Mirriad Advertising (MIRI) AI Stock Analysis

• Market Cap: £1.28M
• Dividend Yield: N/A
• Average Volume (3M): 559.06M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.23
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 88
• Sector: Communication Services
• Sector Strength: 97
• Industry: Advertising Agencies
• EPS (TTM): >-0.01
• Shares Outstanding: 17,072,348,000
• 10 Day Avg. Volume: 978,612,173
• 30 Day Avg. Volume: 559,058,060
• PEG Ratio: <0.01
• Price to Book (P/B): 0.27
• Price to Sales (P/S): 1.26
• P/FCF Ratio: -0.17
• 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 Neutral
• Price Target: 0.01p ▲(0.00% Upside)

The score is driven primarily by weak financial performance: sharp revenue contraction, very large losses, and significant ongoing cash burn with balance sheet erosion. With no usable technical indicators and limited valuation signals (negative P/E and no dividend yield provided), there are few offsets to the financial risks.

Mirriad Advertising Business Overview & Revenue Model

Company Description

Mirriad Advertising plc provides in-video advertising services to broadcasters, advertisers, brand owners, and their agencies. It inserts advertising imagery, such as products, signage formats, or videos into pre-existing video content. It serves customers in the United Kingdom, the United States, China, and India. Mirriad Advertising plc was incorporated in 2015 and is based in London, the United Kingdom.

How the Company Makes Money

Mirriad Advertising Financial Statement Overview

Summary

Financial statements indicate severe weakness: revenue contracted sharply in 2024 (~-37% YoY) and profitability is deeply negative (very large operating and net losses). Cash burn is heavy and persistent with negative operating/free cash flow, creating ongoing funding/runway risk. While debt is low, equity and assets have eroded substantially over time, reflecting sustained losses.

Income Statement

Revenue has been volatile and is now shrinking sharply (2024 revenue down ~37% YoY after modest growth in 2023). While gross margin remains healthy in 2024 (~65%), profitability is deeply negative, with very large operating and net losses (net margin roughly -838% in 2024), indicating the cost base is far above the current revenue scale. Overall, the business shows limited operating leverage and worsening top-line momentum.

Balance Sheet

Leverage is low (debt effectively zero in 2024 and modest in prior years), which reduces financial risk. However, equity and total assets have declined materially over time (equity down from ~35.3m in 2020 to ~4.8m in 2024), reflecting sustained losses and balance sheet erosion. Returns on equity are strongly negative across the period, signaling weak capital efficiency despite limited debt.

Cash Flow

Cash burn is heavy and persistent: operating cash flow and free cash flow are negative each year, with 2024 operating cash flow around -7.4m on only ~1.0m of revenue. Free cash flow also deteriorated in 2024 versus 2023 (negative growth), and cash generation has not improved meaningfully despite fluctuating revenue. This raises ongoing funding and runway risk if losses continue.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	719.00K	1.00M	1.80M	1.51M	2.01M	2.18M
Gross Profit	333.00K	654.00K	1.49M	781.21K	1.28M	1.47M
EBITDA	-6.34M	-8.49M	-11.05M	-15.38M	-11.57M	-8.59M
Net Income	-6.72M	-8.41M	-10.94M	-15.35M	-10.97M	-9.06M
Balance Sheet
Total Assets	4.07M	6.64M	9.13M	14.77M	28.44M	37.79M
Cash, Cash Equivalents and Short-Term Investments	2.40M	4.78M	6.11M	11.29M	24.50M	35.42M
Total Debt	68.00K	0.00	210.00K	529.39K	629.82K	594.66K
Total Liabilities	1.52M	1.89M	2.56M	3.65M	3.50M	2.52M
Stockholders Equity	2.54M	4.75M	6.58M	11.13M	24.94M	35.27M
Cash Flow
Free Cash Flow	-6.78M	-7.43M	-10.51M	-12.97M	-10.58M	-8.09M
Operating Cash Flow	-6.77M	-7.41M	-10.47M	-12.89M	-10.43M	-8.06M
Investing Cash Flow	-334.00K	-20.00K	-36.00K	-75.65K	-159.25K	-25.10K
Financing Cash Flow	1.21M	6.11M	5.32M	-245.15K	-335.34K	24.42M

