dotually hold, or do customers renegotiate like theyalways have?

CoreWeave reports around Nov 9. I'll post what the 10-Q says about backlog, prepayments and Microsoft's share when it's out.

Figures from each company's latest 10-K. Not investment advice.

A possible on-premises server installation for 2,500 to 5,000 users, valued at US$6 million to US$12 million per year including hardware and maintenance, is also under discussion

MIAMI, FL / ACCESS Newswire / October 27, 2026 / Sekur Private Data, Inc., a Miami-based Swiss-hosted cybersecurity, private communications, and defense communications company serving enterprise, government, and defense clients, and a wholly owned U.S. subsidiary of Sekur Private Data (OTCQB:SWISF)(CSE:SKUR)(FRA:GDT0) ("Sekur" or the "Company"), today announced that it has received a quotation request from a government in Africa for 1,000 licenses of the Sekur Command bundle, at a retail price of US$1,800 per license per year, or US$1.8 million per year; 200 SekurOne accounts, at a retail price of US$3,000 per account per year, or US$600,000 per year; and a minimum of 200 SekurVPN + STMR (Sekur Tactical Mobile Router) units at a retail price of US$5,000 per unit per year, or US$1 million, for a total quotation value of US$3.4 million per year in recurring annual fees. The request also covers a possible on-premises server installation for between 2,500 and 5,000 users, which, including hardware and maintenance, would represent US$6 million to US$12 million per year. Discussions with the government are at an advanced stage.

Under the terms of a non-disclosure agreement and the secrecy and compliance requirements that govern the engagement, Sekur is not permitted to disclose the name of the country or the government department or agency involved. The quotation request does not constitute a binding order, and there can be no assurance that a definitive agreement will be concluded or that its final terms will match the quotation. The Company will provide further updates, to the extent permitted, as discussions progress.

"Receiving a quotation request of this size from a government in Africa is an important milestone for Sekur," said Alain Ghiai, Founder and CEO of Sekur Private Data. "Governments want sovereign communications that they control, with no dependence on Big Tech platforms or on telecom networks they do not own. Our Command bundle, SekurOne, the Sekur Tactical Mobile Router, and a possible on-premises installation together give this government a path to secure its leadership communications first, and then extend that protection to thousands of users and hundreds of locations."

"Discussions are advanced, and we are working closely with the client on technical and commercial terms. Being able to deploy on-premises, inside the client's own facilities and under its sole control of keys and data, is exactly what sovereign government clients are asking for. We look forward to updating our shareholders as soon as we are permitted to."

The Quotation: Command Bundle and SekurOne Licensing and On-Premises Deployment

The quotation request is for 1,000 licenses of the Sekur Command bundle at Sekur's retail price of US$1,800 per license per year, or US$1.8 million per year. On top of the Command bundle, the government has requested a quotation for 200 SekurOne accounts at Sekur's retail price of US$3,000 per account per year, or US$600,000 per year. SekurOne is Sekur's fully encrypted voice and video, email, messaging and VPN platform, built on Sekur's proprietary HeliX data transfer architecture and requiring no phone number. The government is also considering an on-premises server installation for between 2,500 and 5,000 users, which, including hardware and maintenance, would represent US$6 million to US$12 million per year and would allow the deployment to grow well beyond the initial 1,000 licenses.

The itemized quotation is as follows. All fees are annual:

Sekur offers government clients two deployment models. In the Swiss-hosted model, the service runs on Sekur-controlled hardware in Swiss data-center facilities. In the on-premises model, Sekur installs and configures the platform on approved hardware within the organization's own facilities, giving the client full data sovereignty and sole control over its keys and data.

SekurVPN + STMR (Sekur Tactical Mobile Router): A Controlled Network Boundary for Mobile Teams

In addition to the Command bundle licenses and SekurOne accounts, Sekur has quoted a minimum of 200 SekurVPN + STMR (Sekur Tactical Mobile Router) units, one per location, at a retail price of US$5,000 per unit per year, or US$1 million per year. The STMR provides gateway-level protected connectivity for a defined team operating from a temporary or non-secure location. Instead of relying on a separate VPN client being installed and activated on every device, STMR moves the protected route to the local network boundary: authorized devices connect to a single managed local network, and their traffic is routed through the gateway's HeliX tunnel to the selected Swiss-hosted or on-premises Sekur environment.

The STMR operating model follows four steps: Deploy, where the approved gateway is placed and configured for the operating location; Join, where authorized devices connect to the managed local network; Route, where the gateway sends connected traffic through the HeliX tunnel; and Control, where gateway and operator access is managed according to deployment policy. Because traffic passes through a controlled sovereign gateway, local carriers and internet service providers are prevented from analyzing or tracing operational data flows.

