Bakshi Finance — Family Office
The information presented on this site is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice. The firm operates as a Family Office serving qualified investors. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. This site does not participate in the investment decision.

Tondo Smart Ltd.

Tondo Smart Ltd. | TASE | Smart Cities / IoT

Data as of: April 2026 | Primary source: 2025 Annual Report

TNDO
Research Depth · Standard Israeli Tech · Smart Lighting / IoT
Market Cap
₪176M
~15M diluted shares
Revenue 2025
₪22.2M
+30% YoY
Gross Margin
44.5%
Improved from 35.5% in 2023
Net Loss
(₪4.6M)
Material improvement Y/Y
Equity
(₪5.7M)
Negative — red flag
P/S
7.9x
P/E not applicable (loss)
1 Company Profile

Tondo Smart (TNDO) is a small Israeli company providing smart-lighting and IoT solutions for cities, traded on the Tel Aviv Stock Exchange. The company supplies street-lighting management, energy-saving and air-quality-sensing systems to municipalities and institutional bodies. Tondo is at an early commercialisation stage — 2025 revenue: NIS 22.2M (+30%), gross margin improved to 44.5%. However, the company is still reporting a net loss (NIS 4.6M) and has negative equity (-NIS 5.7M) — a financial red flag. Market capitalisation: NIS 176M. P/S ratio is elevated (7.9×) — embedding significant growth expectations.

ActivityFeature
Smart Street LightingCore product
Air Quality SensorsUrban-IoT expansion
Energy ManagementEnergy savings for municipalities
Smart City SoftwareManagement platform

Source: 2025 Annual Report

2 Key Financial Observations

This summary is not a recommendation. It is a factual list of key financial metrics.

2025 Performance

MetricValue
Revenue₪22.2M
Gross Margin44.5%
Net Loss(₪4.6M)
Market Cap₪176M
Shareholders’ Equity(₪5.7M)

Additional Metrics

MetricValue
P/S7.9x
Revenue Growth+30%
GM Improvement+9pp from 2023
Cash positionRequires verification

Missing data: exact cash position, debt level, open municipal contracts, runway.

Financial Metrics
Activity Breakdown
Gross Margin (%)
Revenue (NIS M)
Net Loss (NIS M)
P/S Multiple
3 Industry & Competitive Context

Smart cities + IoT. A growing but fragmented market. Global and local competitors. Long sales cycles for municipalities.

CompetitorTickerDifferentiator
ItronITRILarge global competitor
Cisco IoTCSCOPlatform-level competition
Signify (Philips)LIGHT.ASGlobal lighting competitor
Bee Smart City—Local competitors
4 Risk Factors
RiskContext
Negative Equity-₪5.7M — structural red flag
Cash burnLoss-making company — short runway?
Long Sales CycleMunicipalities — slow procurement processes
Global CompetitionItron, Signify — major players
5 Analytical Lens — The Questions We Ask
In professional company analysis, the question is not "is this good?" but rather "through which lenses must this company be examined so that we do not miss what matters most?" At Bakshi Finance, every analysis passes through six lenses.

This framework is intended to structure analysis, not to produce an investment conclusion.
Growth
+30% — from which source?
Profitability
GM of 44.5% improving — sustainable?
Leverage
Negative equity — is an equity raise required?
Competitive Position
Against Itron — a distinctive niche?
Management Quality
Shipping versus sales execution.
Business Complexity
B2G is complex — long sales cycles.
These are the questions. The specific answers for Tondo Smart are woven throughout the analysis and discussed in depth under "How to Think About This Company".
The same six questions are asked of every company on the site — what varies is the answers, not the instrument.
6 Scenario Framework
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes.
These scenarios carry no probability assessment, no preferred direction, and no expectation regarding which, if any, will materialise.
Constructive Scenario — if the following conditions hold:

A large contract with a major municipality, GM to 50%+, equity returns to positive, positive EBITDA.

Base Scenario — if current trends continue:

Revenue grows 25-35%, GM stable at 45%, loss narrows but does not reach break-even.

Adverse Scenario — if the following risks materialise:

Sales cycle lengthens, urgent equity raise required, material shareholder dilution.

Scenarios describe conditions, not forecasts. There is no preferred direction and no probability assessment expressed in this framework.
7 How to Think About This Company
Tondo is a small Israeli smart-cities company with a financial red flag. The idea behind analysing Tondo is not "is the technology good" (there is improvement — GM 44%), but rather "will the company successfully raise capital before cash runs out, and on what terms — with material shareholder dilution or not?" Negative equity is a structural risk.
The critical variables: (a) cash position and burn rate; (b) open municipal contracts; (c) GM trajectory.
Where the analysis may go wrong: First error — valuing on a P/S of 7.9× without examining runway. Second error — assuming municipal sales cycles are fast. Third error — underestimating competition from Itron.
Professional analysis addresses three things: (a) balance sheet and equity; (b) B2G customers and sales cycles; (c) burn rate versus cash.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
8 Sources & Data
#SourceDateType
1Tondo — 2025 Annual ReportMarch 2026Official — TASE
2maya.tase.co.ilApril 2026Official — Stock Exchange

Missing: exact cash position, debt level, open municipal contracts, runway.

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Bakshi Finance | Family Office | All rights reserved 2026

Disclosure: The information presented in this document is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice tailored to the client. The firm operates as a Family Office serving qualified investors only. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. Past performance is not indicative of future results. This site does not participate in the investment decision. This framework is intended to structure analysis, not to produce an investment conclusion.