Braveheart Investment (TRUE) AI Stock Analysis

• Market Cap: £1.84M
• Dividend Yield: N/A
• Average Volume (3M): 158.03K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.85
• Revenue Growth: -100.66%
• EPS Growth: 84.15%
• Country: UK
• Employees: 5
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): <0.01
• Shares Outstanding: 78,473,490
• 10 Day Avg. Volume: 114,553
• 30 Day Avg. Volume: 158,033
• PEG Ratio: 0.03
• Price to Book (P/B): 1.37
• Price to Sales (P/S): 155.42
• P/FCF Ratio: -5.89
• 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: 2.50p ▲(35.14% Upside)

The score is held back primarily by weak financial performance (sharp revenue decline, persistent losses, and negative free cash flow), partially offset by minimal debt. Technicals provide some near-term support from price strength versus moving averages, but overbought readings and a negative MACD temper the signal. Valuation is also constrained by a negative P/E and no dividend yield data.

Positive Factors

Low Leverage

A near-zero debt profile materially reduces refinancing and interest-rate risk, giving management flexibility to fund operations, pursue opportunistic investments, or wait for better exit windows. This balance sheet strength is a durable buffer through multi-month market cycles.

Diversified Earnings Model

The business combines capital appreciation from portfolio exits with recurring management and advisory fees. That mix provides structurally different revenue streams: realized gains can drive step-change upside while fees offer repeatable income as AUM scales, supporting recovery over months.

Historical Profitability Track Record

Prior multi-year profitability demonstrates the group can generate investment returns and operational income when markets or exit timing are favorable. This operational/portfolio skillset is a durable capability that could enable recovery if management executes and market exits occur.

Negative Factors

Revenue Collapse

A near-total revenue collapse materially weakens the operating base and signals lost deal flow, fee income, or realizations. Persistently thin revenue makes it difficult to cover fixed costs and sustain investment origination, creating a structural headwind lasting several months without clear new revenue drivers.

Persistent Negative Cash Flow

Sustained negative operating and free cash flow indicate ongoing cash burn that will pressure liquidity absent asset sales or external funding. Over a 2–6 month horizon this reduces flexibility to support portfolio companies, fund operations, or pursue value-accretive deals.

Erosion of Shareholder Equity

Sharp equity erosion weakens the capital cushion, limits ability to absorb further losses, and reduces optionality for raising capital or leveraging the balance sheet. This structural deterioration impairs long-term resilience and heightens vulnerability to funding shocks over months.

Braveheart Investment Business Overview & Revenue Model

Company Description

Truetide plc is a private equity and venture capital firm specializing in loan, mezzanine, seed/startup, early venture, late stage, emerging growth, turnaround, distress situations, buyout and growth capital companies. It prefers to invest in materials, industrials, commercial and professional services, consumer discretionary, consumer services, consumer staples, health care, financials, information technology, communication services, engineering services, sporting goods and services, biotechnology, chemicals, networking and telecommunication software, education services, internet software, digital, and media and entertainment. The firm prefers to invest in United Kingdom, Midland Area, Texas, Strathclyde, Humberside, Yorkshire, West Yorkshire, South Yorkshire, North Yorkshire, North Humberside. It invests in both unlisted and listed companies in form of equity and equity-related instruments, including convertible debt instruments in certain circumstances, for unlisted companies, it targets companies at different stage of development, ranging from those which at early stage to trade to those which are expecting to achieve an IPO in the short term. It also seeks a position on the boards of unlisted investee companies. For listed company investments, it targets investment where the Board considers the shares are undervalued but there are opportunities for significant growth which are typically passive investment, although it may take a more active approach if it considers there a need to effect change. The firm will assist the board and management of investee companies, including helping to scale management teams, informing strategy, and assisting with future financing. It takes a minority stake in a business and look for investments where there is a good prospect of an exit in a two-to-five-year period. The firm generally do not make an investment where the expected term is more than five years, other than for seed investments where the exit timing can be indeterminate. The firm acquire investments directly or by way of holdings in intermediate holding or subsidiary entities. It also invests in limited liability partnerships and other forms of legal entity. For early-stage opportunities, initial commitment may be less than GBP 0.1 million ($0.13 million) and maximum of commitment can be excess of GBP 1.5 million ($1.86 million). Truetide plc was founded in 1997 and is based in Barnsley, United Kingdom with an additional office in Glasgow, United Kingdom.

How the Company Makes Money

Braveheart Investment makes money primarily through management fees and performance fees associated with its asset management services. These fees are charged to clients based on the assets under management (AUM) and the performance of the investment portfolio. Additionally, the company generates revenue from its venture capital activities by investing in high-growth potential startups and earning returns on these investments. Financial advisory services also contribute to the company's earnings through consultancy fees. Strategic partnerships with financial institutions and co-investment opportunities further enhance Braveheart Investment's revenue streams by expanding its reach and leveraging shared resources.

Braveheart Investment Financial Statement Overview

Summary

Recent fundamentals are weak: revenue collapsed in 2025 versus 2024, profitability is deeply negative (gross/EBIT/EBITDA/net losses), and operating/free cash flow remain negative, indicating ongoing cash burn. The main support is a low-leverage balance sheet (near-zero debt), but equity has fallen sharply, reflecting sustained value erosion.

