Mirriad digitally inserts brands into TV shows, streaming series and music videos after filming, and sells that space to advertisers. Sales never reached the scale the company expected. After a collapse in US demand and a restructuring in 2025, its UK subsidiary went into administration in April 2026 and the parent company followed in May. As of 30 September 2026 it was looking for an investor to exit administration.
Brands added to a scene after the cameras stop
Mirriad's patented platform places products into finished video, for example a drink on a table in a reality show. Content owners get a new source of ad revenue without extra filming. Advertisers get placements that do not interrupt the programme. The company says its customers include television, streaming (SVOD/AVOD), music and influencer content.
Sales were mostly manual and labour-intensive. Mirriad sold through broadcasters and agencies, and its production team in Mumbai sat in cost of sales. By 2025 it operated in Europe, the Middle East and India. It served the US through a joint venture with the ad-tech firm Rembrand. Examples include Germany's RTL Ad Alliance, about 12% of 2024 revenue, and a Lidl Christmas booking. A US advertiser campaign reported a 5:1 return on investment. 2 Apr 2025 9 Apr 2025 5 Nov 2024 26 Jun 2025 26 Sep 2025 25 Jul 2025
2023-24: big partners signed, programmatic promised
In 2023 Mirriad cut costs and raised £5.75m. It then signed master agreements with several US media groups. By January 2024 it said it reached about 25% of the US TV ad market. Revenue for 2023 rose to £1.8m. It said automated (programmatic) selling would contribute revenue from the first half of 2024.
In May 2024 it raised £6.8m at 1.25p a share, a 43% discount to the prior close. The placing implied about 99% dilution for existing holders. The shares fell from 2.2p at the end of April 2024 to 0.1p by November. 4 Jun 2024 24 Jan 2024 8 Apr 2024 2 May 2024 7 May 2024
2024: US campaigns slipped, forecasts fell
The expected US revenue did not arrive. The company cited delayed content clearances from partners, little engagement from agencies and political uncertainty. Upfront ad-buying allocations came in below plan. The programmatic launch slipped because a key platform partner changed its priorities.
In September 2024 it guided to US revenue of $1.5m-$3m. In November it cut total 2024 revenue guidance to £1m-£2m. The year ended at about £1.0m, with the US about two-thirds of it. European revenue grew about 40%. 23 Sep 2024 20 Nov 2024 7 Jan 2025 26 Jun 2025
2025: a failed merger, a 0.01p placing and a US joint venture
First-quarter 2025 revenue was about £80k. Merger talks with another AIM-listed company ended on 30 April after nearly four months. The company warned that administration was possible within a week.
On 13 May it proposed a £1.5m placing of 15 billion shares at 0.01p, a 63.6% discount. A retail offer brought the total to about £1.6m. Rembrand paid £200k for about 20% of the US subsidiary, took over US sales and costs, and agreed to pay Mirriad a revenue share. Staff numbers fell about 40%, and monthly costs dropped from about £650k to about £220k. The shares have shown a price of 0.0p since May 2025. 1 May 2025 8 May 2025 13 May 2025 16 May 2025 2 Jun 2025 26 Jun 2025 26 Sep 2025
2026: funding ran out
Management said the second half of 2025 would improve significantly. Revenue came in at about £200k, close to the first half, and full-year revenue was about £0.4m. Cash fell from £2.4m in June to about £1m by the end of November. A £346k R&D tax credit arrived in December.
In January 2026 the board expected a potentially significant sales uplift in February-March. On 30 March it said geopolitical events had prevented it and cash was about £675k. Further funding was needed before the annual accounts. It did not find it. Administrators were appointed to the UK subsidiary on 27-29 April, and the parent entered administration on 14 May. 26 Sep 2025 19 Dec 2025 24 Dec 2025 14 Jan 2026 30 Mar 2026 23 Apr 2026 27 Apr 2026 29 Apr 2026 14 May 2026
Slow adoption, high costs
The chair called adoption of virtual product placement 'much too slow'. In the US, campaigns depended on partners' clearances and agency budgets that did not come. Programmatic selling, meant to automate sales, was delayed and the company never reported it contributing revenue. In Europe, where sales were direct, growth was steady but small.
Costs stayed far above revenue. Monthly cash burn was about £650k-£675k in early 2025, against £80k of revenue in the quarter. Each raise bought time at a steeper discount to the share price. 26 Jun 2025 1 May 2025 23 Sep 2024 26 Sep 2025 20 Nov 2024
“The rate of adoption has been much too slow however, and this has been a big disappointment to Mirriad, our shareholders, and many partners around the world.” 26 Sep 2025
New CEO, deep cuts, repeated misses
In May 2025 CEO Stephan Beringer stepped down. Louis Wakefield, who had run European sales, took over and moved the company to direct sales in EMEA. The CFO and two non-executives also left. Cost targets were met: the company aimed for about £250k a month and reached about £220k.
Revenue promises were not met. Programmatic launches slipped through 2024, and 2024 guidance was cut twice. The 2025 promise of a significant second-half improvement produced about £200k. At the May 2025 fundraise the company said its cash runway needed sales of at least £1.2m over 12 months. In June it said that figure was 'slightly lower' but gave no new number. 2025 revenue was about £0.4m. 28 May 2025 26 Jun 2025 26 Sep 2025 19 Dec 2025
In administration, shares suspended
Mirriad plc is in administration. Its UK subsidiary is in administration and the Indian company is heading to liquidation. Trading in the shares was suspended on 27 April 2026. On 29 April the company became an AIM Rule 15 cash shell. It has not published its 2025 annual report and missed the 30 June 2026 deadline. A shareholder with 6.18% asked on 28 April to replace all three directors, and the outcome is not in the announcements. The latest recorded price is 0.0p on 21 October 2026. 27 Apr 2026 28 Apr 2026 29 Apr 2026 14 May 2026 30 Jun 2026 30 Sep 2026
Dependent on an outside investor
The company has given no revenue guidance. On 30 September 2026 it said a proposed investment would, if completed, let it repay creditors, exit administration, publish the 2025 accounts and 2026 interim results, and seek the return of trading. The company has not published the investor's name or the terms.
AIM rules required a reverse takeover or re-admission as an investing company within six months of 29 April 2026. They allow suspension then, and cancellation of AIM admission after twelve months, if neither happens. The open questions are whether the investment completes and what remains of the business and shareholders' stakes. 30 Sep 2026 29 Apr 2026
Written by AI from Mirriad Advertising's own announcements since Oct 2023 · every paragraph links to its sources