Doesn’t read well does it !3 Oct 2025 11:15
Key Criticisms / Areas of Concern
1. Funding & Cash Flow Issues
• Supply@ME has been struggling to secure sufficient funding in several cases. For example, a related-party shareholder loan from The AvantGarde Group (which is owned/controlled by Zamboni) agreed for ~£3.5 million has not been fully drawn down or met; this has placed pressure on the company’s cash flow. 
• Also, a convertible funding facility with Nuburu, arranged for US$5.5 million in several tranches, hasn’t met the schedule: parts of the funding (specific tranches) were delayed or not yet received, leaving shortfalls. 
2. Auditor Resignation & Concerns Over Audit / Reporting Risk
• The auditors (Crowe UK LLP) resigned in 2024. Their reason included a reassessment of risks around auditing the company, concluding they were not willing to continue as auditor. That’s a strong red flag in many investors’ eyes. 
• Also, due to delays or issues, the company has had difficulty finalizing audited accounts. 
3. Stock Performance & Investor Confidence
• The share price has collapsed — in one note, down ~95% over a 12-month period. That reflects major loss of confidence by the market. 
• The company’s public disclosures suggest urgent cash flow needs, and exploration of alternative funding. These are often interpreted by critics as signs of financial instability. 
4. Related-Party Exposure & Dependence
• There is dependence on related entities: e.g. The AvantGarde Group (TAG) is a related party, controlled by Zamboni; delays or non-performance from TAG have directly impacted Supply@ME’s funding. 
• Some commercial agreements are or may be between related parties or benefit entities tied to Zamboni, which raises questions about governance, conflicts of interest. 
5. Delay / Non-Compliance With Regulatory / Reporting Obligations
• As noted, audited accounts have been delayed. This is a concern for investors and regulators. 
• The resignation of the auditor citing risk suggests audit / regulatory risk. 
6. “Ambitious” Business Model, But Realization Lags
• The model of “inventory monetisation” is ambitious and novel. Critics say that while demand pipelines have been reported as large, actual revenue and realised monetised inventory has been small. E.g. as of late, only a few million (rather than hundreds of millions) of inventory had been financed through the platform. 
• There are worries that projections / targets may be over-optimistic relative to what’s being delivered so far. 
7. Risk of Going Concern / Financial Viability
• Auditors of TAG (The AvantGarde Group) flagged concerns regarding it being a going concern. Since TAG is deeply connected to Zamboni and to Supply@ME’s financing, its risk reflects back on the group. 
• Supply@ME has at times explicitly stated in filings that there are “urgent cash flow concerns.” 
Sign In
Follow the stocks
