Member Info for Letitrun

Depends how cash & liquid asset position is presented to auditors. Also with increasing sales, margin & large reduction in costs these together will also be factored so don’t believe that will be the case.

£200k a month was their 2025 costs not cash burn. They have reduced ad spend already by 78% in 2026 aiming to reduce cost by £500-£600k I.e £2m total opex which is £166k per month costs. Now take into consideration cash flow from orders etc based on 2025 margin & GP of £600k (expected to further improve in Q2) which if apportioned equally (unlikely) would be £50k inflow per month. This would put their cash burn a little over £100k per month giving a 10 month runway. With SBTX holding still worth £1.25m and if suspension lifts end of this month with no bad surprises that holding should increase in value further for a nice top up later this year.

Fair points but they have diversified several customers in multiple territories and also channels (eccom) but do agree they need more in the larger markets and more proof of good recurring growth from these partners. I am sure i saw somewhere (may be the new Q&A) that any Morepen marketing investment was directly linked to orders placed so unless they ordered Opti wont be contributing to marketing. Think i also read there Morpen contributed £300k in 2025 but may be wrong. With the CEO it seems he's continuing to slowly recover and grow this business after handing over the reigns to someone more commercial in 2021 which saw a 60%+ revenue drop. If I recall correctly both PBX and Opti were on like for like revenue then and both subsidiaries profitable at an EBITDA level. I believe he sold his last company to 3M so must have some level of business acumen on top of founding and listing SBTX and growing the PBX commercial foundations nicely.

Can currently sell 250k at 5.2p but buy 250k at 5.17p which not something you see often..

Fried the costs they are reducing are variable costs like marketing for e-commerce which they have heavily invested in the past few years to acquire a customer base with Jan and Feb 2026 already 78% down. These extra costs are completely within their control to reduce now they feel they have a good customer base to maintain and grow more profitably.

Attributing no value to the core business as it is loss making isn't rationale when the majority of AIM stocks are also loss making with good valuation's. SBTX for example £1m loss last year but £25m valuation with zero holdings as assets. The good thing about this company is that it does have tangible external holdings that they can elect to trade should they need funds. You can always have the debate on whether to dilute or sell investments to fund the business but its just a different funding strategy and dilution vs using their own value creation. The positive here unlike many AIM companies is that it has created its own options and reduces the risk of being backed into a corner for funding.

Martin you were hoping for £1.2m I.e £70k more? They had £200k extra orders which may have just missed the cut off for the year. They appear to be making great progress on profitability with margins up and gross profit now making a meaningful impact and expected to improve further from Q2. If they reduce costs by £500k -£600k on advertising alone & remain flat on the year they will massively reduce loss in 2026 to around £1.4m so they will need a top up on the £1m at some point but not desperate. They also currently have £1.25m in SBTX & nearly £4m in PBX so will not be forced to dilute at these silly levels. If they can get sweetbiotix online this year too you can see a very much improving road to profitability here and therefore a currently ridiculous company valuation.

PBX stake 33% Oke not 23% so another £1.5m on balance sheet.

These companies have been named in an RNS by Opti before confirming all the majors are interested

“Partner agreements

The Company has been working with a wide range of industry partners since 2020 and has Material Transfer Agreements ("MTA"), and/or Non-Disclosure Agreements ("NDA"), and/or Open innovation arrangements with well-known consumer brands like Kellogg's, Nestle, Coca Cola, Cargill and more specialised sweetener and fibre groups like Tereos, Givaudan, Sudzucker, Puratos and Firmench. These agreements allow us to share information and products whilst protecting our intellectual property and partners to receive information and different SweetBiotix® products to test within their product ranges. This allows them to assess texture, taste, stability, and how they would incorporate Sweetbiotix® into their product manufacturing processes.”

Once they get manufacturing sorted which sounds like real progress is now being made this should rerate majorly. Pathetic market cap currently for existing business let alone what’s coming through.

Yes reassuring they seem to have a reasonable cash position. I imagine having their Amazon account profitable will also make a significant improvement to the bottom line and therefore cash burn.

Fully agree a profit is a profit and Opti have done very well out of SBTX. Nothing is a sure thing as was made out by those criticising every sell Opti made at SBTX. Last Opti TR1 was start of the year so imagine they’ve got what they need from SBTX for immediate future. Valuation of Opti excluding SBTX & PBX stakes is silly anyway, reaction way over done.

What must have been shown to the auditors for them to sign off on £700k worth of revenue? That’s the big question. If made up documents then Ashman surely will be done for fraud. I always thought £700k royalties on an ingredient found in no products was unbelievable.

Yes Opti are deceiving you to misdirect you & Elrico massive so you don’t sell your 100k shares. What a muppet

Not really Skid they’re being transparent that part of the £800k for delivery and for reporting in accounts in fy 2026 includes the order from November.

They’re quite clearly talking about secured orders for reporting in FY2026. It doesn’t say anywhere these orders were all received in 2026, just that they have £800k secured for 2026.

This is like conversations with my wife!

Surprised at how many ticks up Toyin gets. In reality SA probably looked at the business and thought Axis biotix isn’t making a dent in the huge yearly losses and Croda should come good however nothing in business is guaranteed with the whole business relying on this one partner. He’s diversified the revenue mix with the aacquisitions and significantly improved the underlying financials of the business, so much so verging on profitability. The recent raise whilst dilutive also stands them in a very strong position in the years ahead. If you disagree with the change in core strategy which often early businesses have to realign on then buy a profitable stock that you do. Some people have 10 chips on their shoulders…. I imagine most of the ticks up come from people underwater, agsin your bought a non profitable company which comes with big risk. SA actions have materially reduced the risk profile of the business. Whichever way you look at it that’s a fact based on the financials.

Sorry Skid would have to say you wouldn’t cut it as my accountant… not sure how there is any issue of clarity

“This approach has delivered a record start to FY2026, with over £800K in orders secured from four partners. These will be delivered at various point throughout FY2026 when they will be recorded and reported in the Company's FY2026 accounts”

Clearly defines the value and when they will be delivered AND ‘when they will be reported in the company accounts for FY2026’

I can only assume you are taking the p**s

It doesn’t say received it says orders ‘secured’ as a great start for 2026.

It doesn’t need clarifying it’s quite clear and literally quotes all will be reported in 2026 accounts.

‘this approach has delivered a record start to FY2026, with over £800k in orders secured from four partners. These will be delivered at various points throughout 2026 where they will be reported and recorded in the company’s full year 2026 accounts.’

Later states these 4 partners are the order from November for delivery in H1 2026, Meelung and two other partners.

Not sure on that Skid may just be you as pretty clear they have £800k of orders all for delivery in 2026 and thus revenue recognition in 2026. It is qualifying that part of this £800k figure includes the order from November which is to be delivered in 2026 (therefore counted in 2026 accounts). They can’t book it as revenue until delivery is complete.

From what I gather reading the RNS today the change in being able to provide forward looking figures is they have partners locking in future orders from confidence in repeat sales. Good position to be in and a very positive change for the outlook here. Should get new investors looking at the risers list and taking further interest here as this news gets around.

Should be an easy bag or possibly 2 from here following today’s news. With £800k in the bag for the year ahead & 11+ months left the share price seems to have fallen well below where it should on sentiment alone. They also have £100k milestone for Sweetbiotix & in 2024 their e-commerce business did just shy of £400k to add to 2026. Looking like momentum is actually gathering here. Any serious news on sweetbiotix this will have a major rerate