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Hi Beevorma, sorry I didn't quite understand what you meant. Could you rephrase your point around Q1 numbers please?

Extrapolating the numbers from slide 14 of the presentation tells me the following.

March 2026 had around 13,700 covered prescriptions; Jan had c. 13,300, and Feb had c. 12,000. Total = 39,000

Jan at 13,300 means April 2026 was running at 16,200 (+22% stated in the presentation). As a YoY comparison, April 2025 was running at c. 11,200, which means prescriptions are up c. 5,000 or 45% YoY.

There were 155k covered prescriptions in 2025, of which NY Medicaid was 19% = 29,450. That equates to 7,360 per quarter. We don't know what the figure is in 2026, but if we continue the trend, then one would expect that 19% of April's prescriptions were NY Medicaid = 3,080.

Even if we were to strip out the entire contribution from NY Medicaid in April and employ this larger but not proven Medicaid figure, the Shield team has still managed to increase covered prescriptions YoY by c. 1,900 or 17% in just one month.

However, the likelihood that they lose all of the NY Medicaid business is extremely low.

The sales teams have also already pivoted efforts elsewhere, so the Medicaid contribution may be less than 19%. The NY Medicaid regulations came into force on 23rd April, which means at least the last of the 4 weeks mentioned by the CEO was already affected.

There is also the fact that in March 2026, digital marketing hit its highest audience with 90,000 searches for Accrufer. This compares to c. 65-70k in Feb and 60k in January. That is very solid growth and supportive evidence that their digital marketing is working and can lead to further expanded growth in covered prescriptions as the year unfolds.

Lastly, this is a very capable management team. Andy Hurley, the CCO, especially came across very well, and they clearly have additional funds to deploy should they see fit to drive marketing to ensure growth this year.

But the key point here is that, whilst it is early days in Q2, April has already demonstrated sufficient YoY growth to cover even a total loss of NY Medicaid business and deliver decent net growth. Anything they can do on top of this to replace the NY Medicaid business merely adds to this.

Note - These are rough numbers, but I have tried to be conservative, and they are accurate enough to make a solid enough conclusion

The share price has taken too big of a kicking off the back of this.

The Q1 2026 presentation was held this afternoon. Some seem not to have liked it, but I don't think they dug down into the detail enough. I thought it was very good.

Have you had a close look at what alcohol is available on Temu? Strip out the wine offers, and there's barely anything else there. For instance, I count just 4 beer offers. For a website that has c. 47m visitors per month, it is a very limited range.

I also don't expect the Q1 figures to impress. I think the trend here is better quality revenues as opposed to simply more, with an initial target/focus of reaching cash flow positive. If the company can get that monkey off its back, then sentiment should improve significantly.

The company really needs to be judged on what it does post the move to Peeko. This includes the new marketplaces, live channels and promotions.

So my focus initially is on Q2 as a first insight, but my main target here is Q4 results.

It is interesting that the Beauty boxes started at £35 on the website but have now been adjusted to £39.99. A sign of positive sales, perhaps?

The treasure chests have been adjusted to a 1 in 2 chance of a prize. How they can do that is anyone's guess, but the offer looks attractive enough to drive decent sales. I am certainly following closely. It is also worth noting that these treasure chests have yet to be promoted properly.

I would also say that the company is only just beginning to leverage its THG fulfilment advantage. The treasure chests, I am sure, are only an early pace setter. They are also set to introduce challenger brands, too. So potentially lots still to come, and yes, without doubt, if this venture fails it won't be for want of management and staff trying.

It is also worth remembering that the CFO said this on 9th April.

"Building on the strong momentum of 2025, ACCRUFeR® is poised for a transformative 2026. We anticipate strong growth in 2026, driven by its existing sales force, marketing programs, and improved patient access - with the usual seasonal patterns expected to continue."

He would have known at the time what immediate effect these regulations were having, and I see nothing in his performance since he joined the company that says he shouldn't be believed.

That said, I expect a front-end effect, but overall growth should be the dominant factor as the year unfolds.

