Thalassa Holdings (THAL) AI Stock Analysis

• Market Cap: £3.66M
• Dividend Yield: N/A
• Average Volume (3M): 3.14K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.19
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 5
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Equipment & Services
• EPS (TTM): <0.01
• Shares Outstanding: 16,655,838
• 10 Day Avg. Volume: 1,106
• 30 Day Avg. Volume: 3,139
• PEG Ratio: -0.13
• Price to Book (P/B): 0.23
• Price to Sales (P/S): -11.12
• P/FCF Ratio: -2.03
• 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: 46 Neutral
• Price Target: 21.50p ▼(-12.24% Downside)

The score is held down primarily by weak and volatile operating performance and sustained cash burn (negative operating cash flow and negative free cash flow). A strong, debt-free balance sheet provides some resilience, but technical indicators remain bearish despite oversold readings, and valuation metrics are not supportive because the negative P/E reflects ongoing losses.

Positive Factors

Debt-free balance sheet

Elimination of debt provides durable financial flexibility and reduces fixed financing costs, giving the company room to fund restructuring or withstand industry downturns. A debt-free position materially lowers short-term solvency risk and supports strategic optionality over coming months.

Sizable equity cushion

A strong equity base relative to assets enhances solvency and long-term resilience, lowering bankruptcy probability and supporting continued operations despite losses. This structural cushion improves ability to absorb further operating setbacks or raise capital on less dilutive terms.

Smaller losses in 2024 vs earlier years

A reduction in loss magnitude suggests progress on cost control or operational adjustments that could indicate an inflection toward stabilization. If sustained, this trend enhances the likelihood of recovering operating leverage and achieving breakeven within a multi-quarter horizon.

Negative Factors

Sustained negative cash flow

Persistent negative operating and free cash flow erodes liquidity and forces reliance on external funding or asset sales, constraining investment and operational flexibility. Over months, continued cash burn heightens refinancing risk and limits ability to capitalize on opportunities.

Persistent unprofitability (2021–2024)

Multi-year operating losses indicate the business model is not yet generating sustainable returns on capital. Continued negative profitability undermines shareholder value creation, hampers reinvestment capacity, and complicates management's ability to fund a durable turnaround without external support.

Sharp revenue decline in 2024

A dramatic drop in revenue sharply reduces scale, weakens pricing power and operating leverage, and raises the bar for recovery. Structural revenue loss makes restoring margins and cash generation harder, increasing the risk that operational fixes will be insufficient without new contracts or market recovery.

Thalassa Holdings Business Overview & Revenue Model

Company Description

Thalassa Holdings Limited, together with its subsidiaries, develops control software for the flying node bespoke seismic sensor system. It also offers a range of products and services covering cashless payments, fan engagement, and access control, as well as data and insight areas. In addition, the company's technology supports ticket integrations and works for various events and venues. The company was incorporated in 2007 and is based in Road Town, the British Virgin Islands.

How the Company Makes Money

Thalassa Holdings Financial Statement Overview

Summary

Overall fundamentals are weak: the company has been loss-making from 2021–2024 with volatile/declining revenue and negative operating profit. The balance sheet is a key support (debt reduced to zero and sizable equity), but cash flow remains pressured with negative operating cash flow in 2023–2024 and negative free cash flow for four straight years.

Income Statement

Profitability is weak and volatile. Revenue fell sharply in 2024 (turning negative), and the company has remained loss-making from 2021–2024 with negative operating profit and negative net income each year. While reported margins look high in 2024, that’s distorted by the negative revenue base and does not reflect healthy underlying earnings power; the main positive is that losses in 2024 were smaller than 2021–2022, but the overall trajectory still indicates an unstable revenue model and limited operating leverage.

Balance Sheet

The balance sheet is a relative strength. Total debt moved down to zero in 2024 from modest leverage in 2022–2023, and equity remains sizable versus total assets, providing a meaningful cushion. The key weakness is consistently negative returns on equity from 2021–2024, signaling that capital is not currently generating profits despite the conservative leverage position.

Cash Flow

Cash generation is challenged. Operating cash flow was negative in 2024 and 2023, and free cash flow has been negative for four straight years, indicating ongoing cash burn and/or reinvestment needs not covered by internal cash generation. There are occasional improvements versus prior years (2024 free cash flow was less negative than 2021), but the lack of sustained positive operating cash flow raises funding and sustainability risk if losses persist.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	-412.44K	-219.39K	535.76K	295.97K	138.66K	43.56K
Gross Profit	-299.30K	-256.92K	-17.22K	200.04K	83.53K	41.64K
EBITDA	-1.63M	-921.96K	-316.81K	-1.02M	-1.63M	1.59M
Net Income	-1.48M	-1.01M	-891.71K	-1.45M	-1.98M	502.07K
Balance Sheet
Total Assets	10.62M	10.96M	12.43M	13.18M	17.99M	15.76M
Cash, Cash Equivalents and Short-Term Investments	4.11M	3.92M	1.31M	1.89M	6.59M	7.12M
Total Debt	23.48K	0.00	1.58M	1.67M	5.73M	3.48M
Total Liabilities	563.18K	573.51K	3.14M	2.88M	6.84M	4.24M
Stockholders Equity	10.06M	10.39M	9.29M	10.30M	11.15M	11.65M
Cash Flow
Free Cash Flow	-739.25K	-1.20M	-348.20K	-527.48K	-3.66M	62.72K
Operating Cash Flow	-446.10K	-905.97K	-345.86K	408.30K	-1.88M	367.60K
Investing Cash Flow	-1.48M	-1.46M	-537.00K	-693.11K	-2.50M	-6.30M
Financing Cash Flow	-168.67K	2.75M	-160.54K	-4.32M	2.52M	-4.64M

Thalassa Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
UJO	58 Neutral	£5.13M	-5.93	-2.88%	―	―	―
GTC	49 Neutral	£3.13M	-1.83	-46.75%	―	6.03%	75.91%
POS	47 Neutral	£10.19M	-2.19	-20.68%	―	-64.78%	-182.93%
RBD	47 Neutral	£10.70M	-3.50	-7.32%	―	―	―
THAL	46 Neutral	£3.66M	-1.40	-12.73%	―	―	―
AST	43 Neutral	£3.04M	―	―	―	―	―