Metatek Group (MTEK) presented its growth trajectory and capacity constraints to investors at Sidoti’s Small-Cap Virtual Conference on Thursday, September 24, 2026, highlighting a nearly doubled backlog over the past year and a long-term ambition to reach $70 million to $80 million in annual revenue.
Founded in 2012 by CEO Mark Davies, the London-listed subsurface data company went public in March 2025. Its core technology — Full Tensor Gravity Gradiometer (FTG) mapping — traces its lineage to Cold War-era submarine navigation systems that were declassified in the 1990s. The system produces detailed subsurface imagery from the surface down to roughly 15 kilometers, offering what the company calls a “Google Maps of the subsurface” for resource and infrastructure exploration.
Metatek operates three instrument variants: the eFTG, its flagship high-resolution system available under an exclusive worldwide license from Lockheed Martin; the dFTG, a miniaturized helicopter-deployable version; and the iFTG, currently being refurbished for marine deployment with contracts expected late 2026 or 2027.
2025 revenue came in at $23.8 million, up 99% year-over-year, with a pronounced second-half bias — 67% of full-year revenue was recognized after June. Gross profit margins exceeded 60%, EBITDA margin reached 39%, and operating cash flow equaled approximately 60% of revenue. For 2026, Metatek guided revenue of $28 million to $32 million, implying growth of 18% to 34%, with EBITDA margins held steady around 39% to 40% and a longer-run target of 50%.
Backlog grew to about $89 million to $90 million at current levels, representing roughly two years of contracted work, up from approximately $45 million at the time of the March 2025 IPO. A further $200 million to $250 million sits in the pipeline. The company noted it was operating at roughly 50% efficiency against a target of 65% to 70%, and each survey unit costs about $25 million — $15 million for the instrument and $10 million for the aircraft — with a payback period of around two years at prevailing margins.
More than 90% of customers are nation-state entities, including ministries of energy, state-owned oil and mineral companies, and geological surveys, with a reported 100% repeat-client rate. Notable programs include a 2.2 million-square-kilometer survey for the Philippines Department of Energy, a 120,000-square-kilometer project in Egypt, and a 46,000-square-kilometer survey at Indonesia’s Tangguh gas field completed in 60 days with results delivered in 45.
Management also pointed to a cost and time advantage over conventional seismic acquisition: a seismic survey in one comparison cost roughly $28 million and required three months, while the same scope using the eFTG system cost $3 million and took 16 days. The dFTG system deployed in the Middle East was grounded during Q1 2026 due to regional conflict and aviation restrictions, and an unexpected government delay affected a long-standing client in Q2 2026.
Davies, the founder and CEO, brings 30 years of experience as a geologist, geophysicist, volcanologist, and hazard specialist. The executive team was bolstered in recent months with Philip Briandet, formerly president of Asia Pacific at PGS; Hirofumi Katase, a former Japanese government official and Ivanhoe Electric board member; and Bob Harward, a former Navy SEAL and ex-CEO of Lockheed Martin Middle East. CFO Nick Morgan is a chartered accountant and former investment banker who previously served as CFO of a London-listed oil company, while COO Rob Adams is a former COO of both PGS and TGS.
As of the most recent snapshot, Metatek shares traded around $3.09 with a market capitalization of approximately $10.48 million, against a 52-week high of $4.27. The company reported a current ratio of 1.69, and instrument lifespans were noted to extend well beyond 25 to 30 years.