Just to add, for those that aren't aware, the new NY regulations came into effect on 19th February.

It is also important to appreciate that with positive cash flows and a renewed debt facility, FY26 is set to be a year of increased marketing and reach which one would expect will drive additional growth.

There is also the prospect of an acquisition.

The Millipede824 you just stole the words right out of my mouth.

A question for me next week would be how much immediate influence these regulations can have on sales. Last year, bad weather disrupted sales immediately, so one would expect the same to apply for this change in NY.

If so, then a 42% YoY improvement in revenues in March is very impressive under the circumstances and rather remarkably (said with tongue in cheek) demonstrates they are tracking towards the broker's FY26 revenue ex-milestone payment of $70.28m.

I did think it was rather strange that they released their updated forecasts 1 week before Q1 being released.

I, too, am disappointed that CFO Santosh Shanbhag is leaving because he's done a fantastic job turning this ship around. But perhaps that was his remit, and now that all the financing initiatives have been executed upon and cash is finally growing, maybe the next stage of growth requires a different type of CFO.

To this we can add regulatory progress in China, new jurisdiction royalties commencing, clear growth in Europe, and the extension to include children >12 yrs in the US, and Europe, with China in the pipeline. Then, for me, there is far too much doom and gloom being attached to the negative elements of this update, whilst completely ignoring what has gone well.

Now up to 92,700 views on that TikTok video, which makes it their most successful by a country mile.

Having run a price check on a number of the main items in that box, it is clear that the RRP is considerably higher than the £35 they are selling it for. Hopefully, this translates into solid sales, but the brand exposure alone is excellent.

Just to give a sense of what I mean by "continuing to rise quickly" 12 minutes later, the views are up to 66,400.

How this translates into site visits or purchases, I have no idea, but it looks like a big positive for their PR and shows the interest in Beauty product discount deals.

As a guide, the previous highest viewed video they have for Bold 2 in 1 was 21,200 (also posted just a day or so ago). Before that, it was c. 8,000.

Thanks, Horsetrader2. I see the comment has now been removed, which is good, but still whoever thought that was a good idea wants a serious talking to.

On a more positive note, Huddled introduced the Beauty Box yesterday, priced at £35 on the website (£39,99 on TikTok).

A TikTok video was posted about it yesterday and has fast become the most-viewed video they have ever had. As of just now, it has had 62,300 views, but it's continuing to rise quickly. I assume a TikTok live event will include it shortly. Sales on the website are fairly muted so far, but it's great PR for the beauty side of Peeko, which is only just starting life.

The video refers to buying in the TikTok shop, so I don't know if sales there transfer directly to the website. Still some good news in all this current Huddled doom and gloom.

A complete lack of interest, and we have a seller, but in the end, if the business performs, then it won't matter.

Over 1,000 treasure chests sold in a week from a standing start, with little or no advertising, is a very good start. But I believe this was a trial run rather than the full offer.

Looking at the feedback, there were a few complaints that I am told Huddled are addressing, and, with it, using the knowledge to improve the overall content and value of the boxes. I've seen someone has reported winning an iPad and someone else reported getting a "Boadicea the Victorious Nemer - Candle! RRP £350." I would hope that Huddled will hone in on these winners and use them for positive advertising.

If they can get this chest offer right, then it is capable of landing sufficient Q2 sales growth to really matter.

Huddled released another batch of 200 treasure chests yesterday. At my last count before retiring for the evening, they'd sold 90 of those boxes.

This morning, they were marked up as 250+ available once more.

As of now, 75 boxes remain as I write.

I have seen a total of 9 complaints on Trustpilot, which I take to be from the first 500 of weekend sales. That's not too bad, but I would want to see this as low as possible. It is certainly an improvement on the previous sales surge, but I trust management is keeping a close eye on this because too many bad reviews may undermine interest in what is a potential game-changer for the company.

Sales tend to kick on in the evening, perhaps because people have finished work. Sell those remaining boxes, and total sales since Saturday could be as much as 950 boxes. That is a very meaningful start for what is a new and I would expect improving idea, and there are still two days left in that particular week. At 1,000 sales, that is up to a £50k impact on weekly sales, which is very meaningful.

