Nexteq

NXQ · AIM · Technology · mcap £23m · 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
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
Today · 11 Oct 2026
2026
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
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