Nexteq

NXQ · AIM · Technology · mcap £22m · 42.0p

Nexteq designs and supplies specialist electronics. Its Quixant division makes computing platforms for casino gaming machines, and its Densitron division makes display and control products for broadcast, automotive and industrial customers.

Target	Promise	Said	Status
2024
31 Dec 2024	FY24 revenues broadly in line with FY23 and meeting full-year market expectations	17 Jan 2024	✗ Missed · target changed
	“FY24 revenues at this stage anticipated to be broadly in line with FY23 revenue levels” Also stated 16 Apr 2024 Result Guidance was cut in July and October 2024; FY24 revenue was $86.7m versus $114.3m. “As a result, H2 2024 revenues are expected to be broadly in line with H1, which would result in FY24 revenues 15%-20% below market expectations”24 Jul 2024 · Trading Update and Notice of Results “Group revenue is expected to be $86.7m (FY23: $114.3m), reflecting a backdrop of economic challenges across the markets, and wider industry de-stocking”15 Jan 2025 · Trading Update and Notice of Results
2025
2 Apr 2025	Appoint a new independent Non-Executive Chair and CEO and CFO successors	24 Jul 2024	✓ Kept
	“it is anticipated that the appointment of the new independent Non-Executive Chair will be announced shortly” Result Duncan Faithfull became CEO in August 2024, Matt Staight CFO in December 2024 and Carol Thompson Chair in April 2025. “Duncan Faithfull, currently Gaming Business Leader and Chief Commercial Officer at Nexteq, has been appointed to the Board as Group Chief Executive Officer with immediate effect.”29 Aug 2024 · Appointment of Chief Executive Officer “Matt Staight, has been appointed to the Board as Group Chief Financial Officer with immediate effect.”19 Dec 2024 · Appointment of Director
31 Dec 2025	2025 revenues broadly in line with 2024 and in line with market expectations	15 Jan 2025	✓ Kept
	“H2 2025 revenues are expected to exceed H1, returning to the historic pattern of H2 weighted revenues, and in line with FY25 market expectations” Also stated 22 Jul 2025 Result FY25 revenue was $90.2m versus $86.7m, and adjusted PBT of $3.6m was in line with consensus. “FY25 trading is expected to be in line with market expectations. This reflects a performance slightly ahead of the guidance laid out at the Capital Markets event in February 2025, with revenue of $90.2m (FY24: $86.7m)”19 Jan 2026 · Trading Update and Notice of Results “Full year adjusted profit before tax is expected to be not less than market consensus forecast of $3.6m”19 Jan 2026 · Trading Update and Notice of Results
31 Dec 2025	More than 10 customers worth $1m or more in 2025	22 Jul 2025	… In progress
	“The Group is on track to deliver an increased number of $1m customers in 2025, up from 10 customers within the $1m cohort in 2024.” Also stated 10 Sep 2025 Result Not yet due.
31 Dec 2025	Complete one M&A deal by end of 2025	10 Sep 2025	✗ Missed
	“M&A discussions ongoing with the aim to deliver one completed deal by the end of 2025” Result No acquisition was announced in later cards. “We will continue to target M&A activity to accelerate capability development, market expertise, and revenue growth, but will do so in a structured way, and will be rightly demanding in what M&A opportunities can bring.”18 Mar 2026 · Audited Final Results
2026
28 Feb 2026	Launch the gaming software solution (LaunchPad) at ICE Barcelona in January 2026	10 Sep 2025	✓ Kept
	“the innovative Gaming Software solution, LaunchPad, being formally launched in January 2026” Also stated 19 Jan 2026 Result Launchpad was unveiled at ICE Barcelona 2026 and won a first customer in February. “Unveiled at ICE Barcelona 2026, Launchpad is designed to make it simpler and faster for customers to develop and run land-based casino games, such as slot machines, in regulated markets worldwide.”2 Feb 2026 · Launchpad, Nexteq’s turnkey software platform “Nexteq (AIM: NXQ), a leading technology solutions provider to customers in selected industrial markets, is pleased to announce it has secured its first customer win and initial software license purchase order for its recently launched Gaming Software platform, Launchpad.”13 Feb 2026 · First Launchpad Software License Purchase Order
