Fintech Agent App Nears Launch and Two New Revenue Streams Target H2/2026 Activation
Research Report

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Disclosures for Research Capital Corp., The FUTR Corp., May 11, 2026

Analyst Certification I, Greg McLeish, CFA, certify the views expressed in this report were formed by my review of relevant company data and industry investigation, and accurately reflect my opinion about the investment merits of the securities mentioned in the report. I also certify that my compensation is not related to specific recommendations or views expressed in this report. Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report. Greg McLeish, CFA has visited The FUTR Corporation in the past 18 months. 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 Investment Banking Disclosure Within the past 12 months, Research Capital has provided investment banking services to Trident Resources.

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

On May 11, 2026, Greg McLeish, CFA of Research Capital Corporation reiterated a Speculative Buy rating and CA$3.00 price target on The FUTR Corp. (FTRC:TSX; FTRCF:OTC; QA20:FSE), implying approximately 1,295% upside from the May 11 closing price of CA$0.22, following the company's six-month transition period results and continued platform expansion ahead of two additional revenue stream launches in H2/2026.

Recent Developments

FUTR reported results for its six-month transition period ended December 31, 2025, following a change in fiscal year-end from June 30 to December 31. Revenue for the period totaled US$3.9 million, down approximately 5% from US$4.1 million in the comparable prior-year period. The decline was driven entirely by the impairment of a Canadian technology licensing arrangement, as management concluded that reclaiming the Canadian market for a direct-to-market strategy offered greater long-term value than restructuring the agreement after the counterparty failed to meet payment obligations. Excluding licensing revenue, the core FUTR Payments 2.0 business showed positive momentum, with bank processing fees rising 5.4% and enrollment fees increasing 22.9% year over year.

Gross profit was US$3.4 million at an 88% gross margin, compared with US$3.7 million and a 91% margin in the prior-year period. Adjusted operating loss widened to US$3.0 million from US$0.6 million, reflecting deliberate investment in the FUTR Agent App, platform expansion, investor relations, and corporate development. Net loss for the period totaled US$7.4 million, or US$0.01 per share, significantly impacted by a US$2.8 million non-cash impairment charge, approximately US$1.1 million in share-based compensation, and US$0.6 million in intangible asset amortization.

FUTR exited the transition period with an improved balance sheet following approximately US$6.4 million in private placement financings and full repayment of its short-term loan facility. FUTR Payments 2.0 completed its platform rebuild in November 2025 and reached full commercialization in March 2026.

Subsequent to period-end, FUTR reported a record quarter for dealer growth in Q1/2026, signing 22 new dealer agreements — its strongest quarterly onboarding performance to date. The active dealer base now exceeds 160 dealerships, with management targeting 500 active dealers by the end of 2027.

Business Overview & Strategic Initiatives

FUTR's platform is anchored by the FUTR Agent App, a unified personal financial management platform that serves as the central operating layer connecting payments, embedded finance, consumer data monetization, and premium financial services. The Agent App transitioned from closed beta toward broader commercial rollout in Q2/2026.

The company's monetization architecture is organized around three revenue streams. Revenue Stream 1 — Payment and Banking Rails — is live today and currently generates approximately US$100 in annual revenue per active consumer, with average consumer tenure exceeding four years and estimated lifetime value of approximately US$400. The business operates at approximately 88% gross margins.

Revenue Stream 2 — Agent Driven Lead Generation — is targeted for Q3/2026 and will monetize high-intent financial introductions generated from verified, consented consumer data profiles. Initial lead categories are expected to include auto insurance, mortgage renewal, debt consolidation, loan refinancing, and investment products. Brands are expected to pay lead fees in FUTR Tokens, with FUTR participating through a 17% share of token transaction value under its Master Services Agreement with the FUTR Foundation.

Revenue Stream 3 — Premium Agent App Services — is targeted for Q4/2026 and will introduce subscription-based and transaction-based financial tools layered on the existing consumer relationship, including home and auto asset valuation, credit bureau reporting, advanced financial analysis, agent customization, and rent and utility payment reporting through a Zonetail partnership.

FUTR also expanded its embedded finance strategy through a joint venture with EQIBank, expected to introduce additional products, including the FUTR Card, FUTR Digital Yield, FUTR JITP, and FUTR Global Currency platform in H2/2026. Management believes these products have the potential to materially increase monetization per active consumer above the current approximately US$100 annual baseline.

Financial Forecasts

Research Capital projects revenue growing from US$13.4 million in F2026 to US$146.2 million by F2029, driven by dealer expansion, increasing consumer penetration, and layered monetization across all three revenue streams.

EBITDA is forecast to turn positive at US$30.9 million in F2028, reaching US$73.9 million in F2029 at a 51% margin.

Net income is projected at US$19.2 million in F2028 and US$50.2 million in F2029. Zero-party data clients are forecast to grow from 2.0 million at year-end F2026 to 11.25 million by year-end F2029.

Valuation

Research Capital's CA$3.00 price target is based on a sum-of-the-parts framework, assigning CA$1.81 per share to FUTR's core platform using a discounted cash flow model (15% WACC, 2% terminal growth rate) and CA$1.08 per share to the discounted value of the company's FUTR token reserve (20% discount rate, US$1.53 forecast token price).

Risks

Key risks include liquidity and going concern considerations, given FUTR's early-stage commercialization and ongoing operating losses, though the analyst notes that Chairman G. Scott Paterson and CEO Alex McDougall are viewed as capable of raising significant capital to address balance sheet risk.

Additional risks include regulatory exposure across Canadian and U.S. payments and data privacy frameworks, reliance on contractual rather than patent-based intellectual property protections, execution risk associated with scaling the platform and integrating enterprise partners, and potential litigation that could divert management attention or deplete capital resources.