Member Info for LOTM-13

No problem Takayama, its very complex in ways!

Mirriad has a very clean balance sheet, no debts whatsoever so very easy to see & understand compared to virtually all other company's. How they get that revenue though is very complex because it comes from so many different sources!

As you'll have gathered I'm not here look for a small payday, I'm hoping for a very big one, a life changing one.

If things go anywhere near to plan then Mirriad should be very profitable in 2026 as VPP becomes the norm.

The results from 40 odd studies show the benefits of VPP to the Multinational Brands & gives them superior ROI's etc in a brand safe environment.

ispots measurement has just taken that to another level as they get the live feed back in like 24-48 hours fo the outcomes & can adjust there ad spend on that campaign accordingly which they simply couldn't do before. It gives the Brands so much more control of the whole process.

LOTM

Hi MammaC,

Sorry I'm not a fast typer!

The landscape is very complex & hard to figure out even when you've been here a while - that's why 2phevs keeps me right at times.

The BENlabs collaboration is all about doing dual PP & VPP its not really got anything to do with the Programmatic Solution that I know of. BENlabs put actual products into the film sets / series sets at the time of filming & then have to hope the film / series shows the product as they hoped for. The were involved in the new Captain America film for GM & Microsoft I believe. That film took 2 years to hit the screens! VPP can find the right place inside the screen & insert the product within 3 to 5 weeks! it can also change the product to something else (which PP can't do) .

Multinationals have different Brand names in various countries P&G uses Tide in the USA but Ariel here, so they could ask Mirriad to swap one for the other in UK screening for example. VPP through AI might find opportunities that were missed during the original PP or help sort ones that weren't quite what BENlabs client wanted.

There are a lot of benefits of VPP over PP.

The measurement (single pixel) is done by ispot through the VPP insertion that Mirriad makes it has nothing to do with BENlabs.

The Programmatic Solution - you have to be very careful with Mirriad has misled investors for a long time on this matter with they way its tried to describe "Manual" & "Programmatic" previously.

What this solution will do is allow the advertisers to buy VPP at scale with the content providers, something that has to be done manually currently & takes a lot longer to do etc.

It was meant to be live & earning revenue 9 months ago, its part of the reason the share price is where it currently is, because its held up revenue coming through like it should do.

Hopefully that helps explain it for you.

LOTM

Hi Takayama,

Mirriad had just under £4.8M of cash at the end of 2024, & now has a cash burn rate of £2M per quarter (with zero revenue coming in) or £23K per day if you want to look at it another way. So the cash in the bank will last them until 7th August basically which is roughly 5 months away & isn't that short.

When they raised over £6.5M at 1.25p a share last year that cash was meant to see them through to breakeven & beyond in mid to late 2025. However revenue in 2024 was much less than they were expecting it to be (hence the cost cutting etc).

They may need to raise some more cash to get them to that same point - possibly £2 - 2.5M, it all depends on what happens on the revenue side of things. They have had at least 3 decent revenue events thus far in 2025 (including the one in the news article) all of which lengthens the current cash runway & thus reduces the amount of possible funding they would need.

Upfronts & Newfronts - those are when big deals could take place, there was one agreed for between $20 - 40M last yearwith just one content provider (the largest 2 Mirriad has are around 15% market share each) that fell through because the content provider had a clearance issue that would have been worth £3M minimum to Mirriad & if it had gone through then we would never have had the opportunity to build-up such large holdings in the company, the share price would never have gone below 1 pence. Mirriad only found out about the failed deal in late August last year as it is not part of the very hush hush discussions in any way between advertiser & content provider.

It is also looking at revenue streams from multiple other sources now - shopify stuff - we have no idea yet as to what's going on there! Germany is getting bigger & bigger & taking up a little bit of slack 7 there are 2 other things happening in Q2 that I've already mentioned.

They know they need to prove the business model, but they can't do that until the Programmatic Solution is live.

LOTM

I should have added, there is also "newfronts" which is at the end of April & "Upfronts" usually the 2nd week of May (its the one where the Major Content providers do the really big advertising deals - but it takes months afterwards to know the outcomes)

Now LatiNation & TSR (The Shade Room) who are both Mirriad partners are launching something new involving Mirriad just ahead of "newfronts".

Canela Media are launching a new app in Q2 that will be doing VPP via Mirriad as well.

All 3 of the above are part of "The Diverse Media Alliance" TDMA for short which is basically 7 Entrepreneurs who own there own content providers & are back MTH & Mirriad.