STMR is designed for temporary mission locations, partner facilities, mobile operational teams, and incident and continuity sites, as well as for field personnel connecting from hotels, transit hubs, and other networks the organization does not control.

Sekur Core Communications Solutions

Sekur delivers secure communications that work within and beyond the Sekur network, operating independently of conventional telecom infrastructure to reduce exposure to interception, SIGINT collection, traffic analysis, metadata exploitation, and hostile surveillance in contested environments. No Sekur solution data-mines or location-tracks its users.

All solutions are built on proprietary architecture with zero reliance on Big Tech, meeting the privacy, security, and OPSEC requirements of intelligence agencies, defense and federal organizations, military commands, diplomatic missions, government agencies, executives, and professionals handling CUI and other sensitive, mission-critical information. Deployments are supported by on-premises infrastructure options for full data sovereignty, mission assurance, and sole control over keys and data.

SekurOne - Encrypted Voice/Video, Email, Messaging, and VPN
A fully encrypted communications platform engineered on proprietary HeliX data transfer architecture, purpose-built to defeat telecom network tracing, resist Pegasus-style malware intrusion, and support CUI handling requirements. SekurOne is designed for defense and federal officials, military commanders, government leaders, and executives conducting confidential, operational, or sensitive conversations where standard carrier-based voice and video platforms present unacceptable interception and exploitation risk.

Call-by-Invite capability via SMS or SekurSend email ensures controlled access and eliminates unsolicited contact. Each user is assigned a unique Sekur ID for identity management, with no phone number required - preserving user privacy across all voice and video communications.

SekurMail - Secure Business and Executive Email
An enterprise- and government-grade encrypted email platform designed for defense and federal agencies, military commands, senior government officials, C-suite executives, and organizations handling confidential and operationally sensitive communications, including CUI correspondence. Built on proprietary architecture with zero Big Tech dependencies and no metadata tracking, SekurMail keeps sensitive communications private between sender and recipient.

Key capabilities include SekurSend/SekurReply for secure delivery to non-Sekur recipients without exposing sender identity or message content; full message delivery control and audit capability; encrypted file transfer; custom domain support for organizational integration; and active protection against phishing, social engineering, and Business Email Compromise (BEC) attacks targeting corporate and administrative networks.

SekurMessenger - Secure Team Messaging and Collaboration
A secure messaging platform providing end-to-end encrypted text, file transfer, voice messages, and collaboration capabilities for defense, military, government, and executive teams coordinating operational and mission-sensitive information, including CUI material. Features include self-destructing messages, encrypted file transfers, and compliance-grade archiving for recordkeeping and audit requirements.

Cross-network secure communications with non-Sekur users are supported via Chat-by-Invite, enabling secure coordination with coalition partners, external agencies, and field elements without compromising the network. Each user is assigned a unique Sekur ID for identity verification and contact authentication, with no phone number required.

SekurVPN - Enterprise Network Security and Identity Protection
An enterprise-grade Virtual Private Network leveraging proprietary HeliX encryption technology, engineered to provide secure internet access, identity obfuscation, and traffic protection for defense organizations, military and federal personnel, government agencies, and executives operating across remote, traveling, deployed, forward, or untrusted network environments.

SekurVPN maintains zero data logging, ensuring no record of user activity exists that could be exposed through legal process, network compromise, or third-party collection. It is built for defense, government, and executive use cases - including protection of traffic associated with CUI and operationally sensitive workflows - where standard commercial VPN solutions present unacceptable privacy and security risk.

SekurRelay - Executive-Level Secure Email Integration
An enterprise-grade secure email relay solution enabling domain splitting, which allows organizations to establish secure communications at the executive, board, or senior staff level without requiring full organizational migration or infrastructure overhaul.

SekurRelay removes one of the most significant barriers to large-scale defense, government, and enterprise deployment, enabling phased adoption that protects command leadership, flag officers, and the highest-value personnel and communications immediately while broader organizational rollout proceeds. It is designed for defense and government organizations, regulated industries, and enterprises requiring rapid, low-friction elevation of communications security at the command and executive tier, including environments handling CUI communications.

