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This lot have absolutely no shame oversubscribed & they took on all the extra they could at that pathetic price instead of actually doing the right thing & saying NO.
Clearly there won't be any potential consequences because both Rathbones & M&G have filled there boots with the cheap stock.
Disgraceful to say the least.
LOTM
Hi 2phevs,
Next year is 12 month's long & the statement very wishy-washy around when or if it might occur!
They should be able to give guidance as to whether they expect to reach break-even on a monthly basis by the end of Q1, Q2, Q3, Q4
There is one heck of a difference in it being at end of Q1 or end of Q4.
I refer you & anyone else to the August 23 Presentation slides 7 & 16 & tell me how you get to those number's in 2026 if your only at break-even at the end of Q4 2025 ?
With 40% of the Programmatic market they were projecting $250M gross that year, 87% of USA would take you close to $600M & that's with zero coming from overseas & you can only break-even on a monthly basis late Q4 !
LOTM
Morning Mozax,
The timing & price are horrendous.
I believe they had other opportunities that they could & should have looked at for funding & as for doing it right now makes no sense whatsoever.
Err no I won't be switching off I'm on the hunt for answers & actions.
LOTM
I will be making several phone calls today & if I'm not satisfied with those answers & there is not full transparency given by the company to all shareholders then there will be consequences.
I will refrain myself from saying any more on what they might be for now.
They need to come out with a comprehensive statement which includes the cash balance for 31st March & sales revenue for Q1.
How much of this "Business Pipeline" is solely for 2024.
Where Programmatic is in terms of delivery, is it going to be fully live (not trials, beta testing etc) with a client this quarter & generating revenue as advised ?
What are the projections of when it will be live with the other 4 content providers that they have been progressing with for months now.
Why they have not signed deals where they would get a cash advance upfront & it would be deducted from 1st revenue until it was re-paid to the Content providers.
Why they are still giving no guidance around reaching break even.
Why there current commentary is so different to that of the August 2023 presentation in particular slides 7 & 16
Why the deals with C4 & Sky have not been made public before now?
Why they have not revealed they are in talks with an additional 32% of USA content providers until now?
Why they haven't waited until after the Upfronts week has taken place or the Microsoft Webinar?
What monthly metrics they are going to provide investors with so that they have measurable data on the progress being made in terms of revenue being generated without it being actual sales figures (like views of adverts for the month or such like).
LOTM
I'm truly Sorry to everyone who has bought in recently to MIRI, following me highlighting the company & asking people to take a look at it.
Yes I did know a fund raise was a possibility, but I didn't see it coming so soon & its slightly larger than the £5M max requirement that I thought they might needed.
The issue price is a disgrace quiet frankly, if that's the best the company can do with the pipeline of opportunities it has & all the hints its been giving through informal channels. The CEO has a lot of explaining to do & his position is in Jeopardy for sure after this, if not untenable.
Again my sincere apologies to everyone.
LOTM
I'm truly Sorry to everyone who has bought in recently to MIRI, following me highlighting the company & asking people to take a look at it.
Yes I did know a fund raise was a possibility, but I didn't see it coming so soon & its slightly larger than the £5M max requirement that I thought they might needed.
The issue price is a disgrace quiet frankly, if that's the best the company can do with the pipeline of opportunities it has & all the hints its been giving through informal channels. The CEO has a lot of explaining to do & his position is in Jeopardy for sure after this, if not untenable.
Again my sincere apologies to everyone.
LOTM
The other thing that bothers me right now is the timing of it..........
Why do it now ?
They've said there not going to be putting out the accounts until June.
So why not wait until after Upfront's 24 week is over ?
I mean its only 2 weeks from now & according to the CEO we're going to be revealed there, as that's going to get a lot of publicity in the USA & quite likely bring on some new investors & strengthen the share price, which would have meant a higher placing price & less dilution.
The CEO has a lot of explaining to do.
LOTM
Hi LovableTB,
Personally I didn't think there salaries were that unreasonable, the CEO took a 10% cut last year (2023 - yet to see the figures to confirm it) from a basic of £443K in 2022, the CFO got £221K. I have a lot worse for sure.
Hi Merciaman,
They've already raised the £5M, they'll have done that in the past couple of days, hence the constant selling by someone who knew what was coming & the price & lovely margin they'd just banked with each sale.
They will be getting a phone call from me tomorrow that's for sure.
The funding to end of August 2024 was them having a monthly burn rate of £0.7M starting 1st July 2023. The Year end cash figure of £6.1M was ahead of where it should have been, so 6 months in no sign of a pick-up in spending & they actually said they were slightly ahead of plan.
Now I did say I thought the acceleration in new business might lead to new higher expenditure, but at the same time revenue should be picking-up slowly but surely, we just didn't know what the drag would be, but again they have failed there investors by not disclosing the end of Mar cash balance or Q1 revenue figures.
There official communications have been completely different to there LinkedIn ones.
I'm also really troubled now by that August 2023 presentation & slides 7 & 16 of it compared to
"The Directors believe that the proceeds of the Fundraise can provide sufficient funding to take the Company towards cash flow break-even during 2025, based on the Board's expectations for revenue growth over the next 18 months, the expected sign up of the additional major US media companies as described above, the exploitation of the partner-driven pipeline and the launch of programmatic sales through its partners and in collaboration with TripleLift."
