Image Scan Holdings (IGE) AI Stock Analysis

• Market Cap: £2.87M
• Dividend Yield: N/A
• Average Volume (3M): 70.58K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.13
• Revenue Growth: -43.45%
• EPS Growth: -240.00%
• Country: UK
• Employees: 17
• Sector: Industrials
• Sector Strength: 72
• Industry: Security & Protection Services
• EPS (TTM): <0.01
• Shares Outstanding: 136,854,580
• 10 Day Avg. Volume: 41,598
• 30 Day Avg. Volume: 70,584
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• 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: 48 Neutral
• Price Target: 2.00p ▼(-4.76% Downside)

The overall stock score of 48 reflects significant financial challenges, with declining revenues and profitability being the most impactful factors. While the technical analysis shows a bullish trend, the overbought RSI suggests caution. The negative P/E ratio and lack of dividend yield further weigh down the valuation score.

Positive Factors

Conservative Leverage

A low debt-to-equity ratio indicates prudent financial management, providing the company with flexibility to navigate financial challenges.

Strong Capital Structure

A strong capital structure with a healthy equity ratio supports long-term stability and potential for future investment and growth.

Stable Gross Profit Margin

Stable gross profit margins suggest consistent cost management and pricing strategies, which are crucial for long-term profitability.

Negative Factors

Declining Revenue

A significant decline in revenue indicates challenges in market demand or competitive positioning, impacting long-term growth prospects.

Negative Profitability Metrics

Negative profitability metrics reflect operational inefficiencies and can hinder the company's ability to reinvest and grow sustainably.

Cash Flow Challenges

Significant decreases in free cash flow can strain liquidity and limit the company's ability to fund operations and strategic initiatives.

Image Scan Holdings Business Overview & Revenue Model

Company Description

Image Scan Holdings Plc manufactures and sells portable X-ray systems for security and counter terrorism applications in the United Kingdom, Europe, the Middle East, Africa, Asia, and the Americas. Its security products include portable systems, such as ThreatScan-LS1, ThreatScan-LS3, and ThreatScan-LSC X-ray systems; mail and baggage screening products, including AXIS-CXi cabinet based x-ray systems and AXIS conveyor systems; AXIS archway systems walk-through metal detectors; and vehicle screening systems which includes SVXi, ThreatScan, and ThreatSpect software X-ray systems for high security building and facility, explosive ordnance disposal, border control and custom, mass transit locations, stadia and events, and mail room screening applications. The company's industrial products include production line systems, such as MDXi-NT, a high-resolution turnkey X-ray inspection system; laboratory systems, which comprise MDXi, cabinet based systems for stand-alone use; ThreatScan-LS1 X-ray scanning systems; and X-ray tubes and generators for emission control solutions and other applications. It serves its products to police, military, security services, bomb disposal teams, prisons, ports, airports, cargo handlers, freight forwarders, corporate HQs, mail rooms, and stadia and events operators. Image Scan Holdings Plc was incorporated in 1995 and is based in Barrow-upon-Soar, the United Kingdom.

How the Company Makes Money

Image Scan Holdings generates revenue through the sale of its imaging systems and related software, which are targeted at security and industrial markets. The company's key revenue streams include direct sales of equipment, maintenance contracts, and after-sales support services. It also benefits from partnerships with government and private sector organizations that require advanced security solutions, significantly contributing to its earnings. By continuously innovating and expanding its product offerings, IGE aims to increase its market share and revenue potential in the growing imaging technology sector.

Image Scan Holdings Financial Statement Overview

Summary

Image Scan Holdings faces significant financial challenges, with declining revenues and profitability. While the balance sheet shows a conservative leverage position, cash flow issues and negative profitability metrics highlight operational inefficiencies and potential liquidity concerns.

Income Statement

The company has experienced a significant decline in revenue over the past year, with a 24.75% drop. Gross profit margin remains relatively stable, but the net profit margin has turned negative, indicating profitability challenges. EBIT and EBITDA margins are also negative, reflecting operational inefficiencies.

Balance Sheet

The company maintains a low debt-to-equity ratio, suggesting conservative leverage. However, the return on equity has turned negative, indicating a decline in shareholder value. The equity ratio remains healthy, indicating a strong capital structure.