Income Statement

The income statement shows a sharp deterioration in scale and profitability. Annual revenue fell to 20.5k in 2025 from 60.9k in 2024 (down ~98%), and profitability remains deeply negative with gross profit, EBIT/EBITDA, and net income all loss-making. Margins are materially negative in 2024–2025, indicating a cost base far above the current revenue run-rate. While the company reported strong profits in 2021 and positive net income in 2022–2023, the more recent trend points to weaker underlying earnings quality and elevated volatility.

Balance Sheet

The balance sheet is a relative strength primarily due to minimal leverage: total debt is effectively zero from 2022–2025, reducing refinancing risk. However, equity has declined meaningfully from 10.5m (2023) to 2.33m (2025), consistent with sustained losses and value erosion. Returns on equity have swung sharply (positive in 2022–2023, deeply negative in 2024–2025), highlighting instability in shareholder value creation despite low balance sheet leverage.

Cash Flow

Cash flow is weak and consistently negative. Operating cash flow and free cash flow are negative across all shown periods, including -541k in 2025 and -736k in 2024, implying ongoing cash burn. Even though free cash flow improved versus 2024 (positive growth rate in 2025), cash generation remains structurally negative, which can pressure liquidity over time unless offset by asset sales or external funding.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	-3.29K	20.50K	60.90K	50.90K	78.13K	7.85M
Gross Profit	794.00	-274.18K	-366.56K	-505.24K	-558.01K	7.06M
EBITDA	-998.38K	-565.91K	-811.88K	-788.22K	-695.49K	-1.97M
Net Income	-1.09M	-1.09M	-7.25M	1.58M	1.88M	13.94M
Balance Sheet
Total Assets	2.39M	2.39M	3.50M	11.61M	7.06M	3.20M
Cash, Cash Equivalents and Short-Term Investments	63.67K	63.67K	1.74M	934.86K	1.85M	2.14M
Total Debt	0.00	0.00	0.00	0.00	0.00	13.18K
Total Liabilities	58.14K	58.14K	104.14K	1.09M	449.86K	632.92K
Stockholders Equity	2.33M	2.33M	3.40M	10.52M	6.63M	2.57M
Cash Flow
Free Cash Flow	-504.52K	-541.01K	-736.12K	-768.19K	-1.28M	-1.29M
Operating Cash Flow	-504.52K	-541.01K	-736.12K	-768.19K	-1.27M	-1.28M
Investing Cash Flow	-1.17M	-1.14M	1.54M	-1.08M	-1.40M	17.09M
Financing Cash Flow	0.00	0.00	0.00	930.36K	2.42M	-14.35M

Braveheart Investment Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TRUE, the sentiment is Positive. The current price of 1.85 is below the 20-day moving average (MA) of 2.34, below the 50-day MA of 2.07, and below the 200-day MA of 2.31, indicating a bullish trend. The MACD of 0.08 indicates Positive momentum. The RSI at 64.83 is Neutral, 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:TRUE.

Braveheart Investment Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
VOX	52 Neutral	£252.00K	―	―	―	―	―
TRUE	48 Neutral	£1.84M	-1.46	-32.31%	―	-100.66%	84.15%
PRIM	48 Neutral	£5.00M	-8.16	-12.33%	―	―	―
GUN	42 Neutral	£1.71M	-2.93	-21.15%	―	―	76.47%
JADE	40 Underperform	$605.34K	-0.46	―	―	-96.59%	93.69%

Braveheart Investment Corporate Events

Truetide Appoints New Representative to Autins Board

Truetide plc, a company listed on the AIM market, has announced a change in its representation on the Board of Autins Group plc. Trevor Brown, the CEO of Truetide, has been appointed to replace Dr Qu Li as Truetide’s representative on the Autins Board, effective immediately. This change is part of a relationship agreement between the two companies. Truetide holds a significant stake of 29.09% in Autins, indicating its substantial interest and influence in the company.

Truetide Plc Appoints AlbR Capital as Joint Corporate Broker

Truetide Plc, a company listed on the AIM market, has announced the appointment of AlbR Capital Limited as its Joint Corporate Broker, alongside Allenby Capital Limited. This strategic move is expected to enhance Truetide’s market presence and potentially improve its investor relations, reflecting the company’s commitment to strengthening its financial advisory team.

Truetide Plc Reports Increased Profits and Strategic Developments in Interim Results

Truetide Plc reported a profit of £129,000 for the six months ending September 2025, marking a significant increase from the previous year. The company also announced a name change from Braveheart Investment Group plc to Truetide Plc. The valuation of its unconsolidated strategic investments rose to £2,543,000, reflecting growth in its technology-focused portfolio. Key developments include Paraytec’s progress in particle analysis instruments and Gyrometric’s advancements in monitoring systems for wind turbines. The company’s listed investments faced challenges, with Autins Group impacted by a cyber incident and Built Cybernetics experiencing tough trading conditions. The sale of Kirkstall Limited was completed, supporting Truetide’s strategic focus on its core investments.