Having 20% of the market on there figures would have given £100M of revenue or around £50M net according to there margins etc. Yet there indicating that with potentially 87% of the USA market, plus what looks like a speeded up process in other markets to that & there only going to be "towards cash flow break-even during 2025" does not add up at all.
LOTM
Sorry I'm still in a bit of shock about the price & size of the placing & need some time to digest it all.
There are some perplexing things in the fund raising document that already need a lot of explaining. including why there isn't a cash balance figure for the 31st of March, or sales revenue in Q1.
"Revenue from the US in 2023 increased to approximately £1.4 million (FY22: £1.2 million) and now represent approximately 80 per cent. of Group revenues. This focus on the US is also reflected in the pipeline of opportunities for 2024 and beyond - as at 31 March 2024, the Company had an unweighted business pipeline of approximately £2.6 million of which approximately £2.3 million is from the US, and around one third is from supply partners that have signed up to MSAs in the past six months, demonstrating that they are already contributing to potential new business."
What the heck does "unweighted" mean ?
A forward order book of £2.6M with £2.3M USA as at 31st March, if that's all for this year already, why do they still have no true break even projections?
"In total, Mirriad's access to the addressable US TV advertising market through its contractual relationships with media companies has grown from 9 per cent. at the start of Q3 2023 to 39 per cent. at the date of this Announcement. The Company is now working with seven out of the top ten media companies in the US by share of the US TV advertising market. Crucially these partners are now mobilising their sales forces, which are significantly larger in number than Mirriad's, to sell in-content advertising utilising Mirriad's technologies.
The Company is currently progressing negotiations with another major US media companies and engaging with two more which, together with the existing partners, would provide Mirriad with access to 87 per cent. of the US advertising market once agreements have been signed. The Company expects to be able to convert the majority of these discussions into partnerships during 2024. These media companies, together with those already signed up under the MSAs, control premium content which the Directors believe will facilitate sales and result in a higher yield to Mirriad, especially when compared to the niche media players with whom the Company has worked historically.
The Company continues to generate momentum on the demand side, with a growing list of major brands buying in content advertising. All six of the major advertising agency groups are now well-briefed on Mirriad's technology and its advantages and are actively either buying or evaluating content with Mirriad in mind.
Development in Europe, with Germany and the UK at the centre, is continuing to progress with FY23 revenues up around 93 per cent.. Mirriad is now taking to market 23 out of the 25 shows Channel 4 have commissioned to air in 2024, as well as its first content to air on Sky."
So your able to name C4 & Sky in this document but couldn't put it in an RNS before now
Just for the record, I haven't sold a single share that I've bought since coming here on 8th April & am fully invested cash wise now, with 1M plus another 325K that was for trading, so I have no free cash to participate in the placing, to bring my average price down from around 2.12p
LOTM
I'm truly Sorry to everyone who has bought in recently, following me highlighting the company & asking people to take a look at it.
Yes I did know a fund raise was a possibility, but I didn't see it coming so soon & its slightly larger than the £5M max requirement that I thought they might needed.
The issue price is a disgrace quiet frankly, if that's the best the company can do with the pipeline of opportunities it has & all the hints its been giving through informal channels. The CEO has a lot of explaining to do & his position is in Jeopardy for sure after this, if not untenable.
Again my sincere apologies to everyone.
LOTM
I just found these, but have no time to listen to them & I don't know how old they are either (its in 2 parts)
https://martechpod.com/episode/in-content-advertising-in-streaming-stephan-beringer-mirriad/
https://martechpod.com/episode/in-content-advertising-in-streaming-stephan-beringer-mirriad/virtual-product-placement-stephan-beringer-mirriad/
LOTM
Sadly I'm not going to be about most of the day, but after watching the Albert Thompson video on LinkedIn (which Mirriad should be posting / liking & commenting on) I decided to try doing a search with the wrong spelling that was in the video "Myraid" I then found this -
I know 2phevs mentioned Amagi recently but this is a good read
https://kerv.ai/amagi-integrates-mirriad-ai-tech-for-dynamic-virtual-product-placement/
The 2 articles are virtually the same
https://www.streamtvinsider.com/advertising/amagi-integrates-mirriad-ai-tech-dynamic-virtual-product-placement
The problem from our perspective is that there are several other things out there using Myriad :( A forum that talks about music & dynamic placement within that, A piece of software & A mining company. :(
So any Investor using the wrong spelling is not going to find Mirriad very easily. Which is annoying.
GLA
LOTM
Hi Laura2022,
Sorry its been really hectic here with breaking news
If your reading this I suggest you go to the CNE chat board, I posted a lot of background stuff there with numerous links attached, so you can research MIRI properly without having to dig around everywhere.
If you've any questions then please feel free to ask, everyone here tries to answers each others questions, 2phevs is the main source of knowledge.
Good Luck with your research :)
LOTM
Hi TheSoundMan,
No its not a normal trait of MIRI that I'm aware of.
It's all to do with them posting on LinkedIn & then the Triplelift Presentation News that 2Phev's has found & that Video from yesterday!
This look like it will explode with all the news that's coming & we're not even near the Upfronts Week yet !
I guess there is now an increased chance of an RNS tomorrow & I'm going to be busy most of the day :(