Cash Flow

Free cash flow has significantly decreased, with a negative growth rate of 382.95%. The operating cash flow to net income ratio is positive, but the free cash flow to net income ratio is concerning, indicating cash flow challenges.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.62M	1.62M	2.86M	2.96M	2.00M	2.87M
Gross Profit	946.33K	946.33K	1.51M	1.44M	1.08M	1.51M
EBITDA	-198.06K	-172.06K	322.35K	209.35K	-268.24K	259.43K
Net Income	-288.02K	-288.02K	207.01K	123.94K	-271.52K	239.90K
Balance Sheet
Total Assets	2.32M	2.32M	2.69M	2.42M	2.42M	2.68M
Cash, Cash Equivalents and Short-Term Investments	1.13M	1.13M	911.47K	958.47K	689.54K	1.19M
Total Debt	93.86K	93.86K	155.66K	164.31K	201.75K	232.95K
Total Liabilities	886.23K	886.23K	973.30K	910.62K	1.03M	1.03M
Stockholders Equity	1.43M	1.43M	1.72M	1.51M	1.39M	1.65M
Cash Flow
Free Cash Flow	304.75K	309.75K	-13.85K	305.28K	-469.25K	-127.11K
Operating Cash Flow	304.75K	309.75K	61.39K	429.57K	-290.05K	2.36K
Investing Cash Flow	-42.88K	-42.88K	-64.51K	-117.65K	-179.21K	-129.47K
Financing Cash Flow	-47.38K	-47.38K	-43.88K	-43.00K	-27.63K	-95.96K

Image Scan Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:IGE, the sentiment is Positive. The current price of 2.1 is below the 20-day moving average (MA) of 2.10, above the 50-day MA of 1.85, and above the 200-day MA of 1.61, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 94.94 is Negative, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:IGE.

Image Scan Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SNX	79 Outperform	£36.05M	8.29	10.49%	2.09%	21.43%	44.70%
CSSG	70 Neutral	£10.40M	13.20	5.08%	3.20%	10.26%	45.18%
NWT	69 Neutral	£9.65M	14.52	7.90%	―	3.41%	393.71%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
PEG	61 Neutral	£6.37M	-12.50	-8.06%	―	63.81%	71.62%
IGE	48 Neutral	£2.87M	-9.76	-18.29%	―	-43.45%	-240.00%
THRU	42 Neutral	£4.25M	-0.52	-71.37%	―	-21.55%	10.59%

Image Scan Holdings Corporate Events

Image Scan Holdings Secures Major Contract for ThreatScan-LS1 System

Image Scan Holdings PLC has secured a significant contract with an Indian partner for its ThreatScan-LS1 system, following a competitive tender process. This contract underscores the system’s capabilities and strengthens Image Scan’s market presence in India. The company plans to deliver the systems promptly and will showcase its innovations at the upcoming Milipol Paris event, enhancing its industry positioning.

The most recent analyst rating on (GB:IGE) stock is a Hold with a £1.50 price target. To see the full list of analyst forecasts on Image Scan Holdings stock, see the GB:IGE Stock Forecast page.

Image Scan Holdings Secures Major Southeast Asian Contract

Image Scan Holdings PLC has secured a significant new contract from a Southeast Asian customer valued at nearly £0.5 million for its ThreatScan portable X-ray systems, marking a repeat order from a long-standing client. This contract enhances the company’s order book, which was at £4.7 million as of September 2025, and underscores its strong market presence in Southeast Asia. The deal is expected to bolster revenue visibility for FY26 and reflects sustained demand for Image Scan’s security and defense solutions, following a profitable second half in the previous financial year.

The most recent analyst rating on (GB:IGE) stock is a Hold with a £1.50 price target. To see the full list of analyst forecasts on Image Scan Holdings stock, see the GB:IGE Stock Forecast page.

Image Scan Holdings Reports Profitable Second Half and Strong Order Book

Image Scan Holdings PLC reported a profitable second half for the fiscal year ending September 30, 2025, despite a challenging start marked by supply chain constraints and delays in a major defence contract. The company experienced a turnaround in the second half, resulting in a reduced full-year loss, and maintained a strong cash position of £1.1 million. The forward order book stands at £4.7 million, indicating strong market demand for their security and defence solutions. The company plans to focus on expanding its product range and accelerating the conversion of its substantial order book to sustain growth.

The most recent analyst rating on (GB:IGE) stock is a Hold with a £1.50 price target. To see the full list of analyst forecasts on Image Scan Holdings stock, see the GB:IGE Stock Forecast page.