Member Info for DD77

Break even/profit position is always on the horizon, but never actually achieved. Very frustrating, as people lose faith

Laura mentioned that they 'don't' expect commercial revenues from Bio Asterix. Was this a slip?

They also didn't answer one of mine

Apparently a couple of significant customers 'imminent', just dotting the i's and crossing the t's.............until signed on the dotted line, nothing is guaranteed. I know that as I work in BD. I will hope they can get these and others across the line

NextGen Stream still not ready

Well no RNS announcement to go with the investor presentation today, so no new business

Scheduled for next week. Wonder if this is to announce full scale launch of Next Gen Stream. Would be nice to have a meaningful contract win announced alongside this, otherwise I feel it will be a rather flat and pointless session

On my last point about delayed introduction of Next Gen Stream - it was re-launched at the end of June, but since held back to address the bugs. It's now September and no indication that these have been resolved (they would have stated that they'd been sorted in the RNS just released, if they'd already been addressed). I would hope the company releases an RNS to confirm full scale implementation (together with a new launch customer would be nice!)

Pretty good Investor Meet, they seem reasonably confident that Dowgate's forecast could be achieved. Said their July/Aug sales were making Q3 expected to be their best Q3 ever, for what is usually the quietest quarter for sales. I'm glad they addressed my question on sales pipeline - the pipeline conversion is rather short in this sector - they will often achieve sales in 2026 which are not already within their pipeline.

Overall, I'm broadly more positive, with a hint of caution.

Also, they cannot withold material news, as it's a breach of market rules and could find them being litigated

Cash shouldn't be a short term concern, given they've only recently done a raise. They had £418k at the end of June, and directors and the largest shareholder put in an additional £105k post period, so over half a million in cash. Plus it states that some of the cost savings are still be worked through and will continue to be seen in H2, so they shouldn't need to raise additional capital to fund day to day activity.

The greater concern is sales and the delayed introduction of Next Gen Stream:

In the Period our flagship product, NextGen STREAM®, was redeveloped and its relaunch was announced at the end of the Period. Following delivery from the software house a number of bugs have been identified. These are being resolved but it has delayed full scale implementation which will go ahead as soon as the product completes testing.

If they were already agreed, then they would have been communicated in the RNS.

RNS cost money to produce, they won't be holding anything back when it costs them money

No volumes are committed for 2026, otherwise it would’ve been stated within the RNS

I will probably give it another 12 months tops here, they just don’t seem able to deliver. There are no excuses now, OEMs are ramping up, defence sector spending increasing and supply chains easing plus our US facility is up and running. If they don’t deliver in the next 12 months then I don’t think they will and I’ll be taking a loss and moving my capital into something which can deliver a return

Price still dropping. Doesn’t look like such a good week after all

The CEO will be booted if there’s no turnaround in the next 18 months

More transitional pain. Pretty disappointed overall, wish I’d never invested here. I just can’t see COG delivering significant revenue to generate shareholder returns . The sales pipeline isn’t huge

Someone is definitely loading up, based on the number of round number buys. Lots of 10k and 20k buys

Won’t move the dial. Need significant commercial deals to shift the SP

The Q&A is now available, together with some responses to unanswered questions from the session. Very informative, and positive

https://www.investormeetcompany.com/meetings/full-year-results-240