FY25 revenue rose 24.2% to £223.9m, with gross margin guidance at approximately 62%. Co-founder Gordon Sanghera departed as chief executive officer, with Francis Van Parys taking over as CEO. The company targets adjusted EBITDA breakeven in FY27, with strong progress in H1 2026.
Cyborg Score Rationale
Financial performance is held back primarily by weak financial performance—large ongoing losses and continued cash burn—despite improving revenue growth and solid gross margins. Offsetting factors include constructive earnings-call guidance with margin/OpEx discipline and a credible longer-term breakeven timeline, plus a relatively low-leverage balance sheet.
Top Insights
H1 2026 revenue reached approximately £116.5 million, up 10% reported and 12% at constant currency year-over-year, though growth has moderated from prior quarters due to regional export challenges.
A business model transition for large devices improved gross margin by over 500 basis points and cash flow by approximately £20 million annually, creating a structural margin boost heading into 2026.
Operating expenses grew only 1% year-over-year through strong cost control and two restructuring events in January and November that realigned business to priority end markets, signaling disciplined execution toward profitability.
Named Competitors
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