Thruvision Group
THRU · AIM · Industrial Goods and Services · mcap £8.5m · 1.9p 4 open situations →
- EV
- £6.5m
- EV / EBIT
- –
- Net cash
- £2.0m
- FCF yield
- -11.7%
- Revenue
- £6.0m
- Share price 1y
- +81%
- Insiders 12m
- no deals
- Next report
- around 25 Jun
Open · 4
Going concern and cash runway
Includes South-East Asia airport screening contract – Awarded; delivery expected in H2 FY27
At the 25 Nov 2025 interims the Board said going concern needed order intake at the bottom of the £5-7m range. FY26 closed with £6.0m revenue, £2.0m cash and a £1.3m backlog. The 10 Aug 2026 Asia award added over £3m. On 12 Oct 2026 backlog was £2.6m at 30 September, but cash had fallen to £1.6m at 9 October.
- Adjusted EBITDA loss
- £2.5m (2025: £3.8m), in line with market expectations 26 Jun 2026 ↗
- Backlog
- £2.6m at 30 Sep 2026 (31 Mar 2026: £1.3m), to be delivered in H2 FY27 12 Oct 2026 ↗
- Operating loss
- £3.6m (2025: £4.7m) 26 Jun 2026 ↗
- New order
- More than £3m Asia airport contract announced 10 Aug 2026, delivery in H2 FY27 10 Aug 2026 ↗
- FY26 EBITDA
- Adjusted EBITDA loss £2.5m (2025: £3.8m) 10 Aug 2026 ↗
- FY27 revenue expectation
- £8.0m, unchanged 12 Oct 2026 ↗
Next: FY27 interim results; delivery of H2 backlog and cash conversion
- 12 Oct 2026 Backlog doubled; cash down to £1.6m
- 10 Aug 2026 Order intake boosted by Asia award
- 26 Jun 2026 FY26 results: cash £2.0m, no debt
- 8 Apr 2026 FY26 revenue in range; cash £2.0m
South-East Asia airport screening contract
Part of Going concern and cash runway – Backlog doubled; cash down to £1.6m
On 10 Aug 2026 Thruvision said its principal Asia partner had won a contract to deploy its systems across several major South-East Asian airports, worth over £3m, the largest Asia deployment to date. The 12 Oct 2026 update reconfirms over £3m with delivery in H2 FY27. It is part of the £2.6m backlog and underpins the £8.0m FY27 revenue expectation.
- Size
- More than £3 million expected revenue 12 Oct 2026 ↗
- Customer route
- Principal regional partner in Asia 12 Oct 2026 ↗
- Scope
- Multiple high-throughput people-screening systems across several major South-East Asian airports 10 Aug 2026 ↗
- Next milestone
- Delivery expected in H2 FY27 (to 31 March 2027) 12 Oct 2026 ↗
- Track record
- Third Asia contract above £1 million in 14 months; largest in Asia to date 10 Aug 2026 ↗
- Backlog
- £2.6m at 30 September 2026, expected to be delivered in H2 12 Oct 2026 ↗
Next: Delivery of systems in H2 FY27
- 12 Oct 2026 Awarded; delivery expected in H2 FY27
- 10 Aug 2026 Awarded to partner; delivery in H2 FY27
Pricing and cost reset
Box Clever build-cost reduction was in progress and a subscription had been launched by 25 November 2025. The 26 June 2026 results report initial savings in early FY27, with more expected this year. Discounting of legacy equipment cut adjusted gross margin to 33.9% from 44.9%. Input price increases will partly offset the cost savings.
- Savings
- Initial Box Clever savings achieved in early FY27; further savings expected during the year 26 Jun 2026 ↗
- Adjusted gross margin
- 33.9% (2025: 44.9%), reflecting discounting of legacy equipment 26 Jun 2026 ↗
- Offset
- Input price increases partly offset the cost savings 26 Jun 2026 ↗
- Overheads
- Reduced by 19%, about £1.0m 26 Jun 2026 ↗
Next: further Box Clever savings during FY27
- 26 Jun 2026 Initial savings achieved early FY27
- 25 Nov 2025 Box Clever in progress; subscription launched
US Customs (CBP) unit orders
Next: Securing significant unit orders under existing CBP contract
- 25 Nov 2025 Awaiting orders after US shutdown ended
Closed · 2
Company filings. Not investment advice.