On August 8, 2025, Research Capital Corporation analyst Greg McLeish initiated coverage on The FUTR Corp. (FTRC:TSXV; FTRCF:OTCQB) with a Speculative Buy rating and a target price of CA$3.00, representing 689.5% upside from the current share price at the time of the report of CA$0.38.
McLeish cited the company's positioning at the convergence of consumer data monetization, AI-powered financial intelligence, and tokenized consumer engagement as key drivers for the investment thesis.
Company Overview and Business Model
The FUTR Corp. is a Toronto-based consumer data technology company that has developed a vertically integrated platform for storing, valuing, and transacting personal data. The company was formed through the 2025 acquisition by predecessor Hank Payment Corp., rebranding to The FUTR Corporation in April 2025 to pivot toward zero-party data monetization and embedded AI-driven financial intelligence.
The platform operates through multiple portals including the FUTR Agent App for consumers, the Enterprise Portal for large-scale partners, and the Brand Portal for campaign management. McLeish noted that the system is "underpinned by a long-term license from FutureVault Inc., granting FUTR access to bank-grade vault technology for consumer data storage, SOC 2 Type II compliance, and PCI DSS support."
Financial Performance and Projections
FUTR reported record revenue of CA$2.2 million in the third quarter of 2025, up 13% year-over-year at an 88% gross margin, driven by its existing payments business foundation. The company currently serves approximately 42,000 users on its platform and maintains a market capitalization of CA$39.10 million with 103.0 million shares outstanding.
McLeish projects significant revenue growth through fiscal 2029, with his financial model anticipating the transition from modest EBITDA losses to CA$73.9 million in EBITDA by fiscal 2029. The analyst expects EBITDA margins to expand from slightly negative in fiscal 2026 to over 50% by fiscal 2029, reflecting the platform's inherent operating leverage and high-margin economics.
Token Economics and Strategic Architecture
Central to FUTR's business model is the FUTR Utility Token, which facilitates transactions between consumers, brands, and enterprises on the platform. The token is issued by FUTR Ltd., a Bahamian International Business Corporation owned by the FUTR Foundation, creating regulatory separation between the public company and token economy.
The token serves multiple functions: consumers earn tokens for sharing verified data, brands use tokens to purchase high-quality leads with incentivized pricing, and enterprises can earn or use tokens for platform integration and customer rewards. McLeish emphasized that "token-based campaigns are economically advantaged, with brands receiving up to 50% more lead exposure compared to fiat-funded alternatives."
Enterprise Traction and Partnership Pipeline
The company has demonstrated early enterprise traction with partnerships across financial institutions, credit unions, media providers, and automotive groups. According to management, the current partnership pipeline could provide FUTR access to between 10 and 15 million consumers. McLeish noted that this momentum has been achieved "before the official launch of its AI Agent and Brand Portal, underscoring both market demand and FUTR's enterprise credibility."
The analyst highlighted that more than 20 enterprise deals are currently in the pipeline, including commercial integrations, strategic partnerships, and potential acquisitions, with particular strength from traditional institutions seeking to modernize their consumer data management approaches.
Competitive Positioning and Market Opportunity
FUTR operates in the expanding zero-party data market, with McLeish noting that "55% of marketers prioritizing zero-party data in response to tightening privacy rules" creates favorable market timing. The platform differentiates itself through security and privacy leadership, user compensation via token rewards, integrated functionality, and specialized AI capabilities.
The analyst emphasized the company's early mover advantage in the data-for-rewards ecosystem, stating that FUTR is "one of the first publicly-traded companies to build a comprehensive, consent-based 'data-to-earn' platform, giving it a meaningful head start in this nascent space."
Valuation Methodology
McLeish's CA$3.00 target price uses a sum-of-the-parts approach, assigning CA$1.81 per share to the core platform using discounted cash flow analysis with 15% weighted average cost of capital and 2% terminal growth rate. An additional CA$1.08 per share represents the discounted value of FUTR's token reserve using a 20% discount rate applied to projected token holdings.
