Zenova Group Plc (ZED) AI Stock Analysis

• Market Cap: £761.53K
• Dividend Yield: N/A
• Average Volume (3M): 0.00
• Price to Earnings (P/E): ―
• Beta (1Y): 1.00
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 11
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): >-0.01
• Shares Outstanding: 371,475,980
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 0
• PEG Ratio: 0.02
• Price to Book (P/B): 0.54
• Price to Sales (P/S): 11.85
• P/FCF Ratio: -1.09
• 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: 0.20 p ▲(0.50% Upside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is held down primarily by weak financial performance (sharp revenue contraction, negative gross profit, and ongoing cash burn), partially offset by very low leverage. Technicals show oversold conditions but still negative momentum, while valuation is difficult to support with negative earnings and no dividend yield.

Zenova Group Plc Business Overview & Revenue Model

Company Description

Zenova Group PLC provides fire safety and heat management technology and products for industrial, commercial, and residential markets in the United Kingdom. Its products include Zenova FP fire protection paints, Zenova IP thermal insulation paints, and Zenova IR thermal insulation render coating. The company was founded in 2020 and is based in Brentwood, the United Kingdom.

How the Company Makes Money

Zenova Group Plc generates revenue primarily through the sale and distribution of its Zenova-branded fire safety products (e.g., fire-retardant and fire-suppression related solutions) to customers and channel partners. The company’s model relies on commercializing its product portfolio via direct sales and/or third-party distributors, with revenue recognized from product orders. null

Zenova Group Plc Financial Statement Overview

Summary

Overall fundamentals are weak: revenue collapsed in 2024 (down 69.5% YoY) and gross profit turned negative, while losses remain large relative to the tiny revenue base and cash flow stayed materially negative (FCF -740k). The main offset is low leverage (debt-to-equity ~0.01), reducing near-term balance-sheet stress despite ongoing equity erosion.

Income Statement

The company remains deeply unprofitable: 2024 revenue fell sharply to 68k (down 69.5% YoY) and gross profit turned negative (-122k), indicating product economics deteriorated materially. Operating losses are persistent (EBIT -1.44m in 2024 vs. -2.05m in 2023), but losses are still very large versus the current revenue base, keeping net margins extremely negative.

Balance Sheet

Leverage is very low, with total debt of 17k against equity of 1.50m in 2024 (debt-to-equity ~0.01), which reduces near-term balance-sheet risk. However, equity has declined meaningfully over time (5.28m in 2021 to 1.50m in 2024) and returns on equity are strongly negative (about -0.83 in 2024), reflecting ongoing losses and erosion of shareholder value.

Cash Flow

Cash burn remains a key issue: operating cash flow and free cash flow were both -740k in 2024 (improving from -1.18m in 2023, but still negative). Free cash flow also deteriorated versus the prior year (down 47.2% YoY), and cash generation does not support earnings quality—cash flow is negative while net income is also negative, implying the business is still not self-funding.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	100.00K	68.00K	278.00K	175.00K	6.00K	0.00
Gross Profit	-107.00K	-122.00K	62.00K	108.00K	6.00K	-24.00K
EBITDA	-1.22M	-1.44M	-2.01M	-1.99M	-1.13M	0.00
Net Income	-1.06M	-1.24M	-1.69M	-2.04M	-1.16M	-62.00K
Balance Sheet
Total Assets	2.74M	2.65M	2.85M	3.60M	5.61M	218.00K
Cash, Cash Equivalents and Short-Term Investments	80.00K	36.00K	98.00K	782.00K	2.94M	201.00K
Total Debt	11.00K	17.00K	121.00K	161.00K	198.00K	250.00K
Total Liabilities	1.29M	1.15M	789.00K	354.00K	333.00K	280.00K
Stockholders Equity	1.45M	1.50M	2.06M	3.25M	5.28M	-62.00K
Cash Flow
Free Cash Flow	-115.00K	-740.00K	-1.18M	-2.15M	-1.05M	-49.00K
Operating Cash Flow	-116.00K	-740.00K	-1.18M	-2.15M	-1.04M	-49.00K
Investing Cash Flow	1.00K	0.00	-1.00K	-1.00K	-8.00K	0.00
Financing Cash Flow	158.00K	678.00K	500.00K	27.00K	3.79M	250.00K

Zenova Group Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
HDD	56 Neutral	£25.22M	5.98	-11.10%	―	14.51%	77.27%
ITX	54 Neutral	£15.04M	-12.59	-19.63%	―	25.56%	35.12%
DCTA	53 Neutral	£10.70M	-2.27	-69.24%	―	-24.85%	40.28%
ZED	46 Neutral	£761.53K	-0.35	―	―	―	―
HAYD	41 Neutral	£24.10M	-2.65	―	―	-27.64%	35.09%

Zenova Group Plc Corporate Events

Zenova says reverse takeover progressing as AIM share suspension continues

Zenova Group PLC, a provider of fire suppression, fire protection coatings, insulation solutions, and wildfire mitigation products, targets industrial, commercial, and residential sectors with technologies such as its Zenova FP and IP paints, FX fire extinguishers, CS ceiling sprinklers, and WB wildfire barrier. The company positions itself as an innovation-led safety specialist focused on energy efficiency and comprehensive fire risk reduction across built environments and open land.

Zenova said its proposed reverse takeover, first announced in September 2025, remains in progress and is advancing well, with the board expecting to give a further update by mid-May 2026 as due diligence and documentation approach near-final form. The group’s shares remain suspended from trading on AIM pending publication of an admission document, meaning investors must wait for the transaction details and timeline before trading can resume and the strategic implications of the deal become clear.

The most recent analyst rating on (GB:ZED) stock is a Hold with a £0.20 price target. To see the full list of analyst forecasts on Zenova Group Plc stock, see the GB:ZED Stock Forecast page.