Feedback (FDBK) AI Stock Analysis

• Market Cap: £6.02M
• Dividend Yield: N/A
• Average Volume (3M): 76.45K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.36
• Revenue Growth: -25.05%
• EPS Growth: -5.74%
• Country: UK
• Employees: 27
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.04
• Shares Outstanding: 43,814,777
• 10 Day Avg. Volume: 152,066
• 30 Day Avg. Volume: 76,453
• PEG Ratio: 0.00
• Price to Book (P/B): 0.67
• Price to Sales (P/S): 4.70
• P/FCF Ratio: -1.47
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.25
• Revenue Forecast (FY): £800.00K

• Rating: 46 Neutral
• Price Target: 14.50p ▲(56.76% Upside)
• Action: Reiterated Date: 01/13/26
• Date: Action: Reiterated 01/13/26

The score is held down primarily by deteriorating financial performance (sharp revenue decline, very large/worsening losses, and ongoing cash burn), partially offset by a debt-free balance sheet. Technicals add modest support due to an upward trend, but extremely overbought signals raise near-term risk. Valuation provides limited support given negative earnings and no dividend yield data.

Positive Factors

Debt-free balance sheet

Zero reported debt meaningfully reduces refinancing and interest burden risk for a cash-burning software provider. That conservative capital structure lengthens runway and preserves strategic optionality, giving management flexibility to pursue product investment or restructurings without leverage constraints.

High gross margins

An ~88% gross margin indicates strong unit economics typical of software platforms, where delivery costs are low versus revenue. If top-line performance stabilises, these margins afford high operating leverage, enabling faster path to scalable profitability as recurring revenue grows and fixed costs are absorbed.

Recurring software licensing model

A licensing/subscription model for clinical communication software provides structural revenue durability and customer stickiness versus one-off sales. Recurring fees plus implementation and support services create predictable revenue streams and long-term customer relationships if churn and renewal rates are managed.

Negative Factors

Sharp revenue decline

A ~26% top-line decline undermines the software scaling thesis: weaker adoption or renewals reduce ability to spread fixed costs, increase per-customer acquisition economics, and make it harder to leverage high gross margins into operating profitability. Sustained revenue shrinkage threatens long-term viability.

Very large losses and margin deterioration

Net margin near -826% and materially increased losses have eroded equity (from ~£10.9m to ~£6.2m), limiting internal reinvestment capacity. Persistently negative profitability constrains product development and go-to-market scaling and increases dependence on external capital to sustain operations.

Persistent negative cash flow

Consistent negative OCF and FCF imply ongoing cash burn that must be met via reserves or financing. Even with no debt, the structural need for external funding raises dilution risk, shortens runway, and restricts strategic options, posing a durable constraint on scaling and investment.

Feedback Business Overview & Revenue Model

Company Description

Feedback plc, a medical imaging technology company, provides software and systems to those working in the field of medical imaging. Its products include TexRAD, a patent-protected software tool, which extracts and quantifies texture features in radiological images, assists research into all tumour types, and uncovers biomarkers in medical images; and TexRAD Lung, a software tool for the analysis of lung cancer for clinical use in the European Union. The company also offers Cadran image platform that provides hospitals and research institutes with a comprehensive picture archiving communication system for medical images, as well as equips users with a platform for image handling from all imaging modalities, such as CT and PET scanners; and Bleepa, a secure clinical communications platform that facilitates the sharing of clinical-grade medical images. Feedback plc was incorporated in 1958 and is headquartered in London, the United Kingdom.

How the Company Makes Money

Feedback (FDBK) makes money through a subscription-based revenue model, offering its software solutions to businesses on a monthly or annual basis. Key revenue streams include software licensing fees, customization services, and premium feature add-ons that provide advanced analytics capabilities. The company also generates income from strategic partnerships with other technology providers, enabling integrations and expanding its service offerings. Additionally, FDBK may earn revenue through consulting services, helping businesses implement and optimize their feedback management strategies.

Feedback Financial Statement Overview

Summary

Weak fundamentals dominate: revenue fell sharply (~-26% latest year) and losses widened materially (net margin roughly -826%) alongside persistent negative operating/free cash flow (latest FCF about -2.8m). The key offset is a conservative balance sheet with zero debt and high gross margin (~88%), but ongoing cash burn and equity erosion remain major risks.