Peeko TikTok also looks to be finding its feet with live shows most days I have checked. One of their latest videos on the Refy duo brush (a cosmetic brand that I don't personally know) has received over 5,300 views in the last 5 days. They have also added over 800 followers in the last 5 days.

Still waiting to see the alcohol added to Temu, which is seeing c. 100 sales per day. I would like to see this increasing, but combined, these 3 sales avenues offer very solid support for daily sales numbers.

I get the impression this is merely the start of these treasure chests.

You are absolutely correct. I have made a sizeable error thanks to a little help from AI. I will revisit my figures. Thank you.

Interesting find indeed.

I think the very first port of call here is the UK Cap and Floor initial decision list of projects to be offered support, which was expected in Q1/early Spring 2026.

I ran some numbers the other week. Remarkably, Invinity's batteries cover approximately 58% of the total number of GWh that made it to this stage across both tracks.

NESO has guided between 2.7GW and 7.7GW of need between now and 2035.

Based on the mid-range of 5.2GWh, Invinity would be on course to win around 3GWh of work. I appreciate that the project mix is more complicated than that, but as a guide, it has worth. Invinity's involvement is so large that it is extremely difficult to conclude that they won't be successful with the odds saying they will win a material amount of work vs what they have executed to date. The decision could come any day now.

A second batch of treasure chests is on sale today. 3 hours into today’s sale and 170 already sold.

Once sold out that’ll be 500 sales in 2 days.

Check out the explanation on possible contents. 1 in 3 gets a designer good. 1 in 1,000 get £1,500 of luxury spa get away. 1 in 2,500 gets a £3,000 holiday. 1 in 10,000 gets a car. It’s quite some deal.

The treasure chests are back at Peeko. Well worth checking out.

I have no wish to score points here nor debate this at length, but I would point out a few things from a very simple AI review.

All the major supermarkets have a minimum spend on deliveries. Peeko doesn't.

Sainsbury's (£50), Asda (£40) and Tesco (£50) all have a surcharge on deliveries at levels ranging from £3 to £7.50 when spending below the bracketed figure.

All supermarkets except Waitrose have a minimum cost for deliveries under £50, which is higher than Peeko's £3.99.

Even above £50, most supermarkets still require a delivery pass to enable free delivery or to gain the best delivery slots.

I would also add that in reality, Peeko is looking to compete in the steep discount market on marketplaces and TikTok. Each of those platforms have their own criteria and delivery cost set up. Temu, for instance, controls the basket size, which for Peeko is currently set up at free over £35. In comparison to the above supermarkets that is highly competitive. From a cold c. mid Feb start, Huddled has achieved +6,000 orders on Temu, selling individual items ranging from c. £7 to c. £20. It is early days, but this is an early indication that success is possible, and Temu, we were told in the update 8 days ago, is delivering the most margin.

Very soon, Huddled will become one of the first to be authorised to sell alcohol through its Temu shop. A simple search tells me Temu received 46.7m visitors in March 2026. Being one of the first to sell alcohol gives Peeko a significant opportunity that comes with limited marketing costs.

In addition, we have the TikTok live TV shows + eBay + Ubuy + Amazon. Very early days for them all, but even looking at the one item listed on Amazon by Peeko, it is free delivery for a £20 tray item. Again, this shows that Peeko can still achieve a margin when streamlining lower-cost one-off items through major platforms that require delivery costs to be covered in the sales price.

Last of all, and in terms of "more needs to be done", do not underestimate the potential for the treasure chests, which are gamified, so sit completely outside the sphere of supermarkets. These should be on sale very soon.

I, too, am well down on my original investment, but have also acted to bring down my average, and alongside one other share, it is the only investment that hasn't performed since April 2025 (when the small-cap market took off).

But due to the drop in the share price vs the developments in the business across all of my investments and watchlist, it is now (by some distance) the best risk-reward I am aware of on a forward-looking 12-18-month basis.