Cyba Plc (NARF) AI Stock Analysis

• Market Cap: £7.64M
• Dividend Yield: N/A
• Average Volume (3M): 1.00M
• Price to Earnings (P/E): ―
• Beta (1Y): -2.99
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 18
• Sector: Technology
• Sector Strength: 88
• Industry: Shell Companies
• EPS (TTM): N/A
• Shares Outstanding: 1,697,381,100
• 10 Day Avg. Volume: 917,133
• 30 Day Avg. Volume: 1,002,670
• PEG Ratio: -0.01
• Price to Book (P/B): -2.75
• Price to Sales (P/S): 2.74
• P/FCF Ratio: -4.43
• 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: 45 Neutral
• Price Target: 0.44p ▼(-15.58% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is held down primarily by very weak financial performance (deteriorating profitability, negative equity, and renewed cash burn). Technical indicators are only moderately supportive and do not offset the fundamental risk, while valuation is constrained by losses (negative P/E) and no dividend data.

Positive Factors

Gross margin potential

Cyba previously delivered roughly 45% gross margin in 2023 before collapsing to ~14% in 2025. That history shows the business model can support high gross margins if revenue mix, pricing or cost of goods are restored, offering a structural path to margin recovery.

Improving free cash flow trend

Although absolute free cash flow remains weak, the reported positive growth rate in 2025 signals early operational improvement. Sustained FCF recovery would reduce reliance on external funding and materially strengthen medium-term financial resilience.

Lean operating footprint

A small team (18 employees) implies a low fixed-cost base and operational agility. That structural lean footprint enables faster cost actions, lower cash burn per revenue dollar, and greater flexibility to pivot or scale without large incremental staffing costs.

Negative Factors

Negative equity and rising leverage

Negative equity combined with a material increase in debt weakens the capital structure and reduces financial flexibility. This elevated leverage limits ability to fund operations or invest organically, and makes future financing more costly or dilutive over the medium term.

Renewed cash burn

A sharp swing to materially negative operating cash flow indicates the company is again consuming cash to run operations. Persistent cash burn raises liquidity risk, increases dependence on external financing, and can force dilutive capital raises or asset disposals.

Revenue decline and margin collapse

Sustained revenue decline and a collapse in gross and net margins point to structural demand, pricing, or cost issues. Without reversing these trends, the business faces difficulty achieving scale, restoring profitability, or justifying continued investment over the medium term.

Cyba Plc Business Overview & Revenue Model

Company Description

Cyba Plc does not have significant operations. It intends to focus on providing cyber and cybersecurity solutions through a combination of strategic acquisitions. The company was formerly known as GCQC plc and changed its name to Cyba Plc in January 2019. Cyba Plc was incorporated in 2018 and is headquartered in London, the United Kingdom.

How the Company Makes Money

Cyba Plc Financial Statement Overview

Summary

Financial quality is very weak: revenue declined and margins deteriorated sharply, losses widened materially, equity is negative and debt increased, and operating/free cash flow turned significantly negative—raising funding and balance-sheet risk.

Income Statement

Revenue has been volatile and recently deteriorated (2025 annual revenue down ~15.5% vs. 2023), while profitability remains weak. The company moved from a healthier gross margin in 2023 (~45%) to a much lower level in 2025 (~14%), and losses widened meaningfully (2025 net margin roughly -119% vs. about -19% in 2023). Operating performance is consistently negative (EBIT and EBITDA losses), indicating the business has not yet reached sustainable scale or cost discipline.

Balance Sheet

The balance sheet is strained: equity is negative in the latest period (2025), which signals accumulated losses and reduces financial flexibility. Debt increased substantially (2025 total debt ~3.1m vs. ~1.3m in 2023) while total assets declined (2025 ~0.93m vs. ~1.98m in 2023), pointing to weaker asset backing. With negative equity, leverage risk is elevated and balance-sheet resilience is limited.

Cash Flow

Cash generation is inconsistent and currently unfavorable. Operating cash flow swung from modestly positive in 2023 (~0.14m) to materially negative in 2025 (~-1.86m), and free cash flow is also negative in 2025. While free cash flow shows a positive growth rate in 2025 (from a weak base), the latest period indicates renewed cash burn, which increases reliance on financing and heightens liquidity risk.

Breakdown	TTM	Mar 2025	Dec 2023	Jun 2023	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.55M	3.00M	6.06M	2.55M	0.00	0.00
Gross Profit	3.36M	415.10K	2.75M	718.24K	0.00	0.00
EBITDA	-2.49M	-2.20M	-686.38K	-17.86M	-452.77K	0.00
Net Income	-3.17M	-3.56M	-1.16M	-18.43M	―	-2.15M
Balance Sheet
Total Assets	1.66M	926.66K	1.98M	3.91M	2.22M	1.95M
Cash, Cash Equivalents and Short-Term Investments	135.72K	136.70K	654.37K	442.75K	274.97K	1.73M
Total Debt	0.00	3.09M	1.30M	1.51M	0.00	0.00
Total Liabilities	3.16M	3.91M	2.17M	2.11M	311.06K	500.16K
Stockholders Equity	-1.51M	-2.99M	-188.87K	1.80M	1.91M	1.45M
Cash Flow
Free Cash Flow	-1.57M	-1.86M	138.45K	-3.49M	-1.93M	-1.71M
Operating Cash Flow	-1.57M	-1.86M	138.45K	-2.99M	-1.93M	-1.71M
Investing Cash Flow	0.00	0.00	0.00	-4.12M	-1.94M	0.00
Financing Cash Flow	849.28K	1.34M	43.04K	7.11M	2.44M	2.46M

Cyba Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ADVT	60 Neutral	£205.69M	34.27	4.15%	―	―	―
ONDO	46 Neutral	£25.47M	-2.82	44.95%	―	34.99%	-31.37%
KLSO	46 Neutral	£13.05M	―	―	―	―	―
NARF	45 Neutral	£7.64M	-4.50	-1584.39%	―	―	―
AC8	42 Neutral	£600.00K	-4.04	―	―	―	―

Cyba Plc Corporate Events

Narf Industries Secures $3.6 Million U.S. Government Contract for Cybersecurity Innovation

Narf Industries plc, a prominent cybersecurity group, has secured a $3.6 million contract from a U.S. government R&D agency to develop innovative methods for rapid computer system recovery post-cyber-attacks. This contract, part of over $10 million in GR&D awards in the past year, underscores Narf’s strategic alignment with government priorities for advanced cyber resilience solutions and its competitive edge in transitioning research into operational capabilities. The award also supports Narf’s growth towards larger, strategically significant programs, with expectations to secure initial contracts for Ranger.ai in early 2026.