Trutankless Inc

trutanklessinc.com

What Do They Do?

Sells smart electric tankless water heaters for residential and light commercial use, with plumbing and HVAC distributors, dealers, builders and service professionals among its customers.

How Do They Make Money?

Customers pay for water heaters when they buy them or within 30 days for wholesale orders; the company earns the sale when it ships the product. Customers can also buy an extended warranty, whose service fee is spread over its five-year term after the initial warranty ends.

FY2025 revenue

Who Are Their Customers?

Plumbing wholesale distributors account for most sales to commercial and residential repair-and-replacement markets. The company also sells to independent dealers and uses commissioned manufacturers’ representatives to market its products.

Do Revenues Turn Into Profits?

No. It lost $4.8M in FY2025.

Operating income, FY2025

−330% of revenue

▼ −32% (Loss) vs FY2024 (−$5.2M, −2154%)

Net income, FY2025

−439% of revenue

▼ −53% (Loss) vs FY2024 (−$10.2M, −4203%)

Free cash flow, FY2025

−164% of revenue

▼ −29% (Loss) vs FY2024 (−$2.5M, −1035%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +470%; vs $94.5K in Q2 FY2025
Net income: ▲ +176% (Loss); vs −$1.2M in Q2 FY2025

Growing. Revenue grew 4.4x in 4 years, from $246K in FY2021 to $1.1M in FY2025, about 45% a year.

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