Nanoco Group
NANO · Main Market · Technology · mcap £4.8m · 2.7p 3 open situations →
- EV
- −£9.1m
- EV / EBIT
- –
- Net cash
- £14.4m
- FCF yield
- -30.6%
- Revenue
- £11.9m
- Cash returned
- 19.3%
- Share price 1y
- −73%
- Insiders 12m
- no deals
- Next report
- around 17 Nov
Nanoco makes quantum dot and infra-red sensing nanomaterials for electronics at its Runcorn site, earning revenue from development agreements, material sales and patent licences. It also enforces its patents through litigation.
Open · 3
Asian chemical customer SWIR JDA
The first Asian chemical customer signed a three-year JDA extension in November 2025. The 19 August 2026 update says Nanoco is on track for all first-year milestones, with volumes expected to more than double in FY27 from a relatively small base. The second customer agreed a small programme extension in June 2026 and talks on next steps continue; other sensing JDA and supply discussions are ongoing.
- Extension
- Three-year JDA extension signed, announced November 2025 20 Apr 2026 ↗
- Next milestone
- Customer selects material for scale-up towards end of first year of extension 20 Apr 2026 ↗
- Second JDA
- All milestones delivered; further extension under discussion 20 Apr 2026 ↗
- First customer
- On track for all year-one milestones of three-year JDA 19 Aug 2026 ↗
- FY27 volumes
- Expected to more than double from a relatively small base 19 Aug 2026 ↗
- Second customer
- Small programme extension in June 2026; next-step talks continuing 19 Aug 2026 ↗
Next: first customer selects material for scale-up late in extension year one
- 19 Aug 2026 On track for year-one milestones; volumes to double FY27
- 20 Apr 2026 Milestones met; moving to scale-up
- 18 Nov 2025 Three-year extension signed post year end
- 4 Nov 2025 Three-year JDA extension signed
Leadership change and cost reset
On 26 January 2026 Nanoco ended the CDX sale, cut costs and replaced its CEO; the Board was cut to three from 1 May 2026. The 19 August 2026 update confirms the reorganisation is complete, with gross cash costs at £0.3m-£0.4m a month (FY25: £0.5m) and year-end cash of £9.3m, slightly ahead of market expectations. Further cost cuts are being assessed.
- CFO role
- Not directly replaced in the short term 20 Apr 2026 ↗
- Cash
- £10.1m at 19 May 2026 27 May 2026 ↗
- Extra saving
- c.£0.7m a year from delisting, if approved 27 May 2026 ↗
- Goal
- Break even in the medium term 19 Aug 2026 ↗
- Gross cash costs
- £0.3m - £0.4m per month (FY25: £0.5m) 19 Aug 2026 ↗
- Year-end cash
- £9.3m at 31 July 2026, slightly ahead of expectations 19 Aug 2026 ↗
Next: final results for year to 31 July 2026, later this calendar year
- 19 Aug 2026 Cost base reduced; further cuts under review
- 27 May 2026 Further £0.7m saving via delisting proposed
- 20 Apr 2026 Restructuring done; further cuts monitored
- 26 Jan 2026 Interim CEO, Executive Chair, cost cuts
Delisting and move to private company
Follows from Leadership change and cost reset – Cost base reduced; further cuts under review
After ending the CDX sale on 26 January 2026, the Board proposed delisting on 27 May 2026 to save about £0.7m a year. On 19 June 2026 the General Meeting was adjourned sine die because the 75% threshold looked out of reach. The 19 August 2026 update says the shareholder consultation begun on 26 June 2026 is ongoing after submissions were received. No new meeting date has been given.
- Shareholder concern
- Potential lack of liquidity; Matched Bargain Facility only 19 Aug 2026 ↗
- Board next step
- Continue to explore further options and engage with shareholders 19 Jun 2026 ↗
- Threshold
- 75% approval needed; Board said on 18 June 2026 it was unlikely to be reached 19 Aug 2026 ↗
- Saving at stake
- c.£0.7m a year from delisting, delayed 19 Aug 2026 ↗
- Consultation
- Started 26 June 2026; ongoing at 19 August 2026 following receipt of submissions 19 Aug 2026 ↗
Next: outcome of shareholder consultation; no date given
- 19 Aug 2026 Shareholder consultation ongoing after adjourned meeting
- 19 Jun 2026 General Meeting adjourned sine die; delisting stalled
- 18 Jun 2026 Adjournment proposed; approval unlikely at 75%
- 9 Jun 2026 Glass Lewis backs delisting; vote pending
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Company filings. Not investment advice.