Debt-free Balance SheetA debt-free balance sheet with ~£2.1M equity on ~£2.3M assets meaningfully lowers solvency and interest burdens. This provides management durable flexibility to fund operations, pursue options, or absorb losses over the next several months without immediate refinancing risk.
Improving Cash Burn TrendAlthough FCF remains negative (~-0.58M in 2025), the stated improvement versus 2023–2024 indicates management is narrowing cash burn. A sustained trend toward lower negative cash flow reduces near-term refinancing pressure and increases runway over the 2–6 month horizon.
Narrowing Net LossesThe meaningful narrowing of net losses versus prior years signals improving cost control or operating efficiency. If sustained, this structural improvement enhances prospects for eventual profitability and better preserves shareholder equity over the medium term.