Carrier Connect Builds on 

Scottsdale Top Pick Momentum

• Since its February Top Pick recognition, Carrier Connect has raised C$10.5 million at C$1.60 a share, giving it fresh capital to keep building out the platform and pursue its next phase of growth.
• It has closed the St. John acquisition and expanded its footprint to five operating data centres, adding another cash-flowing asset and widening its geographic reach.
• The company has also introduced a new connectivity angle through its proposed Morewave deal, adding a service layer that could deepen customer relationships and open another stream of recurring revenue.

“The recent financing was a huge vote of confidence from existing shareholders, the market, and the institutions we approached in both what we’re doing and what we’ve already delivered.”
— Mark Binns, CEO of Carrier Connect Data Solutions

Three months ago, Carrier Connect was pitching investors on a simple idea. Buy overlooked, cash-flowing data centres, bring them into a public vehicle, fill unused capacity and let scale do the rest. That logic is still at the heart of the story. What has changed is that the company now has more evidence to point to. 

Since our last Spotlight on the company, Carrier has closed a C$10.5 million financing, completed its St. John acquisition, expanded its national footprint, and opened a new path into connectivity services through its letter of intent with Morewave Communications. 

Binns says the financing was the key turning point in that stretch. 

The company announced in mid-February a C$8 million raise and saw roughly C$14 million of interest within hours before deciding to close at C$10.5 million, choosing not to take more dilution than it needed.

“The recent financing was a huge vote of confidence from existing shareholders, the market and the institutions we approached in both what we’re doing and what we’ve already delivered,” said Mark Binns, CEO of Carrier Connect Data Solutions.

That financing also seems to have changed how investors are looking at the company. Binns said institutional participation in the round ran to roughly 60–70%, which he sees as validation from buyers who had done the work. 

“They’re professionals. They do the research, they do the work, and then they invest,” he said. “In the first year, we said we were going to buy four data centres. We basically completed five.” 

That record of execution is a big part of why Carrier has again drawn Top Pick attention. 

Beacon Securities’ March initiation note described a portfolio of five data centres with about C$5 million in annual recurring revenue (ARR) and the potential to reach roughly C$12 million at full utilization with limited new capital required. The firm launched coverage with a Buy rating and a C$3.00 target. 

Binns said investors are responding because the story is concrete. 

“We were a cash-flowing revenue company from day one with our first data centre. And every time we add a data centre, we add top-line revenue,” he said, adding that the market tends to respond to businesses investors can understand quickly.

Last month, Carrier completed the acquisition of the Carbon60 data centre in St. John, New Brunswick, a 0.5MW facility with 41 racks, current annual recurring revenue of about C$800,000, and full-utilization potential of roughly C$1.21 million. The deal expands the company’s footprint into Atlantic Canada and strengthens its broader platform, which also includes data centres in Vancouver, Ottawa (where it operates two facilities), and Perth, Australia.

Binns said the Saint John facility is generating EBITDA in the 40% range. Two of its three data halls are essentially full, while the third needs only modest work before it can begin taking colocation customers. 

“With very minimal new capex, we’re going to have a bunch of capacity in it, and it’s very profitable for us on day one,” he said.

 “Our customers can now put networking equipment in multiple different geographies to give them backup, redundancy, security, and point of presence,” Binns said, adding “a portfolio with more diverse locations and geographies is more valuable for us.”

More recently, the company signed an LOI to acquire Morewave Communications, a B.C.-based provider of network connectivity and last-mile services to data-centre customers across Western Canada.

The Morewave transaction would generate about C$725,000 in annual recurring revenue at margins above 25%, according to Beacon Securities. Its research note said the move could lift Carrier’s annual recurring revenue by about 15–20% and be immediately accretive. 

“The networking layer is something that our customers need and demand and something that’s essentially, frankly, easy revenue for us to layer on top of our co-location revenue,” said Binns.

That points to where Carrier’s growth story may be heading next. The company is no longer focused only on adding data-centre assets. It is also looking to sell more services across the platform it has already built. The recent addition of chief revenue officer Mark Alexander fits that push, with a focus on filling existing capacity and driving higher-margin growth. As Binns put it, “It’s essentially pure profit every dollar we put into these data centres now.”

Carrier’s macro pitch has also sharpened. With utilities and governments under pressure over electricity demand, data centres are increasingly being discussed as part of a broader infrastructure bottleneck. 

A new RBC report underscores that point, saying data centres are becoming a growing wildcard in Canada’s electricity and infrastructure outlook as AI-driven demand puts new pressure on utilities and planners.

For Carrier, that strengthens the appeal of owning existing, cash-flowing facilities in a market valued at about US$430 billion today and projected to exceed US$1.1 trillion by 2035, even as new capacity becomes harder to build, permit, and power.

“If new data centres can’t be built because they can’t get the power and permits, that actually creates an advantage for us, because demand continues to rise while supply stagnates,” Binns said. 

“We don’t build data centres. We’re buying existing data centres that are up and running, full of customers, and making money,” he said.

 “We already have all our power allocated, which puts the company in position to benefit from tighter supply and firmer pricing.”

Charting Carrier Connect Data Solutions

TSXV: CCDS | OTCQB: CCDSF

1. As of market open on April 21, 2026.
2. As of market open on Monday, April 13, 2026 after being selected as a Top Pick at the CEM Scottsdale Capital Event

After receiving another Top Pick award from the Investor Breakout Exchange at the 2026 CEM Scottsdale Capital Mark Binns, CEO of Carrier Connect Data Solutions provided this update for our readers

What should investors watch for next?

“Frankly, M&A. Watch for acquisitions, watch for the top-line revenue growth tied to it, and then also watch for new customer announcements — brand-name customer announcements coming in through our new Chief Revenue Officer, Mark Alexander, who has a proven track record of delivering consistent predictable growth.”

Where could Carrier surprise the market over the next 12 months?

“On the M&A side, we could be doing a deal soon for a data centre that has as much revenue as our entire business now. Data centres get big. We’ve been buying small to medium size. It’s possible that we do a large acquisition, and it throws all the projections out the window. That is definitely one place where I think we could surprise the market.”

Beyond Canada, where is the next leg of expansion likely to come from?

“We’re looking at the United States. I expect you’re going to see acquisitions for us in the US this year, quite soon, in fact. We have looked at South America and Europe, but we’re not in a rush. Primarily our focus is Canada, the US, and we may expand in Australia, because we already have a data centre in Perth.”

Our View

• Carrier has moved past the “early idea” stage. A five-site platform with about C$5 million in ARR and a path to roughly C$12 million at full utilization gives investors something tangible to measure.
• The stock still looks discounted against that backdrop, suggesting the market has yet to fully credit the value of the existing portfolio or the re-rating potential that could come with scale.
• With a new accretive service line and room to drive stronger organic growth as sales capacity expands, Carrier moves from an acquisition-led story to a broader digital infrastructure platform with more revenue streams and better operating leverage.

Upcoming 

Bermuda Capital Event

June 12–14, 2026

CEM now turns to the 3rd Annual Bermuda Capital Event, which will be held June 12–14 at the Fairmont Hamilton Princess & Beach Club. The event will once again connect growth-stage issuers in resources, technology, biotech, and special situations with active senior capital markets professionals through a full day of scheduled one-on-one meetings.

Warm Regards and Happy Investing,
Fabian Dawson

Weekly Insight

Each week, CEM Partner and Portfolio Manager Ryan Iverson spotlights the ideas and companies sparking investor interest from emerging growth stories to the Top Picks featured across CEM’s Capital Events. This series brings real insights from the innovators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.

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