Nexteq, listed on AIM, makes the computer platforms inside casino gaming machines (Quixant) and the display and control systems used in broadcast and industrial equipment (Densitron). Revenue was $114m in 2023, and in the first half of 2026 it was $26.7m, down 34% on a year earlier, with a loss as North American gaming customers cut orders. The company says it keeps all its customers except Everi, which was acquired, and it is betting on new software and display products to rebuild growth.
Computers for casino cabinets, screens for broadcasters
Nexteq lets makers of electronic equipment outsource the design and supply of parts of their product that are not core to them. It has two brands. Quixant builds specialised computers for gaming machines. Densitron builds human-machine interfaces: displays and control panels, including broadcast control surfaces.
The group was founded in 2005 and floated on AIM as Quixant plc. It rebranded to Nexteq in 2023. It operates in six countries and serves over 500 customers in 47 countries. Its Taiwan operation anchors Asian supply chains, and a second factory in Malaysia was added by 2023.
Quixant is the larger and more volatile half. It made $60m of 2025 revenue against $30m for Densitron. It sells mainly to land-based gaming customers in North America. 13 Mar 2024 18 Mar 2026 9 Sep 2026
Record cash, then customers stopped ordering
2023 was a strong year. Revenue was $114m, adjusted profit before tax was $14.7m and net cash reached a record $27.9m. Then customers began running down stock after the surge of 2022 and 2023, and higher interest rates made them cautious.
In July 2024 the company warned that revenue and profit would fall well short of forecasts. Revenue for 2024 fell 24% to $86.7m and adjusted profit before tax fell to $4.8m. That figure includes a $2.7m write-down of stock bought for Aruze, a gaming customer. The company reported no lost customers. The shares fell from 157p in March 2024 to 85.5p in July. 13 Mar 2024 24 Jul 2024 10 Sep 2024 19 Mar 2025
New leadership and a three-year plan
The July 2024 warning came with a clear-out at the top. Chief executive Jon Jayal, chair Francis Small and finance chief Johan Olivier all stepped down. Duncan Faithfull, previously head of gaming, became CEO in August 2024. Matt Staight became finance chief in December 2024, and Carol Thompson became chair in April 2025.
At a Capital Markets Day on 26 February 2025 the new team set targets for the end of 2027: revenue of $108m-$120m, gross margin of 35-38% and EBITDA margin of 10-15%. It also targeted $4-5m of repeat revenue from a new gaming software product. A further goal was 20 customers paying at least $1m a year by 2027. The group restructured as 'One Nexteq', cutting overheads by about $1.2m a year, and kept buying back shares. 24 Jul 2024 29 Aug 2024 19 Dec 2024 2 Apr 2025 26 Feb 2025 10 Sep 2025
Everi's sale and the memory squeeze
Quixant's largest customer, Everi, was acquired by Apollo funds in 2025. Its volumes fell faster than the company expected. A new North American customer replaced part of the loss, and customers paying over $1m a year rose from 10 to 14. 2025 revenue rose 4% to $90.2m. Adjusted profit before tax fell to $3.6m, as gross margin dropped to 32.8% when AI-driven demand pushed up memory prices.
On 18 December 2025 the company guided 2026 revenue to at least $85m. It also delayed the three-year targets by 12 months, from the end of 2027 to the end of FY28. The shares fell from 88.5p in November to 68.5p in December.
Management said: "We achieved our financial commitments in 2025, despite the decline in volume from our historically biggest gaming customer being steeper than previously anticipated, following its acquisition." 10 Sep 2025 18 Mar 2026 18 Dec 2025 17 Sep 2025
“We achieved our financial commitments in 2025, despite the decline in volume from our historically biggest gaming customer being steeper than previously anticipated, following its acquisition.” 18 Mar 2026
2026: tariffs, dearer memory and a gaming slump
On 21 May 2026 the company said revenue would be about 15% below earlier expectations. It blamed US tariffs and higher component costs in Quixant. Management says these raised its customers' own product costs by around 30% and cut cabinet volumes. Some customers also now buy memory directly, which removes pass-through revenue.