Income Statement

Revenue has been volatile and declined sharply in the latest annual period (down ~26% to ~0.89m), following multiple years of uneven growth. Profitability remains weak despite strong gross margin in the latest year (~88%): operating losses are large relative to sales and expanded materially, with the net margin deteriorating to roughly -826% as losses increased significantly. Overall, the business shows pricing/potential unit economics (high gross margin), but the income statement is dominated by heavy operating costs and worsening bottom-line performance.

Balance Sheet

The balance sheet is conservatively structured with zero debt across the periods provided, which reduces financial risk and refinancing pressure. However, equity has declined from ~10.9m (2023) to ~6.2m (2025) as losses accumulated, and returns on equity are consistently negative (latest roughly -119%), highlighting ongoing value erosion. In short: low leverage is a clear strength, but continued losses are shrinking the capital base.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in every year shown, indicating the company is still funding operations with cash reserves and/or financing rather than internally generated cash. The latest year shows some improvement in free cash flow versus the prior year (positive growth), but absolute free cash flow remains meaningfully negative (about -2.8m). A positive note is that free cash flow is roughly in line with reported losses (latest free cash flow to net income ~1.0), suggesting limited additional non-cash distortions—but the underlying cash burn remains the central issue.

Breakdown	TTM	May 2024	May 2023	May 2022	May 2021	May 2020
Income Statement
Total Revenue	849.62K	885.62K	1.18M	1.02M	588.58K	287.42K
Gross Profit	535.65K	778.65K	1.10M	131.39K	-63.68K	213.64K
EBITDA	-3.91M	-4.19M	-2.73M	-2.61M	-1.96M	-2.01M
Net Income	-7.18M	-7.32M	-3.30M	-2.92M	-2.12M	-1.62M
Balance Sheet
Total Assets	4.86M	6.75M	8.34M	11.72M	14.30M	5.82M
Cash, Cash Equivalents and Short-Term Investments	3.82M	5.95M	3.88M	7.32M	10.31M	2.22M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	400.00K	589.02K	694.18K	855.45K	594.13K	552.83K
Stockholders Equity	4.46M	6.16M	7.64M	10.87M	13.71M	5.27M
Cash Flow
Free Cash Flow	-3.30M	-2.83M	-2.14M	-2.99M	-2.41M	-3.47M
Operating Cash Flow	-3.29M	-2.82M	-2.22M	-1.74M	-1.25M	-2.03M
Investing Cash Flow	-725.81K	-716.00K	-1.22M	-1.24M	-1.15M	-1.44M
Financing Cash Flow	496.49K	5.61M	0.00	-830.00	10.49M	4.96M

Feedback Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:FDBK, the sentiment is Positive. The current price of 9.25 is below the 20-day moving average (MA) of 11.98, below the 50-day MA of 11.25, and below the 200-day MA of 11.82, indicating a bullish trend. The MACD of 0.78 indicates Negative momentum. The RSI at 69.87 is Neutral, neither overbought nor oversold. The STOCH value of 73.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:FDBK.

Feedback Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KOO	76 Outperform	£43.24M	15.44	10.86%	―	―	―
COG	52 Neutral	£20.25M	-10.90	-68.57%	―	-30.77%	-6.97%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IXI	51 Neutral	£7.07M	-4.10	-15.57%	―	13.32%	55.07%
GDR	47 Neutral	£11.17M	-1.11	-153.92%	―	90.42%	79.21%
FDBK	46 Neutral	£6.02M	-0.84	-105.98%	―	-25.05%	-5.74%
OBD	45 Neutral	£11.16M	-0.27	-407.49%	―	72.17%	79.03%

Feedback Corporate Events

Feedback plc invests for scale as Bleepa deepens NHS foothold

Feedback plc reported half-year results to 30 November 2025 showing stable revenue of £0.41m, with Bleepa contributing the majority, but a higher EBITDA loss of £1.61m as the company invested in support teams and cloud infrastructure. Cash fell to £3.82m, though management said the business has sufficient funding through mid‑2027 and remains financially stable while laying the groundwork to scale in 2026–27.

Operationally, Feedback advanced the positioning of Bleepa through key NHS integrations, expanded clinical pathways at Queen Victoria Hospital and participation in national neighbourhood health simulations that demonstrated potential reductions in outpatient appointments and unplanned admissions. The company has submitted a national business case for Bleepa under the NHS Spending Review, is in late‑stage talks with strategic partners and sees alignment with the NHS 10‑Year Plan as a catalyst for potential material contracts that could significantly accelerate its growth and strengthen its role in digital healthcare infrastructure.

