Thruvision Grp Share Price (THRU)

What the announcement tells us

Thruvision has received two additional orders via its partner Sensormatic:

WalkTHRU screening lane for a major Spanish fashion retailer's UK distribution centre.

SpotCHECK system for a global third-party logistics operator in Italy.

The key point isn't necessarily the size of these orders (which isn't disclosed), but that they come through Sensormatic and involve additional deployments in the retail distribution sector.

Why this matters

1. Repeat orders are more important than first orders

For a small technology company, repeat deployments suggest:

Customers are progressing beyond trials.

The sales channel is functioning.

The technology is solving a real problem.

This is generally more valuable than a one-off pilot announcement.

2. Sensormatic partnership appears to be working

Many AIM companies announce partnerships that never generate revenue.

This RNS indicates that Sensormatic is actively selling Thruvision systems into its customer base.

That reduces one of the major risks investors worry about: commercial adoption.

3. Expanding footprint

The orders cover:

UK

Italy

and involve:

Retail distribution

Third-party logistics

That broadens the addressable market.

What I don't like

The company did not disclose order values.

Whenever an AIM company announces orders without values, investors should ask:

"Are these meaningful revenue contributors or simply encouraging signs?"

Without the financial details, it's impossible to judge the direct impact on FY26 earnings.

My interpretation

If you've followed THRU's RNS stream over the past year, the pattern has been:

More customer wins.

More deployments.

More validation.

Increasing use cases.

The missing piece has been a large volume of recurring revenue and clear profitability.

Investment view

Bull case

Sensormatic continues generating deployments.

Retail distribution becomes a standard use case.

Revenue scales faster than costs.

Market begins valuing THRU as a growth security technology company.

Bear case

Orders remain relatively small.

Revenue growth is steady but insufficient.

Cash consumption remains an issue.

My takeaway

Today's RNS is positive and strengthens the investment case.

On a scale of:

Negative = 0

Neutral = 5

Major re-rate news = 10

I'd score it about 7/10.

It improves confidence that the commercial strategy is working, but by itself it is unlikely to trigger a major re-rating. A major re-rate would probably require:

5. FY26 Trading Update (most important RNS)

This is the key announcement investors should focus on:

Revenue up 45% to about £6.0m.

Order intake £7.1m.

Backlog £1.3m.

Cash balance £2.0m.

Revenue landed within guidance.

Strong contribution from two Asian contracts worth £2.7m.

Verdict: The strongest RNS of the year.

6. Latest partnership RNS (RedteQ and Bavak)

Adds UK and Benelux channel partners.

Improves sales reach.

No revenue attached yet.

Strategic rather than transformational.

Verdict: Positive but secondary compared with contract wins and the FY26 trading update.

My overall assessment of the last year's RNS flow

Negative

FY25 results.

Strategic review.

Need for fundraising.

Delayed contracts.

Positive

Fundraise completed.

Revenue growth returned.

Multiple contract wins.

Expansion into aviation, prisons, transit and government sectors.

Revenue +45%.

Order intake £7.1m.

Cash improved from £0.4m to £2.0m.

Growing distributor network.

Overall score

If I compare where Thruvision stood in early 2025 versus today:

RNS trend: 8/10 positive

The company is not yet proven as a sustainably profitable business, but the news flow has clearly shifted from "can it survive?" to "can it scale the recent order momentum?". The next major catalyst is likely to be the FY26 final results and whether management can show that the £7.1m order intake translates into continued growth and progress toward profitability.

5. FY26 Trading Update (most important RNS)

This is the key announcement investors should focus on:

Revenue up 45% to about £6.0m.

Order intake £7.1m.

Backlog £1.3m.

Cash balance £2.0m.

Revenue landed within guidance.

Strong contribution from two Asian contracts worth £2.7m.

Verdict: The strongest RNS of the year.

6. Latest partnership RNS (RedteQ and Bavak)

Adds UK and Benelux channel partners.

Improves sales reach.

No revenue attached yet.

Strategic rather than transformational.

Verdict: Positive but secondary compared with contract wins and the FY26 trading update.

My overall assessment of the last year's RNS flow

Negative

FY25 results.

Strategic review.

Need for fundraising.

Delayed contracts.

Positive

Fundraise completed.

Revenue growth returned.

Multiple contract wins.

Expansion into aviation, prisons, transit and government sectors.

Revenue +45%.

Order intake £7.1m.

Cash improved from £0.4m to £2.0m.

Growing distributor network.

Overall score

If I compare where Thruvision stood in early 2025 versus today:

RNS trend: 8/10 positive

The company is not yet proven as a sustainably profitable business, but the news flow has clearly shifted from "can it survive?" to "can it scale the recent order momentum?". The next major catalyst is likely to be the FY26 final results and whether management can show that the £7.1m order intake translates into continued growth and progress toward profitability.

I've gone through the major Thruvision RNS/Reach announcements over roughly the last 12 months. The overall picture is that the company moved from financial stress and strategic uncertainty in early 2025 to commercial momentum and order growth during FY26.

review was launched because of funding and growth concerns.

FY25 results

Revenue fell from £7.8m to £4.2m.

EBITDA loss widened.

Cash dropped to only £0.4m.

Additional fundraising was required.

CEO transition and management changes occurred.

Verdict: This was the weakest part of the period.

2. Turning point (mid-2025)

Fundraising completed

£2.75m gross equity raise completed.

Removed immediate funding pressure.

Existing shareholders and directors participated.

Strategic review closed

Management effectively decided to continue pursuing the growth strategy rather than sell the business.

Focus shifted to executing the contract pipeline.

Verdict: Necessary but dilutive. Positive for survival.

3. Commercial recovery (H2 2025)

AGM trading update

H1 revenue increased 36% to £2.6m.

Entrance Security became the main growth engine.

Included a government order in Asia worth more than £1m.

Interim results

Revenue growth confirmed.

Management guided FY26 revenue to £5m–£7m.

Evidence that delayed opportunities were finally converting into orders.

Verdict: First clear sign that the turnaround was working.

4. Strong contract flow (late 2025 / early 2026)

Major commercial announcements included:

South-East Asian Mass Transit contract

Expanded presence in transport security.

Continued success in Asia.

UK custodial facilities contracts

Further penetration of prison/security markets.

Supports recurring demand from government customers.

US Aviation contract

Approximately $0.6m order from Greater Orlando Aviation Authority.

Fifth US airport using Thruvision systems.

Important reference customer for aviation screening.

Retail distribution agreements

UK and US distribution announcements.

Expands route-to-market.

Screening-as-a-Service launch

First UK service-based deployment.

Potentially interesting because service revenues can be more recurring than equipment sales.

Verdict: Consistently positive flow of commercial wins.

What are you on mate?

Went to 0.5p for a reason!

It is going back there for starters and then a lot lower.