In the first half, Quixant revenue fell 53% to $12.8m, while Densitron held at $13.9m with a record 38% gross margin. The group made an adjusted EBITDA loss of $2.8m. The shares ended May at 51.5p and were about 41p by September. 21 May 2026 24 Jul 2026 9 Sep 2026
One big customer, one scarce component
The chair has said that revenue concentrated in a single major customer once risked slowing investment. Management says it has since diversified, with more $1m customers and a Densitron business that held up. In 2026 the exposure showed again, now to North American gaming as a whole, and Quixant revenue halved.
The record on targets and guidance is mixed. The company met its 2025 profit commitment. It then delayed the 2027 targets within ten months, and in May 2026 revenue guidance for 2026 was cut for the second time in six months. Spending also ran against the downturn. It returned $8.5m to shareholders in the first half of 2026, and it bought a $15.5m Taipei office after year-end with a $12.2m mortgage. That office move has now been dropped. 18 Mar 2026 18 Dec 2025 21 May 2026 9 Sep 2026
A new team, small share purchases
Faithfull has been CEO since August 2024 and chair Carol Thompson since April 2025. Finance chief Matt Staight joined in December 2024, and Deborah Wilkinson became a non-executive director and audit chair in October 2025. A deputy chair is retiring on 31 August 2026.
Directors have bought shares as the price fell. Wilkinson bought 12,228 at 73.6p in January 2026 and 11,078 at 48.7p in July. Thompson bought 10,000 at 49.9p in July. The holdings are small. Liontrust is the largest shareholder named in the filings, at about 11%, and Lombard Odier holds 8.5%. 29 Aug 2024 19 Dec 2024 2 Apr 2025 30 Oct 2025 20 Jan 2026 28 Jul 2026 31 Jul 2026 24 Jul 2026
Loss-making half, thin net cash, Taiwan property for sale
Management called the first half "a challenging period". Revenue was $26.7m and the group lost $4.7m before tax. Net cash was minus $1.4m, against $25.0m at the end of 2025. Gross cash was $10.7m. The gap reflects the $12m Taiwan mortgage, stock bought ahead of price rises, and the shareholder returns.
The board has dropped the Taiwan office move and will sell the property in October at a small profit, which it says will lift net cash by over $15m. Extra cost cuts save $1.3m a year. Order cover for 2026 was 83% at the end of August. The company says two significant gaming orders are still needed to secure the year-end position. 9 Sep 2026 24 Jul 2026
“H1 2026 was a challenging period for Nexteq, with the headwinds facing our end markets intensifying during the period.” 9 Sep 2026
Hoping for growth in 2027, material impact in 2028
The company reiterates its 2026 expectations from the May trading statement. It expects second-half revenue to be well above the first, as usual. It forecasts a return to growth in 2027. It also expects material profit impact from new wins only from 2028, in line with the delayed three-year targets.
Management expects land-based gaming to stay weak. In its words: "Challenging market conditions in land-based Gaming are expected to persist through 2026 and 2027 as the impact of tariffs and continually increasing component costs hit customer confidence."
The new business is real but still small. Three broadcast wins, three customers for the Launchpad gaming software, two control-software deals, a Pro-AV display order and an electric-vehicle display design win are all due to start production in the second half of 2026. Quixant also has a Brazilian lottery order, and a first Launchpad customer with potential for $1m a year. The company has not said how large these will be. 9 Sep 2026 21 May 2026 29 Jul 2026 26 Aug 2026 13 Feb 2026 17 Sep 2025
“Challenging market conditions in land-based Gaming are expected to persist through 2026 and 2027 as the impact of tariffs and continually increasing component costs hit customer confidence.” 9 Sep 2026
Written by AI from Nexteq's own announcements since Oct 2023 · every paragraph links to its sources