The most recent analyst rating on (GB:FDBK) stock is a Hold with a £10.50 price target. To see the full list of analyst forecasts on Feedback stock, see the GB:FDBK Stock Forecast page.

Feedback plc Deepens NHS Integration as Losses Widen and National Bleepa Bid Advances

Feedback plc reported stable first-half revenue of £0.41m to 30 November 2025, with its Bleepa platform contributing 89% of sales, while adjusted EBITDA losses widened to £1.61m due to increased hiring and cloud technology investment. Cash fell to £3.82m as the company invested in product and rollout capability, but management said it retains funding runway into mid-2027 and is positioning for scale-up in 2026/27.

Operationally, Feedback completed key integrations of Bleepa with core NHS systems such as the electronic referral service, and expanded its use at Queen Victoria Hospital, including running a Non Site Specific Symptoms cancer pathway. The platform was also selected to support national simulations of the new Neighbourhood Health Service, demonstrating potential reductions in outpatient appointments and unplanned admissions and reinforcing its role in new care models.

A national business case for Bleepa has been submitted under the NHS Spending Review, which, if successful, could lead to material national or regional adoption, though the outcome is still pending. The company has paused its Indian operations to concentrate on the UK, is in late-stage discussions on strategic partnerships with consulting, cloud, and technology firms, and continues to renew all existing client contracts while engaging with NHS stakeholders at national, regional, and trust levels.

The most recent analyst rating on (GB:FDBK) stock is a Hold with a £10.50 price target. To see the full list of analyst forecasts on Feedback stock, see the GB:FDBK Stock Forecast page.

Feedback appoints CFO Emma Oswick to board as it targets digital health growth

Feedback plc, the AIM-quoted clinical infrastructure specialist behind the Bleepa® collaboration platform, provides SaaS-based digital tools that connect healthcare systems, enable asynchronous clinical working and support the shift from analogue hospital-centric models to more efficient, community-based care. Its products target both public and private healthcare providers, including the NHS, aiming to boost productivity and care coordination while delivering more predictable, scalable revenues.

The company has appointed Chief Financial Officer Emma Oswick (Stuart) to its Board of Directors, formalising her role in governance from 16 February 2026 following her arrival in November 2025. Management highlighted her experience in subscription-led technology businesses, strategic change, financial optimisation and M&A as critical to steering Feedback through a pivotal growth phase, with CEO Tom Oakley stressing her contribution as Bleepa seeks to capitalise on rising demand for digital health solutions amid heightened government focus on healthcare digital transformation.

The most recent analyst rating on (GB:FDBK) stock is a Hold with a £10.50 price target. To see the full list of analyst forecasts on Feedback stock, see the GB:FDBK Stock Forecast page.

Feedback plc sets date for interim results and retail investor presentation

Feedback plc, the clinical infrastructure and digital health collaboration specialist, will publish its interim results for the half year ended 30 November 2025 on 17 February 2026 and will host a retail investor presentation and Q&A the same afternoon. The event is intended to brief existing and prospective shareholders on the company’s recent performance and future prospects, underlining Feedback’s effort to engage retail investors more actively as it seeks to scale its Bleepa® platform and capitalise on growth opportunities in UK and international healthcare markets.

The most recent analyst rating on (GB:FDBK) stock is a Hold with a £11.00 price target. To see the full list of analyst forecasts on Feedback stock, see the GB:FDBK Stock Forecast page.

Feedback Executives Increase Stakes with AIM Share Purchases

Feedback plc has disclosed that chief executive Tom Oakley and non-board chief financial officer Emma Oswick have both increased their holdings in the company through on-market share purchases on 23 December 2025. Oakley bought 60,904 ordinary shares at 8.19 pence each, taking his total beneficial interest to 110,904 shares, or 0.25% of the company’s issued share capital, while Oswick acquired 60,459 shares at 8.27 pence each, establishing a 0.14% stake. The director and PDMR dealings, conducted on AIM in London, signal closer alignment of senior management with shareholders at a time when Feedback is pursuing growth opportunities for its healthcare data and collaboration platforms in domestic and international markets.