There is also lots more potential news as well, Shopify has never really been talked about yet either!

LOTM

Morning All,

Laststanding - Mirriad doesn't usually do Monday RNS ( if they do then they usually contain disappointing news)

Steveo63 - Yes next week could be very interesting indeed, growthfronts has very much grown in importance as Mirriad looks to earn revenue early this year.

The biggest piece of good news we could possibly get would be to hear that the Programmatic Solution is now live (currently in testing). Once it reaches that point then we should really start to see good revenue growth.

LOTM

Hi 2phevs,

Looks like MTH has done another Linkedin post!

I'm going to guess its about next week! so is it Tuesday's special dinner or Growthfronts on the 26th & 27th Feb ?

LOTM

140M shares traded on Thursday, that around 7% of the company when you factor in seller to MM then MM to Buyer.

In reality it will be a bit less than 7% of the company that changed hands because some shares no doubt changed hands 2 or 3 times during the day. Never the less that is a lot of volume for Mirriad.

Lets see what Friday brings.

LOTM

Hi Walkietalkie,

hmm 12 fold would take you to a market cap of £37M or 3.7p a share ! with earning of nearly 2p a share you're putting it on a PE of just 2

A company that's gone from zero earning or a slight loss to earnings of 2p inside a year is going to get a much higher multiple than that !

I'd say a PE of 6 was on the conservative side but fair given the info we currently have to work with. So that would put the share price in the 10-12p range at the end of 2026, giving it a market cap of between £100 -120M. Which isn't that far ahead of all the cash its invested in the business thus far.

That's assuming no-one takes it out before then of course!

LOTM

Darn word limits!

So if they were willing to spend that amount with 1 content provider (which they may favour) they will still spend ad$ with all the others as well. Just one of the big global CPG Giants ad spend could cover Mirriad running costs for a year, everything else is profit 7 its not limited to the USA.

As we've found out in the Auto sector, one Brand suddenly see's how well a competitor is doing because of VPP & feels compelled to follow suit & it then kind of mothballs. The same will happen in household products P&G will effectively force Unilever, J&J & Kimberley Clark to use it as well, then the other food sectors Unilever would also promote drags others in & so on.

You've done ok with that initial buy, it will be interesting to see what strategy you decide on going forward Walkietalkie.

All the best

LOTM

Hi Walkietalkie :)

I don't think it will go far on this news alone, but what it has done is highlight the potential of all that's going on.

Personally I think Wednesday's News article is part of a much bigger play that will reveal itself in due course!

MTH has spent a lot of time, energy & passion building up both Mirriad's Diverse Marketplace offering & her 7 entrepreneur TDMA (the diverse media alliance) who are backing her & Mirriad. 2 of those initiatives are due to go live in Q2 !

She is at a Special dinner on Tuesday night next week, then on the 26th & 27th Feb there is growthfronts - where major brands etc are due to meet there pledge from several years ago about increasing there diverse media spend to a certain % of there overall ad spend in 2025. This includes P&G, GM, MacDonalds, Target, Rickett & Colman.

Mirriad's unique marketplace (once the Programmatic solution is fully live) gives them a way of doing that, that the Multinationals can check over the content to make sure it fits the Brands needs & then place the ads & know the sort of ROI they should be getting ( from the study results).

Now there is still the possibility that Mirriad will need to do another small cap raise maybe £2 - 2.5M to get it through to break even on a month to month basis, but with all the activity that is currently happening the size of any raise (if at all) drops.

BENlabs (owned by Bill Gates) are highly active at the moment in getting involved in dual PP & VPP & could easily be running there eyes over Mirriad ! ( I hope not as I'm looking for the big pay day with this one) Mirriad has already sunk £75M of cash into getting where it is!

It needs $60M of ad revenue spend by Brands which through there 25% cut of the spend & then further 20-25% deduction to allow for the cost of the VPP would give them £8M to reach breakeven for the year! (they started the year with £4.8M in the bank & burn £2M per quarter so cash runway to 7th August with no revenue coming in).

There are multiple potential pieces of news that could change the landscape completely in an instance.

Yes it will be tradeable & I intend to try & do that with part of my holding, but given all that is going on this is one you will want to be onboard for a while.

I can potentially see Mirriad having a profit of £18M in 2026 ($200M of ad revenue = £30M gross less running cost for the company at say £12M rather than £8M) So close to 2p per share of earnings, what multiple would you then apply to get to the expected share price ?