Today · 10 Oct 2026
31 Oct 2026	Close the Taiwan property sale by October 2026 at a small profit	9 Sep 2026	… In progress
	“The Taiwan property sale is expected to realise a small profit” Status so far Not yet due.
31 Dec 2026	Deliver revenue from the Brazil mass production order in FY26	17 Sep 2025	… In progress
	“This mass production purchase order is expected to deliver revenues in FY26 based on current component lead times” Status so far Not yet due.
31 Dec 2026	FY26 revenue of not less than $85m	18 Dec 2025	✗ Missed · target changed
	“the Group's financial expectations set out in its three-year plan will be achieved, however, given the short-term headwinds impacting FY26, delivery is now expected to be delayed by 12 months to the end of FY28” Result In May 2026 FY26 revenue was guided about 15% below $85m consensus; H1 revenue was $26.7m. “Group revenue reflects challenging macro conditions, customer mix and the Group's usual H1 seasonality”9 Sep 2026 · Half-year Results
31 Dec 2026	Launch DDR-5 variants of key products in 2026 to reduce DDR4 reliance	19 Jan 2026	… In progress
	“The launch of DDR-5 variants of key products is a key risk mitigation strategy which will allow multiple product lines to move away from DDR4 reliance in 2026” Status so far Not yet due.
31 Dec 2026	Cash balance to improve in H2 2026	24 Jul 2026	… In progress
	“The Board expects the cash balance to improve in H2, supported by the Group's normal second-half revenue weighting and the unwind of strategic inventory positions.” Status so far Not yet due.
2027
31 Dec 2027	By end 2027: revenue $108m-$120m, gross margin 35-38%, EBITDA margin 10-15%	26 Feb 2025	✗ Missed · target changed
	“revenue of $108m-$120m, gross margin of 35-38% and 10-15% EBITDA margin by the end of 2027” Also stated 19 Mar 2025 Result In December 2025 delivery was delayed 12 months to end FY28; the March 2026 results restated the objectives for 2028. “The Board remains confident that the Group's financial expectations set out in its three-year plan will be achieved, however, given the short-term headwinds impacting FY26, delivery is now expected to be delayed by 12 months to the end of FY28.”18 Dec 2025 · Trading Update “Subsequent material news regarding the acquisition of the Group's historically largest customer, led to the market announcement in December 2025 outlining the impact on 2026 performance and on the timing of the three-year plan outcome, with the financial objectives now targeted for 2028.”18 Mar 2026 · Audited Final Results
31 Dec 2027	Gaming software solution with $4-5m repeatable revenue by end 2027	26 Feb 2025	… In progress
	“Creation of a new Gaming software solution, targeting $4-5m repeatable revenue by the end of 2027” Status so far Not yet due.
31 Dec 2027	Return to growth in 2027	21 May 2026	… In progress
	“return to growth in FY2027 as Nexteq continues to build a more diversified and higher-quality revenue base” Also stated 9 Sep 2026 Status so far Not yet due.
2028
31 Dec 2028	Three-year plan financial expectations achieved by end FY28	18 Dec 2025	… In progress
	“the Group's financial expectations set out in its three-year plan will be achieved, however, given the short-term headwinds impacting FY26, delivery is now expected to be delayed by 12 months to the end of FY28” Status so far Not yet due.
2050
31 Dec 2050	Achieve Net Zero emissions by 2050	13 Mar 2024	… In progress
	“We have also committed to achieving Net Zero emissions by 2050 and the organisation was Carbon Neutral in 2023.” Status so far Not yet due.