Mirriad Advertising

MIRI · AIM · Financial Services · mcap £0.4m · 0.0p 3 open situations →

Mirriad uses software to insert virtual brand products and signage into existing TV and streaming content, selling the placements to advertisers through media partners. It earns revenue from partner and agency sales in the US, Europe and the Middle East.

Target	Promise	Said	Status
2023
Q4 2023	Begin first-phase implementations with the top US network partner in Q4 2023	7 Nov 2023	✓ Kept
	“After a successful first phase of standard implementations of our solution, which are planned to be initiated in Q4” Also stated 16 Nov 2023 How it developed 7 Nov 2023 Said “After the first phase of programme-based implementation of our format which is planned to be executed in Q4 we look forward to soon start testing our...” 16 Nov 2023 ✓ Kept “After a successful first phase of standard implementations of our solution, which are planned to be initiated in Q4, we anticipate starting to test our...” 16 Nov 2023 Said “After a successful first phase of standard implementations of our solution, which are planned to be initiated in Q4” 24 Jan 2024 ✓ Kept “Agreements in place with supply side partners representing c25% of the total US TV advertising market, up from 8% in Q3 2023” Result January 2024 update reported FY2023 revenue up 31% and US market coverage of about 25% from the major partner agreements. “After a successful first phase of standard implementations of our solution, which are planned to be initiated in Q4, we anticipate starting to test our programmatic capabilities on our Partner Company's platform shortly after that.”16 Nov 2023 · Agreement with top three US entertainment network “Agreements in place with supply side partners representing c25% of the total US TV advertising market, up from 8% in Q3 2023”24 Jan 2024 · Full year trading update
2024
2024	Additional major US entertainment partners to sign contracts (end 2023, later the majority of remaining ones in 2024)	7 Nov 2023	✗ Missed
	“we expect to close the majority of these in 2024” Also stated 4 Jun 2024 How it developed 7 Nov 2023 Said “the Board anticipates that one or more of these companies will ultimately contract with Mirriad by the end of 2023” 4 Jun 2024 ✗ Missed “Discussions with the remaining Majors in the US are promising, and we expect to close the majority of these in 2024.” 4 Jun 2024 Said “we expect to close the majority of these in 2024” Result Two new agreements came in Dec 2023 and March 2024, but the 2024 revenue guidance cut and 2024 revenue of £1.0m show the expected volume did not arrive. “Discussions with the remaining Majors in the US are promising, and we expect to close the majority of these in 2024.”4 Jun 2024 · Audited Results for year ended 31 December 2023
Q2 2024	Programmatic selling to contribute revenue from H1 2024 and activate in Q2 2024	24 Jan 2024	✗ Missed
	“Working with partners and advertisers towards activation of programmatic in Q2 2024” Also stated 4 Jun 2024 · 23 Sep 2024 · 7 Jan 2025 How it developed 24 Jan 2024 Said “Programmatic testing continuing with five partners and is on-track to contribute to revenue starting in H1 2024.” 4 Jun 2024 ✗ Missed “Crucially, we are actively engaged with TripleLift and other adtech partners to initiate programmatic activation in Q2 2024.” 4 Jun 2024 Said “Working with partners and advertisers towards activation of programmatic in Q2 2024” 23 Sep 2024 ✗ Missed “There was a delay to the roll out of programmatic in H1 2024 principally due to a change in the key SSP's priorities which delayed the necessary development work.” 23 Sep 2024 Said “work is proceeding with both that SSP and supply partners to enable a programmatic launch as soon as practical” 7 Jan 2025 Said “we are on the cusp of launching our programmatic solution with world leading adtech partners, currently in testing” Result Launch slipped to Q4 2024, then was still 'on the cusp' in January 2025; no launch is reported later. “Crucially, we are actively engaged with TripleLift and other adtech partners to initiate programmatic activation in Q2 2024.”4 Jun 2024 · Audited Results for year ended 31 December 2023 “There was a delay to the roll out of programmatic in H1 2024 principally due to a change in the key SSP's priorities which delayed the necessary development work.”23 Sep 2024 · Unaudited interim results
2024-06	Publish FY2023 preliminary results soon after receiving placing proceeds	2 May 2024	✓ Kept
