Iconic Labs plc (ICON) AI Stock Analysis

• Market Cap: £265.19K
• Dividend Yield: N/A
• Average Volume (3M): 60.90K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.27
• Revenue Growth: N/A
• EPS Growth: -152.00%
• Country: UK
• Employees: 4
• Sector: Communication Services
• Sector Strength: 97
• Industry: Advertising Agencies
• EPS (TTM): -0.02
• Shares Outstanding: 15,153,868
• 10 Day Avg. Volume: 30,612
• 30 Day Avg. Volume: 60,904
• PEG Ratio: <0.01
• Price to Book (P/B): -0.07
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 40 Underperform
• Price Target: 1.50p ▼(-40.00% Downside)
• Action: Downgraded Date: 03/05/26
• Date: Action: Downgraded 03/05/26

The score is driven primarily by very weak financial performance (near-zero revenue, persistent operating losses, negative equity with rising debt, and multi-year cash burn). Technicals add further downside risk with a clear downtrend and weak momentum. Valuation provides limited offset because the negative P/E reflects losses and there is no dividend yield data.

Positive Factors

Listed on LSE

Being listed on the London Stock Exchange gives the company ongoing access to public capital markets, regulatory visibility, and potential investor reach. This structural access can aid fundraising and credibility versus private peers over the next several quarters.

Very small headcount

A four-person workforce implies a low fixed-cost operating base and organizational agility. With minimal payroll overhead, management can preserve runway longer or redeploy limited resources into priority commercial initiatives if revenue recovery begins.

Free cash flow improved to zero in 2025

Free cash flow moving to zero from large negative prior years signals initial progress toward cash balance stabilization. If sustained, this reduces near-term external funding needs and is a foundational improvement for longer-term viability.

Negative Factors

Deeply negative equity & rising debt

Persistent negative shareholders' equity combined with increasing debt creates structural solvency and refinancing risk. A thin asset base limits recovery value and raises the probability management must secure dilutive capital or restructure obligations to remain a going concern.

Revenue effectively collapsed

Multi-year collapse to near-zero revenue indicates loss of core customers or market traction. Without a clear, durable revenue rebuild, fixed costs, and funding requirements become harder to cover, undermining long-term margin recovery and scalability.

Multi-year negative operating cash flow

Sustained operating cash burn over multiple years erodes liquidity and increases dependence on external financing. Even with recent improvement, continued negative cash flow magnifies refinancing risk and constrains investment in recovery initiatives and client acquisition.

Iconic Labs plc Business Overview & Revenue Model

Company Description

Iconic Labs Plc engages in media and technology business, focuses providing online marketing, and content and technology driven products. It also engages in digital and social media publishing activities. The company offers advisory services to clients on their businesses; and delivers campaigns, as well as provides creative services to its clients. Its activities include monthly insights, content creation and distribution, post campaign analysis, and combining with online media brands. The company was formerly known as WideCells Group PLC and changed its name to Iconic Labs Plc in July 2019. Iconic Labs Plc was founded in 2012 and is based in London, the United Kingdom.

How the Company Makes Money

Iconic Labs plc generates revenue through a multi-faceted approach that includes advertising and content creation. The company partners with brands to develop tailored digital marketing campaigns that leverage its expertise in content production and distribution. By utilizing advanced data analytics, Iconic Labs optimizes campaign performance and audience engagement, ensuring value for its clients. Additionally, the company explores strategic partnerships and collaborations to enhance its service offerings and expand its market reach. Revenue is primarily driven by the fees charged for these services, as well as potential revenue-sharing agreements with partners and clients.

Iconic Labs plc Financial Statement Overview

Summary

Financials appear distressed: revenue effectively fell to zero (2023–2025), EBIT is consistently loss-making, and net income is erratic with swings that reduce earnings quality. The balance sheet is a major risk with deeply negative equity and meaningful debt against a very small asset base, while operating cash flow has been negative for multiple years, indicating ongoing funding pressure.

Income Statement

Operating performance is weak and volatile. Revenue effectively collapsed to zero from 2023–2025 (after £509k in 2021 and £26.8k in 2022), and EBIT remains consistently loss-making (e.g., -£0.56m in 2025, -£1.09m in 2024, -£0.76m in 2022, -£3.10m in 2021). Net income is highly erratic, swinging from large losses (e.g., -£7.70m in 2021) to one-off profitability (2023 and 2024) and back to a loss in 2025 (-£0.63m), which reduces confidence in earnings quality and sustainability.

Balance Sheet

Balance sheet risk is very high. Equity is deeply negative across all periods (e.g., -£4.0m in 2025; -£2.7m in 2024; -£3.6m in 2023), while debt is sizable and rising overall (about £3.1m in 2025 vs. £1.9m in 2023). Total assets are very low relative to obligations (e.g., £95k in 2025), indicating a thin asset base and limited financial flexibility; negative equity also implies elevated refinancing and going-concern risk.

