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
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
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
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
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