And if your thinking that's pie in the sky, well one Multinational tried to agree a VPP deal at "upfronts" last year for between $20 & $40M & that was with just 1 content provider (the biggest 2 Mirriad has have around 15% of the market each) Mirriad has 39% currently & will likely rise to 80% with the deals being negotiated!

So if they were willing to spend that amount with 1 provider (which they may favour) they will still spen

Hi Takayama,

The sizzle reel if you play it slowly at bits show you all the Brands as well as Content Providers that Mirriad works with.

The signed agreements are with the content providers because its there material that Mirriad does the VPP into on behalf of the brands & the brands pay the broadcasts who then pay Mirriad!

Its a very complex model that takes time to get your head around!

If you view the September Webinar you'll get an idea of the complexities within some of the slides !

But basically the situation now is that Brands/Multinationals have seen through countless studies but especially with this pixel insert how much VPP improves the ROI on the ad $ spend by the Brands. So they are demanding that the major content providers give them inventory to use! instead of a year ago it was Mirriad alone trying to get the majors to give them cleared content!

And if the major won't do as the advertiser wants well there's only really one outcome to that, they'll take there ad $ to someone who will ! And given the drop off in normal ad spend the majors can't afford to let that happen.

LOTM

Hi Takayama, welcome to Mirriad :)

Some good questions in there ..... I just have to go find the answers from previous posts for you!

2phevs is the best research by a country mile by the way (especially Linkedin stuff)

This person if you wish to check is employed by Mirriad in Germany & has worked for the company for several years

https://www.linkedin.com/posts/sandra-freisinger-brandedentertainment_%F0%9D%97%A9%F0%9D%97%B6%F0%9D%97%BF%F0%9D%98%81%F0%9D%98%82%F0%9D%97%AE%F0%9D%97%B9-%F0%9D%97%A3%F0%9D%97%B9%F0%9D%97%AE%F0%9D%97%B0%F0%9D%97%B2%F0%9D%97%BA%F0%9D%97%B2%F0%9D%97%BB-activity-7289926287618437120-2yAn?utm_source=share&utm_medium=member_android

So Seven.One is one of the broadcaster's in Germany along with Joyn that have used Mirriad's VPP for several years.

https://www.mirriad.com/patents lists the patents they have etc & 2phevs found this also to back it up even more https://ipbusinessacademy.org/revolutionizing-ip-management-highlights-from-maucher-jenkins-ip-day-2025-in-basel

There are other company's trying to do the same thing but the likes of Rembrand have been in a different segment of the market, but are looking at our one now, but they are years behind us, it took Mirriad well over a year to get Gold Shield trusted status in the USA with the major production companies. 2phevs can give you more details if you just ask him specific questions.

Yes yesterday's announcements headline said this "Global CPG Giant Expands Mirriad Partnership, Driving Virtual Product Placement Success with Younger, Diverse Audiences" They were trying to get specific data for that segment of the market I guess ahead of next week's "growthfronts" which is all about diversity ad$ spend commitments being achieved etc my the major brands / multinationals.

Mirriad don't make ad's the insert virtual products into cleared content supplied to them by the content providers, then the AI looks for appropriate places within the content that a product could be inserted, it then categories it in multiple ways. Then when a Brand wants to advertise it enters its required criteria & is given a list of opportunities that fit there requirements, they then check it over & if they are happy with the content the tell Mirriad what the want insert & then Mirriad carries it out, the Brand double checks it & when happy off it goes to the Content provider for scheduled viewing. It can all be done in 3-5 weeks.

I hope that all helps

LOTM

Oh I forgot, while the USA is the main focus things are happening elsewhere in the world, especially Germany, Austria, Switzerland

In this instance with Volvo

https://de.linkedin.com/posts/sevenone-entertainment_%F0%9D%97%A9%F0%9D%97%B6%F0%9D%97%BF%F0%9D%98%81%F0%9D%98%82%F0%9D%97%AE%F0%9D%97%B9-%F0%9D%97%A3%F0%9D%97%B9%F0%9D%97%AE%F0%9D%97%B0%F0%9D%97%B2%F0%9D%97%BA%F0%9D%97%B2%F0%9D%97%BB-activity-7285967469247094785-m_O6

LOTM

Anyone new mind want to spend a little time watching the sizzle reel of how VPP works

https://www.mirriad.com/sizzle

There are also lots of good articles on blog page to read as well

https://blog.mirriad.com/

This is really good as well

https://hispanicad.com/news/bad-bunnys-latest-album-is-already-a-cultural-phenomenon-brands-are-you-paying-attention/

https://www.shopify.com/au/blog/virtual-product-placement

Or you might want to view this !