Mirriad Advertising Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SYS1	69 Neutral	£29.44M	10.40	21.43%	2.29%	3.32%	-10.58%
SAA	65 Neutral	£155.75M	20.33	18.23%	1.09%	-21.19%	-29.54%
NFG	63 Neutral	£354.11M	22.27	9.53%	4.98%	-5.98%	-74.21%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
DNM	57 Neutral	£4.20M	10.00	4.93%	―	―	―
SFOR	54 Neutral	£175.70M	-0.52	-45.75%	6.33%	-14.27%	-15466.67%
MIRI	40 Neutral	£1.28M	-0.02	-114.93%	―	―	―

Mirriad Advertising Corporate Events

Mirriad Targets Emerging-Market JVs After 2025 Revenue Slump

Mirriad Advertising reported that its 2025 revenue is expected to be just over £0.4m, down from £1.0m in 2024, after a weaker-than-anticipated fourth quarter that mirrored wider underperformance across the media sales industry. Despite the revenue decline, the board remains cautiously optimistic for 2026 as it works closely with partners such as Rembrand, advances joint venture negotiations in key emerging markets including India, Indonesia, the Philippines, Thailand and Malaysia, and benefits from early traction in the Middle East and a prospective test campaign with a major UK media company; with £1.2m in cash at year-end and a reduced monthly cost base of about £220k, the company is positioning itself for a potentially stronger sales period in early 2026 while tightly managing liquidity.

The most recent analyst rating on (GB:MIRI) stock is a Sell with a £0.01 price target. To see the full list of analyst forecasts on Mirriad Advertising stock, see the GB:MIRI Stock Forecast page.

Mirriad Targets Emerging-Market JVs After 2025 Revenue Slump

Mirriad Advertising reported that full-year 2025 revenue is expected to come in at just over £0.4 million, down from £1.0 million in 2024, following a weaker-than-anticipated fourth quarter that mirrored a broader downturn in media sales. Despite the shortfall, the board remains cautiously optimistic for 2026, citing significantly reduced campaign delivery costs driven by automation and scalability, and ongoing talks to form joint ventures with strategic partners across key emerging markets including India, Indonesia, the Philippines, Thailand and Malaysia, as well as progress in the Middle East that supported second-half revenues. The company is also in advanced discussions with a major UK media company on a test campaign and expects a potential uplift in sales in the February–March period, while maintaining tight cost controls with a monthly cost base of about £220,000 and year-end cash of £1.2 million, including an R&D tax credit received in December.

The most recent analyst rating on (GB:MIRI) stock is a Sell with a £0.01 price target. To see the full list of analyst forecasts on Mirriad Advertising stock, see the GB:MIRI Stock Forecast page.

Mirriad Boosts Cash Reserves with £346,000 R&D Tax Credit

Mirriad Advertising has received an R&D tax credit of approximately £346,000 from HMRC for the financial year ended 31 December 2024, lifting its cash position to about £1.275 million. The additional funds modestly strengthen the company’s balance sheet and liquidity as it continues to commercialise its virtual product placement technology in key markets, a development of note for investors monitoring its cash runway and operational resilience.

Mirriad Signals Modest 2025 Revenue and Tight Cost Control in Trading Update

Mirriad Advertising issued a trading update indicating it expects around £200,000 in revenue for the second half of 2025 and approximately £400,000 for the full year, with most recent income generated outside the US. The company reported cash of roughly £1 million at the end of November and anticipates a tax credit of about £350,000, while highlighting that its significantly reduced cost base now stands at around £220,000 per month, suggesting a continued focus on conserving resources ahead of a fuller trading update in January.

Mirriad Chairman Executes ‘Bed and SIPP’ Share Transaction

Mirriad Advertising plc announced a ‘Bed and SIPP’ transaction involving its Chairman, James Black, who sold and repurchased 8,000,000 ordinary shares, maintaining his total beneficial interest in the company. This transaction highlights the company’s ongoing management of its shareholding structure and reflects its strategic financial operations, with no change in the overall share capital held by the Chairman.