RE: Growthfronts27 Feb 2025 14:05
LL you previously went on about why no-one bought it in 2023 when it was effectively up for sale, yet its pretty obvious to anyone looking back that the system offering they had back then wasn't fit for purpose for either the advertisers or the multinationals/brands. They've spent what, close to £20M since then to actually have a Programmatic Solution that works at scale & meets the needs of both Content providers but more importantly Multinationals /Brands because there the ones who spend the ad$.
There was no Measurement solution back there & wasn't something they had even contemplated having (as 2phevs has told us - even as recently as March 2024 that was the case) 4 months later its announced!
2025 was meant to be the year where Mirriad reached the point of break-even on a month to month basis, to do that monthly revenue needs to hit £0.8M which when turned into cash will be around the £0.65M monthly cash burn.
This is the year that constant large gap between cash-burn & revenue closes completely & moves into cash-flow positive EBITDA as VPP is adopted much more widely & by the big multinational/brands on the major content providers.
The roll-out has only just commenced & needs to gather pace, as it does so & more & more content is being cleared for VPP at the same time, then the revenue will start to increase significantly to.
They most certainly are behind where they wanted to be in 2024, but there seems to be real momentum there right now & the original plan didn't have that steep a growth curve for 2025 (£2.5M to £7.9M of revenue which was still meant to leave them with £1.5M cash in the bank headed into 2026 with no funds raised at all in 2025 ).
As I've said they may need a small fund raise to put them back on those same projections again (£2-2.5M max) but if they get a far stronger revenue growth curve than that one then that lowers the size or possibly the need to raise any cash, but none of that will truly be known until the Programmatic Solution is fully live in the marketplace.
There is also a reason possibility that this time round WBD & either P&G or GM (or both) will agree a large upfronts deal, in which case its a completely different ballgame.
I personally believe your April £3.3M figure is too high, I'm sticking with £2.8M at the end of March to be on track with RNS news as you like to call it. With some cash to come in, in April from January campaigns. If your figure turns out to be near correct then it just lengthens the cash run way to the end of August before we even take into account January's revenue!
LOTM
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