View this video from 4 mins 40 sec to 6 mins 30

https://www.youtube.com/watch?v=OPKTQZmxl0Q

The transcript ...

Katie Coteman, Warner Bros. Discovery, UK & Ireland said at the end of her initial bit

I think for us the the whole piece around um new formats is that combination of how do we ensure that we can keep making money but in a way that is um as relevant or as you know as unintrusive as possible for the consumer

especially in an esod streaming world where people are paying um and so I think you need to make sure we talk

about this a lot that our our ad experience is as premium as our content is and so that is the whole kind of ethos behind kind of why we're trying to do develop new formats especially because we have obviously super premium outside of the UK where we have Max we have really super premium scripted and films and it's kind of like what's appropriate in that environment also very very relevant for us um at the moment is is Sport because we have TNT we have you know for the Olympics as an example with Euros sport we had 54 feeds on Discovery plus how do we make sure that we are monetizing those whilst not really annoying our customers so yeah there's a lots of different things but um one of the things that we were talking about wasn't it the thing I just we've just announced we've actually done one today which is uh virtual product placement in streaming for General Motors in the US we just announced that across um max Discovery plus and the GO products so it' be interesting to see that works yeah it will be very interesting okay.

just for info the "GO" product is a collaboration between WBD & Canela Media (another Mirriad Partner - who are bringing out an app that uses VPP in Q2)

LOTM

Hi sebo10,

No its not a leak it was an official Press release in the USA. Mirriad has done it this way several times before.

I wasn't expecting an RNS or even a Reach announcement this morning, its the Mirriad way. Once you've been around long enough you'll understand.

Why's it not price sensitive you'll be wondering !

Well the Global CPG Giant doesn't normally pay Mirriad directly, it pay's the content provider instead, the content provider in turn pays Mirriad for its services. 39% of USA TV content providers already have signed & announced partnerships with Mirriad (although there names are never seen in official RNS's)

When one or both of the other big content providers there talking with sign up, you'll get an RNS for that event !

Its the Multinational Brands that are now pushing the Content Providers to do VPP because its what they want 7 they at the end of the day are the ones with the Ad $ to spend.

LOTM

Hi Simms45,

I'm sure 2phevs will give you much more info but in the meantime look at this article to get an idea

https://blog.mirriad.com/virtual-product-placement-in-cultural-events

MTH told the director of the video of how she wanted it shot, so she could put in the two VPP billboards for L’Oreal’s Mugler fragrance !

That's how detailed they can make things.

LOTM

For those interested

https://blog.mirriad.com/results-for-younger-audiences

Lots of other useful articles can be found on the blog page.

LOTM

My goodness it took 3 auctions to settle the price 0.308p & volume of only 146,568

Will be interesting to see what happens in the morning!

LOTM

Hi Flightman

I won't the top up should have happened weeks ago & for many more shares. It going to take some sorting out & its going to cost someone a lot of money, rectify my position. I told my broker to buy the 7.5M I wanted & keep them to the side until the issue was resolved, they wouldn't do it ! so the cost to someone just got much larger. Its all recorded in the official complaint.

LOTM

As you will gather I'm home again only to find out that my plan B has just occurred when I was out! sods law if it could only have come through yesterday!

So I've had a costly top-up - the added cost of which will likely be borne by those responsible for me not being able to buy the shares I wanted at 0.2p or less!

So far I was only able to buy a certain amount & not all that I wanted as it simply wouldn't give me a quote for the last 6 mins!

Just for anyone new this is the list of those willing so far to have there shareholdings disclosed ............

So the current updated list Alphabetically for you ..........

2phevs, 15.9M shares

Bullishbearish 2.5M shares

Buydipsellrepeat 10.5M+ shares

Flightman 22.5M shares

LOTM-13 over 17M shares at an average cost of 0.58p per share

Total 68.4M shares or over 6.8% of Mirriad

Bentley43 10M shares

If anyone else wants to join the list please let me know don't be shy, there's absolutely nothing wrong with owning 1M shares & being on the list as 1M = 0.1% of the company roughly

LOTM