	“The Company intends to publish the Preliminary Results as soon as reasonably practicable following receipt of the net proceeds of the Placing and the Retail Offer.” How it developed 2 May 2024 Said “The Company intends to publish the Preliminary Results as soon as reasonably practicable following receipt of the net proceeds of the Placing and the Retail Offer.” 4 Jun 2024 ✓ Kept “Placing, retail offer and directors' subscription to raise £6.8m (gross) announced on 7 May 2024” Result FY2023 results were published on 4 June 2024 after the placing and general meeting. “Placing, retail offer and directors' subscription to raise £6.8m (gross) announced on 7 May 2024”4 Jun 2024 · Audited Results for year ended 31 December 2023
Q4 2024	Update shareholders on pipeline deals and agency partnerships in Q4 2024	23 Sep 2024	✓ Kept
	“We expect to be able to update shareholders further in Q4 on both the progress of the pipeline deals referenced above as well as the agency partnerships” How it developed 23 Sep 2024 Said “We expect to be able to update shareholders further in Q4 on both the progress of the pipeline deals referenced above as well as the agency partnerships” 20 Nov 2024 ✓ Kept “The Company also announced in the H1 Results that it was holding substantive discussions with large global agency groups to work on partnerships to give...” 7 Jan 2025 ✓ Kept “we are entering the new year with a strong pipeline of opportunities with advertisers and agencies, including the active discussions for larger agency...” Result Updates came on 20 November 2024 and 7 January 2025, covering agency deals and the pipeline. “The Company also announced in the H1 Results that it was holding substantive discussions with large global agency groups to work on partnerships to give their clients access to virtual product placement content clusters packaged around seasonal events and specific contextual parameters.”20 Nov 2024 · Trading Update “we are entering the new year with a strong pipeline of opportunities with advertisers and agencies, including the active discussions for larger agency agreements with two major groups, positioning us for significant gains in the coming year”7 Jan 2025 · Full year trading update
FY2024	FY2024 revenue of £1m to £2m (guidance cut)	20 Nov 2024	✗ Missed · target changed
	How it developed 20 Nov 2024 Said “Revenue guidance £1m to £2m” 7 Jan 2025 ↻ Changed / dropped “Revenue for the year was slightly over £1.0m (FY2023: £1.8m), a c.45% reduction on FY2023.” Result Guidance was lowered to £1-2m, replacing earlier expectations; outcome was slightly over £1.0m, the bottom of the range. “Revenue for the year was slightly over £1.0m (FY2023: £1.8m), a c.45% reduction on FY2023.”7 Jan 2025 · Full year trading update
2025
2025	Implement further material cost savings in 2024/2025	4 Jun 2024	✓ Kept
	“we expect to be able to implement further cost savings in H2 2024, with some offset by selected recruitment” Also stated 23 Sep 2024 How it developed 4 Jun 2024 Said “Further material cost savings identified to be implemented in 2024/2025” 28 Jun 2024 Said “Annualised operating cost savings implemented £200k out of £750k potential” 23 Sep 2024 Said “we expect to be able to implement further cost savings in H2 2024, with some offset by selected recruitment” 20 Nov 2024 ✓ Kept “Substantial progress has been made on cost saving initiatives, both as previously announced as well as new initiatives, and the Group run rate cost base is...” 26 Jun 2025 ✓ Kept “Further significant cost saving measures implemented to reduce the Group's monthly cost base to approximately £250,000, with the planned cost savings being...” Result Cost base cut to about £8m annualised by Nov 2024 and to £220k a month by mid-2025 after restructuring. “Substantial progress has been made on cost saving initiatives, both as previously announced as well as new initiatives, and the Group run rate cost base is now c. £8m on an annualised basis.”20 Nov 2024 · Trading Update “Further significant cost saving measures implemented to reduce the Group's monthly cost base to approximately £250,000, with the planned cost savings being primarily achieved through a c. 40% reduction in staff numbers”26 Jun 2025 · Final Results
Q1 2025	Monetise agency deals in Q1 2025	7 Jan 2025	✗ Missed
	“we are addressing the learnings together with our agency partners with the objective of successfully monetising in Q1 2025” Result Q1 2025 revenue was just over £80,000, slightly below Directors' expectations. 1 May 2025 · Corporate update
