Acuity RM Group sells STREAM, software that helps UK government bodies, defence contractors and utilities track and manage cyber risk. Under a new chief executive it cut administrative costs by more than a third and brought the first half of 2026 close to break-even. But revenue fell 23% in that half, cash was £144,000 at 30 June 2026, and the shares have lost most of their value since late 2023.
Cyber-risk software, sold on multi-year subscriptions
Acuity's STREAM platform collects and analyses data so organisations can see their cyber risks and meet standards such as ISO 27001. The trade term is GRC: governance, risk and compliance. Customers include government, defence, utilities, broadcasting, manufacturing and healthcare. Subscriptions made up 86% of 2025 revenue and consultancy 14%. STREAM has typically been sold on a three-year licence, invoiced annually in advance.
The company sells directly and through partners, including BSI and Sopra Steria. It now has four products. STREAM Classic, an on-premise version, serves the public sector and defence. STREAM Cloud, launched in March 2026, targets regulated mid-sized companies. Vendor Management Hub automates cyber checks on suppliers, and Moonpig adopted it in March 2026. Risk OS, an AI-native product, is still in development. 16 Sep 2024 29 Jun 2026 9 Mar 2026 16 Mar 2026 8 Sep 2026
Growth spending that did not turn into profit
In 2023 Acuity won a run of contracts, including its largest ever, £561,000 from the UK Government. In December 2023 it said profitable trading was a realistic objective within a year. In June 2024 it raised £1m at 3.5p a share to hire sales staff, market harder and rebuild STREAM as a web product. It also stated: 'The Company expects ARM's trading to be cash generative by 31 December 2024.'
That did not happen. 2024 revenue was £2.1m, against £1.4m for an eight-month 2023, but the operating loss was £1.1m and administrative costs were £3.0m. The shares fell from 4.8p in late 2023 to 2.0p by December 2024. In November 2024 the company bought the Rizikon supplier-risk product for £15,000 cash. 12 Dec 2023 17 Jun 2024 25 Jun 2025 19 Nov 2024
“The Company expects ARM's trading to be cash generative by 31 December 2024.” 17 Jun 2024
A new chief executive resets the business
David Rajakovich became chief executive in December 2024, replacing Kerry Chambers. He narrowed the focus to cyber GRC, dropping the broader enterprise-risk ambition, and cut overheads. Savings of £400,000 a year were reported by June 2025, with £300,000 more targeted by year end. Administrative costs fell from £3.0m in 2024 to £2.0m in 2025, and the group made an operating profit in the fourth quarter.
The reset also exposed weaker numbers. In September 2025 the sales pipeline was restated at £3.8m under stricter criteria, down from £7.9m. Contracted future revenue fell from £3.4m at the end of 2024 to £1.9m a year later. Revenue stayed flat at £2.1m in 2025. The company raised about £0.5m in 2025, and the shares fell to 0.8p by December. 13 Dec 2024 13 Jun 2025 2 Sep 2025 13 Jan 2026 29 Jun 2026
A late product, then another small raise
A rebuilt STREAM was announced in July 2025, with all customers due to move over by the end of the year. Bugs delayed it, and the full rollout slipped to March 2026, when STREAM Cloud launched. In June 2026 the company raised about £0.45m at 0.75p a share, with warrants (rights to buy more shares later) attached. The shares touched 0.6p in March 2026 and were back at 0.7p by July. 7 Jul 2025 2 Sep 2025 16 Mar 2026 16 Jun 2026 8 Sep 2026
Costs ran ahead of revenue, and delivery ran late
The 2024 plan added sales, marketing and development spending before orders had grown enough to pay for it. The company has not said why the cash-generation date was missed. The result was a cost base of £3.0m against revenue of £2.1m, which two raises and deep cuts then had to fix.
Product timing slipped more than once. The rebuilt STREAM arrived about eight months after the July 2025 launch announcement. Subscription cancellations in 2025 are now cutting 2026 revenue. The chief executive says some customers found STREAM Classic over-engineered for their needs and chose not to renew. 25 Jun 2025 29 Jun 2026 8 Sep 2026
Cost discipline delivered; growth has not yet
Rajakovich previously ran Skill Dynamics, where revenues grew 18-fold over nine years. Angus Forrest, executive chairman from October 2023, is now chairman. Duncan Harper replaced Kate Buchan as finance director in November 2025. Rajakovich bought 2.5m shares in February 2025 for about £48,000. In August 2026 he and Harper received options over 16.2m shares. Philip J Milton & Company's holding rose from 7.29% to 12.57% between September 2025 and February 2026.
On costs, management did what it said. On growth and product timing, the record is mixed. The company also sold its stake in KCR Residential REIT for £164,000 in November 2025 to put the money into Acuity. 25 Jun 2025 13 Dec 2024 12 Nov 2025 17 Feb 2025 7 Aug 2026 17 Nov 2025 4 Feb 2026
Close to break-even, with thin cash
In the six months to 30 June 2026 revenue was £877,000, down from £1.1m a year earlier. The operating loss narrowed to £10,000 from £282,000 as administrative costs fell 38%. Debt was £79,000 and cash £144,000. The July raise brought in £458,000 gross. Contracted future revenue was £2.27m, including recent wins, against £1.97m at the start of the year.
Wins since August include a defence contractor taking three more STREAM Classic instances (over £160,000 a year, five in total), a further international defence programme award (over £125,000 a year) and a UK public-sector deal worth £159,300 over three years. The shares doubled from 0.7p in August to 1.4p in September and the latest close, on 9 October 2026, was 1.4p. The chief executive said: 'Until revenue is growing again the job is only half done.' 8 Sep 2026 7 Sep 2026 24 Aug 2026 12 Oct 2026 2 Feb 2026
“Until revenue is growing again the job is only half done.” 8 Sep 2026
Risk OS and the second half
The company says the second half carries a stronger order pipeline. It targets a Risk OS launch in the fourth quarter of 2026, plans to fold Vendor Management Hub into STREAM Cloud, and aims to add consultancy partners as a sales route. It names two selling cases: supplier assurance, and operational-resilience rules from the UK regulators (the FCA and PRA) and the EU's DORA. It will add sales staff only as the pipeline grows, and says it intends to 'grow profitably'. It also says it will consider acquisitions, but only if they improve cash generation.
The open questions are plain. Can new, cheaper STREAM Cloud deals and defence orders replace the revenue lost to cancellations? Will Risk OS arrive on time, given earlier delays? How long does £144,000 of cash plus the July raise last? The company has not said whether it expects the 143.99m outstanding warrants, priced at 0.75p and 1.5p, to be exercised. In April 2026 it said it was confident of sustaining profitable performance through 2026. The first-half group operating result was a £10,000 loss. 8 Sep 2026 23 Apr 2026 23 Sep 2026 1 Oct 2026 29 Jul 2026
Written by AI from Acuity RM Group's own announcements since Oct 2023 · every paragraph links to its sources