RE: Negotiations, business deals . . . and maybe even takeovers (Are our board up to this ?)29 Apr 2026 10:30
Re Commentary suggesting that because we haven’t seen a flurry of RNS announcements, Fusion must not be landing OptiMAL contracts the November investor meet company sheds potentially some light on this at around this:
https://youtu.be/0T_vt1Z8VqU?is=IS4SWpqYEXZSE-B7
At 51 minutes 23 seconds
• The "Sliced Bread" Approach: in the Nov investor meet Adrian was very clear that while the company wants to hold clients from start to finish, the market often dictates a piecemeal approach.
He explained: “It is a bit like... [a] sliced loaf of bread. If they... go for the sliced loaf as opposed to the whole loaf model, then we only get commitment from them on various phases as they work through”.
• Why we Won’t See an RNS for all contracts:
Adrian explicitly noted that these phased commitments often fall below the threshold for individual announcements: “That won’t necessarily be a single PO covering a million pounds or more. It could be broken up which also means that you won’t necessarily see them in RNS's... "But the cumulative value of those is still going to be heading towards a million pounds and/or more, provided of course they stick with us and go all the way through”.
• The 10% Math: Brokers (Allenby and Shard) are forecasting £2.25 million in revenue for FY26. For a contract to be deemed "material" for an RNS, it usually needs to represent roughly 10% of that total, or £225,000.
• The USD Equivalent: Allenby’s research note puts the "guide" starting price for an OptiMAL antibody generation project in the region of $200,000.
• $200k USD converts to roughly £160k at current rates.
• To hit the 10% RNS threshold of £225k, a single PO would need to be roughly $281k USD.
The lack of an announcement isn't necessarily a lack of progress; it's a reflection of a their cautious and disciplined, phase-based sales strategy that keeps individual POs below the regulatory radar.
As Adrian put it: “The prospects at this stage pre-launch early days in terms of that pipeline is that it's looking extremely good”.
Expecting an RNS for every $200k win is simply not how the AIM regulations or the "sliced bread" model work.
It's possible that this is progressing in the background but we won't see until the trading update. There's obviously no guarantee which that they have landed anything yet as it is a new technology or which way it'll fall but it does give a plausible explanation.
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