31 Dec 2025	Significant revenue improvement in the six months to 31 December 2025	26 Sep 2025	✗ Missed
	“we expect a significant improvement on revenues in the six months ended 31 December 2025” How it developed 26 Sep 2025 Said “we expect a significant improvement on revenues in the six months ended 31 December 2025” 19 Dec 2025 ✗ Missed “Revenue for the second half of the year (” 14 Jan 2026 ✗ Missed “Subject to completion of the audit, Mirriad's revenue for 2025 is expected to total just over £0.4m (FY24: £1.0m).” Result H2 2025 revenue expected about £200k, similar to H1's £199k; full year about £0.4m. “Revenue for the second half of the year (”19 Dec 2025 · Trading Update “Subject to completion of the audit, Mirriad's revenue for 2025 is expected to total just over £0.4m (FY24: £1.0m).”14 Jan 2026 · Full year trading update
2026
30 Jun 2026	Secure further funding before publishing the FY2025 annual report	30 Mar 2026	✗ Missed
	“it is anticipated that the Company will be required to secure further funding prior to the publication of its annual report and accounts for the year ended 31 December 2025” How it developed 30 Mar 2026 Said “it is anticipated that the Company will be required to secure further funding prior to the publication of its annual report and accounts for the year ended...” 27 Apr 2026 ✗ Missed “the Company has not been able to secure the urgent funding that would be required to enable the Group to continue to trade as a going concern” Result Funding was not secured; administrators were appointed in April 2026 and the FY25 report deadline was missed. “the Company has not been able to secure the urgent funding that would be required to enable the Group to continue to trade as a going concern”27 Apr 2026 · Intention to appoint Administrators & Suspension
Today · 23 Oct 2026
29 Oct 2026	Complete a reverse takeover or become an investing company within six months	29 Apr 2026	… In progress
	“the Company is required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 within six months of today's date” Status so far Not yet due.
2026-06	Cash runway of at least 12 months, assuming sales receipts of £1.2m or more	26 Jun 2025	✗ Missed
	“provide the Group with a cash runway of not less than 12 months, assuming cash receipts from sales of not less than £1.2 million in the 12 months from the announcement” How it developed 26 Jun 2025 Said “provide the Group with a cash runway of not less than 12 months, assuming cash receipts from sales of not less than £1.2 million in the 12 months from the...” 30 Mar 2026 ✗ Missed “As at 27 March 2026, the Company had cash and cash equivalents of c. £675k.” 27 Apr 2026 ✗ Missed “the Company has not been able to secure the urgent funding that would be required to enable the Group to continue to trade as a going concern.” Result Cash fell to about £675k by March 2026 and subsidiaries entered administration in April 2026. “As at 27 March 2026, the Company had cash and cash equivalents of c. £675k.”30 Mar 2026 · Trading Update “the Company has not been able to secure the urgent funding that would be required to enable the Group to continue to trade as a going concern.”27 Apr 2026 · Intention to appoint Administrators & Suspension
2026	Significantly stronger 2026 sales, with an uplift in February-March	14 Jan 2026	✗ Missed
	“expectations are for a significantly stronger sales performance in 2026” How it developed 14 Jan 2026 Said “expectations are for a significantly stronger sales performance in 2026” 30 Mar 2026 ✗ Missed “geopolitical events, principally the conflict in Iran, regrettably had a major impact on sales during the period, meaning this did not materialize as anticipated.” 23 Apr 2026 ✗ Missed “Trading conditions deteriorated significantly following a rapid escalation in geopolitical tensions during a critical period for the business, most notably...” Result March 2026 update said geopolitical events prevented the expected uptick; administration followed in April 2026. “geopolitical events, principally the conflict in Iran, regrettably had a major impact on sales during the period, meaning this did not materialize as anticipated.”30 Mar 2026 · Trading Update “Trading conditions deteriorated significantly following a rapid escalation in geopolitical tensions during a critical period for the business, most notably the conflict in Iran impacting the key Middle Eastern market.”23 Apr 2026 · Corporate Update