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The key programmatic partner didn't walk away - that's misleading. they're awaiting content clearance and there has been delays. not the same as walking away which suggests the avenue is completely closed off which it isn't. now talking to an additional partner as well. there is a small chance they get something material come in via the scatter market. i think that's probably the only reason the share price hasn't crumbled further to the 0.2s

If they pull a rabbit out of the hat in the scatter market then that’s a game changer and changes the dynamic completely. Gamble on that happening.

In the presentation Stephan mentioned dialogue with partners and said programmatic sales in the region between £20m and £40m

He describes it as being a content clearance delay.

## Mirriad's Current Position

Mirriad, a company specializing in virtual product placement and in-content advertising, has made progress in expanding its partnerships but has not yet achieved significant programmatic sales. However, they see an opportunity in the scatter market.

## The Scatter Market Opportunity

The scatter market refers to advertising inventory that is sold closer to the air date, outside of the traditional upfront buying period[2][4]. This presents several potential advantages for Mirriad:

1. **Flexibility**: Advertisers can purchase ad slots closer to the airing date, allowing for more agile and responsive campaigns[4].

2. **Data-driven decisions**: Buying closer to air time enables more informed decisions based on current ratings and audience data[2].

3. **Potential cost savings**: In some cases, scatter market inventory can be cheaper than upfront buys, especially if networks need to fill unsold slots[2][4].

## Potential Scale and Timeline

While it's difficult to predict exact numbers, there are some indicators of potential scale:

1. **Market access**: Mirriad reports agreements with partners representing about 25% of the total US TV advertising market, up from 8% in Q3 2023[3].

2. **Ongoing negotiations**: They are in advanced talks with two more major US companies, which could add another 30% to their market share[3].

3. **Revenue growth**: Mirriad reported a 20% increase in revenue for fiscal year 2023, reaching approximately £1.8 million[3].

Regarding the timeline for achieving sales before Christmas 2024:

1. **Programmatic testing**: Mirriad's programmatic testing with five partners is expected to start contributing to revenue in the first half of 2024[3].

2. **Market adoption**: The company believes it is entering a "long-planned adoption phase with key industry players"[3].

Given these factors, it seems possible that Mirriad could achieve some sales through the scatter market before Christmas 2024. However, the scale of these sales would depend on various factors, including:

- The speed of adoption by advertisers

- The effectiveness of their technology in the scatter market context

- Overall market conditions and advertiser budgets

It's important to note that while the opportunity exists, success is not guaranteed. Mirriad will need to effectively leverage its partnerships, demonstrate the value of its in-content advertising in the scatter market context, and navigate the competitive advertising landscape to achieve significant sales before the 2024 holiday season.

Sources

[1] Advertisers | Mirriad | Virtual Product Placement & In-Content ... https://www.mirriad.com

[2] Scatter Advertising: 3 Tips for B

Your frustrations are understandable given this has a been an utter train wreck. The network upfronts opportunity didn’t work out due to content clearance delays. They confirmed it’s a delay not that they walked away. Meanwhile opened up a dialogue with another SSP.

Also potential to achieve programmatic sales in the scatter market. Researching to see what potential there is with that

The presentation is actually quite funny when Stephan has his 2 min rant just before the Q&A session. Even compares himself to Muhammad Ali. I’m bullish on MIRI in a cautious manner given how risky it is. But CEO comes across like a clown i

Yup; that’s why they’re scrambling now to cut their cost base down.

There’s a lot more levers they can pull. But your right there is a risk of them raising again in May if they can’t get revenue up and control costs to demonstrate to auditors that they can make it last another 12 months from sign off.

Invoice factoring to be introduced. Liquidity boost there which will help to put off the next raise. Plus an extra £1m saving. I forecast they can put a raise off to back end of next year.

Also there’s still opportunities to be had in the scatter markets. Bit of research into that suggests it’s less risky compare to the network upfronts do sometimes there’s more chance of getting deals over the line in the scatter market. Not sure if your research led you to that as well?

Is it fair to say they walked away though? Wasn’t it just that didn’t want to commit to it without content clearance?

Don’t be naive. AIM micro caps companies are always cash hungry and need funding every year. It doesn’t stop them from multibagging. That’s why we take these punts. HE1 multibagged 1000% even though everyone knew it need more funds.

