Xeros Technology Group PLC- Rotherham, England-based developer and licensor of platform technologies - No longer expects to reach month-on-month earnings before interest, tax, depreciation and amortisation profitability and breakeven in the first quarter of 2023. Xeros now expects to reach profitability and breakeven in 2024. This, it explains, is as a result of China increasing major lockdowns and India's slow return to normal operations after its third Covid wave.
At February 28 the company's cash balance was GBP6.2 million. Xeros says this sufficient to fund the delivery of major growth milestones through the remainder of 2022 and into the first quarter of 2023. Nonetheless, the company says it is evaluating several funding options to secure the remaining investment required.
Current stock price: 62.20 pence, down 30% in London
12-month change: down 73%
By Heather Rydings; heatherrydings@alliancenews.com
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Xeros Tech (XSG)