Cyba Plc (NARF) AI Stock Analysis

• Market Cap: £8.66M
• Dividend Yield: N/A
• Average Volume (3M): 1.00M
• Price to Earnings (P/E): ―
• Beta (1Y): -2.81
• 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: 48 Neutral
• Price Target: 0.52 p ▲(0.00% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held down primarily by weak financial performance (widening losses, negative equity, and renewed cash burn). Technicals are moderately supportive with price above major moving averages and steady momentum, but valuation remains challenged due to negative earnings and no indicated dividend yield.

Positive Factors

Lean cost base

An 18-person workforce implies a lean operating model with low fixed payroll overhead, supporting cash conservation and nimble execution. Over the next 2-6 months a small staff can enable quicker strategic pivots, tighter cost control, and lower burn if revenue pressures persist.

Improving free cash flow trend

Reported positive growth in free cash flow (albeit from a weak base) signals early improvement in cash generation discipline. If management sustains this trend, it can materially reduce near-term financing needs and improve liquidity resilience across the next several quarters.

Prior margin capability

The company previously achieved ~45% gross margin in 2023, demonstrating structural potential for much higher unit economics. That historical margin performance indicates levers (pricing, product mix, cost base) exist to restore profitability with the right operational adjustments over the medium term.

Negative Factors

Negative equity and higher leverage

Negative shareholders' equity and materially higher debt reduce financial flexibility and increase refinancing and solvency risk. Over 2-6 months this constrains strategic options, raises the probability of dilutive capital raises, and limits the company's ability to invest in growth or weather further downside.

Widening losses and margin collapse

A collapse to roughly -119% net margin indicates deep operational losses and weak cost recovery. Persistently wide losses impair internal funding capability, make long-term profitability uncertain, and pressure stakeholder confidence, necessitating structural changes to restore sustainable margins.

Renewed operating cash burn

Operating cash flow moving materially negative increases near-term liquidity needs and raises dependence on external financing. Continued cash burn heightens funding risk over months ahead, potentially forcing rushed capital raises or asset sales that can impair strategic execution and shareholder value.

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.

Cyba Plc Financial Statement Overview

Summary

Financial quality is very weak: revenue has deteriorated, margins compressed sharply (gross margin down to ~14% in 2025), losses widened materially (net margin roughly -119%), and operating results remain negative. The balance sheet is strained with negative equity and higher debt alongside shrinking assets, while cash flow has reverted to significant outflows (2025 operating cash flow ~-1.86m), raising funding and liquidity 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	£225.08M	21.28	4.49%	―	―	―
NARF	48 Neutral	£8.66M	-2.31	224.15%	―	―	―
KLSO	46 Neutral	£13.05M	―	―	―	―	―
AC8	42 Neutral	£600.00K	-2.51	―	―	―	―
ONDO	41 Neutral	£23.22M	―	86.91%	―	34.99%	-31.37%