I wouldn’t declare that. lumax likely taunt you over it

Hypothetically if they go into liquidation share price will go back up to cash level. At the moment it’s trading massively under.

Lovablelumox a 4m buy went through. You’re obviously not doing a good enough job smearing the cash runway and it potentially needing another raise.

If they confirm the cash forecasts in the presentation I’m pretty you will dismiss it.

Checked last years interims going concern statement. They admitted they would need to raise last time. But they didn’t this time.

Will be useful to get more flavour around the going concern statement they produced to gain more clarity and cut the speculation out. I’ve asked the question via investor meet and imagine many others will have done as well. So they likely will address the cash runway concerns. And confirm that the going concern statement around the forecast up to 31st December 2025.

If that’s confirmed then this has been oversold by some margin.

What apology!?. The cost base is proportionally lower; what does it matter if they have less cash than this time last year. doesn't take a genius to work that out. presentation should clear up the speculation on the cash runway. they might be able to add some more flavour to the going concern statement they made.

"After making enquiries and producing cash flow forecasts for the period up to ****31 December 2025****, the Directors have reasonable expectations, as at the date of approving the financial statements, that the Company and the Group will have adequate resources to fund the activities of the Company"

cashflow forecast up to 31st December 2025. if they can add bit more detail around this that would go a long way to reassuring shareholders.

Tired of reading they have less cash than this time last year. The cost base is also significantly less as well.

No it isn’t. The going concern statement I posted is from the interims. Yours is an old one.

They will put the cash situation straight at the presentation but I’m sure you will carry on being a broken record

Just to play devil's advocate here. auditors could still sign it off without a placing if cost base is reduced enough. They would need to tighten their belt and live within their means. Also if programmatic sales within the "scatter market" ends up being sufficient to bring it to cashflow neutral - it would avoid the need for placing next year.

you pasted the wrong going concern statement as well. i know you did it on purpose to highlight the potential risk.

for everyone else though this is the actual going concern statement from the interims. you can make your own minds up depending on your risk appetites.

1.1 Going concern

These condensed interim financial statements have been prepared on the going concern basis, notwithstanding the Group having made a loss for the period of £4.8 million (June 2023 restated: £6.9 million). The going concern basis assumes that the Group and Company will have sufficient funds available to continue to trade for the foreseeable future and not less than 12 months from the end of the financial period being reported.

The Group's cash balance was £8.3 million at the period end and the Group remains debt free with no external borrowing.

The Company announced a Placing, Retail Offer and Directors' Subscription that raised approximately £6.2m after fees on 7 May 2024. The Company said at that time that the Directors anticipated that the proceeds of this fundraise can provide sufficient funding to trade cash flow

***break-even during 2025***, based on base case forecasts which assume both revenue growth and cost savings being achieved over the next 18 months****. After making enquiries and producing cash flow forecasts for the period up to 31 December 2025, the Directors have reasonable expectations, as at the date of approving the financial statements, that the Company and the Group will have adequate resources to fund the activities of the Company and the Group for the next 12 months from the date of the financial period being reported.

Lovablelumox - you said monthly cashburn in H1 £829,500.

Let fact check that. cashflow statement - net cash used in operating activities. -£4.012m. monthly cashburn is £669k per month.

"We have identified further cost cutting measures and will continue to operate as efficiently as possible."

"In addition, we have now implemented approximately £250k out of the £750k of potential annualised operating cost savings that had been identified as part of the same process. We have been stringent on budgeted costs over the year and we expect to be able to implement further cost savings in H2 2024"

there's at least 2 references to reducing costs.

i predict at least £4m cash left at year end 31st dec 2024. Without programmatic sales its got till July 2025. if they pull some levers and cut their cost base down further and programmatic revenues come in; i predict they will have a decent shot at breaking even without having to raise again.

plenty of risk here and the doomsayers do make some valid points on the risk element and have called it right as far the share price tanking.

Sarcasm won’t achieve anything. The companies track record in last 2 years to substantially cut their cost base shows they’re capable of doing what’s needed. They’ve confirmed they’re going to cut their cost base even further. They will extend the runway without raising again in 2025 in my personal view. A lot more R&D costs they can cut.