The analyst's token valuation model projects a FUTR Utility Token price of US$1.13 by fiscal 2029, assuming the platform scales to over 11 million active zero-party data profiles generating approximately US$500 each in long-term value.
Risk Factors and Investment Considerations
Key risks include liquidity and going concern issues, with the company reporting negative working capital and CA$7.0 million in current payables as of March 31, 2025. Regulatory risks span payments, data privacy, and consumer protection laws across Canada and the United States. Additional risks include limited intellectual property protection, execution challenges during rapid scaling, and the speculative nature of the token-based business model.
McLeish acknowledged the speculative nature of the opportunity but emphasized the "risk-reward profile as highly attractive" given early enterprise traction and validation of the platform's value proposition across multiple verticals.
| Want to be the first to know about interesting Technology and Special Situations investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of The FUTR Corp.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
For additional disclosures, please click here.
Disclosures for Research Capital Corp., The FUTR Corp., August 8, 2025
Relevant Disclosures Applicable to Companies Under Coverage Information about Research Capital Corporation's Rating System, the distribution of our research to clients and the percentage of recommendations which are in each of our rating catergories is available on our website at www.researchcapital.ca General Disclosures Research Capital Corporation publishes research and investment recommendations for the use of its clients. The opinions, estimates and projections contained in all Research Reports published by Research Capital Corporation ("RCC") are those of RCC as of the date of publication and are subject to change without notice. RCC makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; RCC makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on its Research Reports or its contents. Information may be available to RCC that is not contained therein. Contents of this report cannot be reproduced in whole or in part without the express permission of Research Capital Corporation. Research Reports disseminated by RCC are not a solicitation to buy or sell. All securities not available in all jurisdictions. Distribution Policy Through www.researchcapital.com, our institutional and corporate clients can access our research as soon as it becomes available, 24-7. New reports are continually uploaded to the site as they become available throughout the day. Clients may also receive our research via Reuters, Bloomberg, FactSet, and Capital IQ. All of our research is made widely available at the same time to all Research Capital client groups entitled to our research. In addition, research reports are sent directly to our clients based on their delivery preference (mail, fax, e-mail).
Fair Dissemination of Research Reports and Ratings To the extent reasonably practicable, Research Reports will be disseminated contemporaneously to all of Research Capital Corporation ("RCC") customers who are entitled to receive the firm's research. Until such time, Research Analysts will not discuss the contents of their reports with Sales and Trading or Investment Banking employees. RCC equity research is posted to our proprietary website to ensure eligible clients receive coverage initiations and changes in rating, targets and opinions in a timely manner. Additional distribution may be done by the sales personnel via email, fax or regular mail. Please contact your Investment Advisor or Portfolio Manager for more information regarding RCC research. Percentage Distribution of Research Ratings As required by the Canadian Investment Regulatory Organization, Research Capital provides a summary of the percentage of its recommendations that fall into each category of our ratings. Our distribution of ratings is available on our website at www.researchcapital.com Information regarding our categories of recommendations, quarterly summaries of the percentage of our recommendations which fall into each category and our policies regarding the release of our research reports is available at www.researchcapital.com or may be requested by contacting the analyst. Potential Conflicts of Interest All Research Capital Corporation ("RCC") Analysts are compensated based in part on the overall revenues of RCC, a portion of which are generated by investment banking activities. RCC may have had, or seek to have, an investment banking relationship with companies mentioned in this report. RCC and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned in our Research Reports as principal or agent. RCC makes every effort possible to avoid conflicts of interest, however readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies. Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein. RC USA INC. US Institutional Clients – Research Capital USA Inc., a wholly owned subsidiary of Research Capital Corporation, accepts responsibility for the contents of this report. This report has been created by analysts who are employed by Research Capital Corporation, a Canadian Investment Dealer. US firms or institutions receiving this report should effect transactions in securities discussed in the report through Research Capital USA Inc., a Broker – Dealer registered with the Financial Industry Regulatory Authority (FINRA). Member – Canadian Investor Protection Fund / membre – fonds canadien de protection des épargnants