Cash Flow

Cash generation is consistently negative in recent years, pressuring liquidity. Operating cash flow is negative in 2022–2025 (from -£51k in 2022 to -£920k in 2023, -£803k in 2024, and -£448k in 2025). Free cash flow is also negative in 2022–2024, and 2025 shows free cash flow at 0 (an improvement versus 2024’s -£803k) but still not a clear pattern of sustained cash generation. The combination of cash burn and a highly leveraged/negative-equity balance sheet increases funding risk.

Breakdown	Jun 2024	Jun 2023	Jun 2023	Jun 2022	Jun 2020
Income Statement
Total Revenue	0.00	0.00	0.00	26.82K	509.17K
Gross Profit	0.00	0.00	0.00	26.24K	509.10K
EBITDA	-555.12K	-246.05K	4.77M	-759.60K	-3.10M
Net Income	-628.23K	418.95K	4.77M	-762.00K	-7.70M
Balance Sheet
Total Assets	95.04K	139.34K	50.24K	6.00	154.06K
Cash, Cash Equivalents and Short-Term Investments	35.74K	129.31K	50.24K	5.00	50.93K
Total Debt	3.08M	2.65M	1.94M	2.42M	2.42M
Total Liabilities	4.06M	2.86M	3.69M	8.94M	8.33M
Stockholders Equity	-3.96M	-2.72M	-3.64M	-8.94M	-8.18M
Cash Flow
Free Cash Flow	0.00	-802.71K	-919.76K	-50.92K	1.15M
Operating Cash Flow	-448.07K	-802.71K	-919.76K	-50.92K	1.15M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	354.50K	881.78K	970.00K	0.00	-1.28M

Iconic Labs plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SYS1	69 Neutral	£27.54M	67.27	21.43%	2.29%	3.32%	-10.58%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
MDZ	57 Neutral	£2.36M	16.44	-3.05%	―	55.13%	―
DNM	57 Neutral	£4.05M	-2.52	4.93%	―	―	―
TMG	49 Neutral	£17.67M	-1.51	-3.81%	―	-25.20%	78.55%
MIRI	40 Neutral	£1.11M	-0.02	-114.93%	―	―	―
ICON	40 Underperform	£265.19K	-0.45	―	―	―	-152.00%

Iconic Labs plc Corporate Events

Iconic Labs Confirms Total Voting Rights at 15.15 Million Shares

Iconic Labs plc has confirmed that, as of 27 February 2026, its issued share capital comprises 15,153,868 ordinary shares of £0.0001 each, with each share carrying one voting right and no shares held in treasury. The company stated that this total should be used by investors as the reference figure for calculating and disclosing any holdings or changes in holdings under UK transparency rules, clarifying the current voting base for shareholders and market participants.

The confirmation of 15,153,868 voting rights provides an updated denominator for regulatory threshold calculations, helping investors determine when they must notify the market of significant positions. By formally disclosing its total voting rights, Iconic Labs supports compliance with FCA requirements and enhances transparency for stakeholders monitoring ownership and control levels in the company.

The most recent analyst rating on (GB:ICON) stock is a Hold with a £2.00 price target. To see the full list of analyst forecasts on Iconic Labs plc stock, see the GB:ICON Stock Forecast page.

Iconic Labs Converts Notes Into New Equity, Expands Share Capital

Iconic Labs PLC has converted 20 of its Convertible Notes into 1,269,841 new ordinary shares at a price of £0.01575 per share, representing £20,000 in principal, with the new stock expected to begin trading on the London Stock Exchange’s Main Market around 26 February 2026. The newly issued shares will rank pari passu with existing ordinary shares, increasing the company’s total issued share capital to 15,153,868 shares, a change that alters the overall voting rights base and may prompt shareholders to reassess and, where required, disclose changes in their holdings under UK transparency regulations.

The most recent analyst rating on (GB:ICON) stock is a Hold with a £2.00 price target. To see the full list of analyst forecasts on Iconic Labs plc stock, see the GB:ICON Stock Forecast page.

Iconic Labs Wins Shareholder Backing for All AGM Resolutions

Iconic Labs plc reported that shareholders approved all seven resolutions put to its Annual General Meeting held on 31 December 2025, including the adoption of accounts for the year ended 30 June 2025, the reappointment of RPG Chartered Accountants as auditors, and the re-election of director Bela Lendvai-Lintner. Investors also backed new Articles of Association and granted the board authority to allot shares and issue equity securities, reinforcing management’s flexibility over capital structure and governance as the company pursues its strategic objectives.

The most recent analyst rating on (GB:ICON) stock is a Hold with a £2.50 price target. To see the full list of analyst forecasts on Iconic Labs plc stock, see the GB:ICON Stock Forecast page.

Iconic Labs PLC Announces Date for Annual General Meeting

Iconic Labs PLC, a company listed on the London Stock Exchange under the ticker ICON, has announced the scheduling of its Annual General Meeting (AGM) for December 31, 2025. The meeting will take place at the offices of AMBA Company Secretarial Services Ltd in London. This announcement is significant for shareholders as it provides them with the opportunity to participate in the company’s governance and decision-making processes.