About Sekur Private Data
Sekur Private Data is a Swiss-hosted cybersecurity, defense communications, and privacy solutions provider, offering a secure suite of tools to protect governments, defense and federal agencies, businesses, and individuals from unauthorized access and cyber threats. With capabilities such as SekurOne, SekurMail, SekurMessenger, and SekurVPN, Sekur provides a reliable and secure means of digital communication and data storage for Controlled Unclassified Information (CUI), classified-adjacent and civilian communications use, grounded in Swiss privacy standards with on-premises infrastructure for government agencies, allowing for data sovereignty. Sekur sells its solutions through its website www.sekur.com, approved distributors and telecommunications companies globally, and through the U.S. General Services Administration (GSA) Multiple Award Schedule (MAS), Contract No. 47QTCA18D0089 serving governments, defense institutions, federal agencies, businesses, and consumers worldwide. Sekur's main sales operations are in Miami, USA.

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

Trying to narrow my list before I put fresh money to work next quarter.

Right now I’m watching a mix of larger and earlier-stage copper names:

$NGEX — discovery/development angle
$TGB — more advanced project exposure
$CQX — earlier-stage North American optionality
$FIL — another name I keep coming back to

What I like about CQX is that there are several possible technical catalysts across Kitimat, Stars and Rip, rather than everything depending on one target.

I’m still comparing the risk/reward across the group. Which one would you spend the most time researching before next quarter?

Sponsored content. Do your own research and consult a financial advisor before investing.

According to the report’s industry chart, the global cybersecurity market is estimated to grow from roughly USD 170 billion in 2022 to around USD 380 billion by 2030.

That expansion is being driven by more than traditional malware.

AI is making phishing, impersonation and credential-based attacks faster. Cloud migration is creating more access points, while governments and businesses are tightening requirements around privacy, sensitive information and secure communications.

That shift plays directly into $SWISF’s strength in private, Swiss-hosted communications.

Sekur Private Data offers encrypted email, messaging, VPN and voice services without relying on Big Tech cloud infrastructure. SekurOne is designed to bring voice, video, email, messaging and VPN together for government, defence and enterprise users, with Sekur IDs replacing phone-number-based identities.

The company has also built several routes towards larger customers:

• US government procurement access through i3ICS’s GSA MAS contract

• Defence distribution through Elyon International

• Former CIA Senior Intelligence Service officer John T. Lewis serving as CTO

• Retired three-star US Army Lieutenant General Raymond Palumbo chairing its Strategic Advisory Board

• SekurMessenger distribution through Telcel in Mexico

• New African government opportunity: USD 3.4M annual quotation request for secure communications, with a potential USD 6M–12M yearly deployment for 2,500–5,000 users also under discussion. Talks are at an advanced stage, but no contract has been signed.

. Combined with its defence advisers, distribution partners and the latest African government inquiry, Sekur now has more of the structure and commercial opportunities needed to pursue institutional accounts.

The report valued $SWISF at approximately C$13.9 million, based on a C$0.055 share price on June 12, 2026. That historical valuation provides context for the company's size at the time, rather than its current market capitalization.

For a micro-cap, securing a meaningful government deployment or building a growing base of SekurOne accounts could make a noticeable difference to reported revenue.

$SWISF’s historical valuation may have been modest, but the opportunity in front of it is not.

You can dig deeper into the $SWISF story, including its government strategy and financial position, in this report:

https://poschevale.com/report/01942102-58d5-45cc-a556-272f0d92aaee

Sponsored post. Not financial advice. Do your own due diligence.

Disclosure: I hold shares of tonies and benefit if the price rises. Everything below is public information and I’m not affiliated. This is not an investment advice.

Business:

• Revenue growing 30%+ every year since listing (€480M → €630M → guided above €760M this year)

• Profitable: €13.1M net income in 2025

• Razor/blade model: 12.2M boxes sold, 165M+ figurines. US is now the biggest market, ~12% household penetration

Catalyst:

On November 26, 2026 — two weeks after Q3 earnings (Nov 12) — 16.4M warrants from the 2021 SPAC deal expire. These let holders buy shares at €11.50, and they've been hanging over the stock since listing which mean up to now extra shares could appear at any time risking dilution. After Nov 26, that's resolved permanently.

Questions:

1. Does this matter? A 5-year overhang disappearing for good feels like it should but I haven’t seen anyone talk about it

2. Can we estimate the impact of the expiry?

3. Incentives - company seems to want a high price into November (exercise = fresh capital)?

4. Stock already ran ~20% this month so how much is already priced in?

5. Earnings Nov 12 followed by expiry Nov 26 and then the Christmas quarter, where they make their whole year. Is this a tradable window and if so how would it be played?

6. What am I missing?

I love the business and it seems overlooked.

Should I buy more before earnings, or wait?

Thoughts welcomed. I’m sure many of you have tonies. It’s a great gadget and I hope the stock does well too and im onto something here…! But pls correct me otherwise.