Member Info for Merciaman

For 2022 there was a trading update 14th December '22.

For 2021 it was 24th Jan '22.

We wait with interest.....

2phevs, I suspect Mirriad's market cap zenith was at some point in April 2021 - the share price hit 63p, and there were (I think) 279 million shares in issue, implying a peak market cap at the time of around £170 million.

Think we'd all like to see a return that level, but we need to recognise it was likely driven at that time by promise and speculation. As per recent posts, we're in a different climate now - it is all about delivery / can they deliver / can they truly & significantly monetise the technology.

Just providing a possible figure for a bit of context JDF7. A 67% increase is and sounds great, but from a small base.....It'll be interesting to see what actual revenues are for 2023, and what any forecast is for 2024.

I think Mirriad needs to get to something around £15 million of revenue to break even. That assumes it keeps a gross margin of about 70% of sales (so £15m x 70% = £10.5m gross margin) to cover the £700k per month overhead indicated in past statements.

As I said in my post, "there's clearly still a long way to go". How quickly it can get that far will determine whether it's going to need another cash raise in the interim. Clearly winning a big contract of the scale that's been discussed would be a game changer, but even that will take time to come fully to fruition.

Update awaited with interest.

Think you're right JDF. Hopefully there is an RNS coming with some positive hard performance data.

To put into context, a 67% increase on 2022's sales would get you to a revenue of just £2.52 million - there's clearly still a long way to go.

Spot on anyone, ultimately the share price will be moved by growing revenue, gross margin, and a switch from loss to profit. All sounds good.

If the company does indeed do what we all hope it will, wonder if they'll look to list or upgrade their limited listing in the USA - especially given how much they are betting on the US economy ?

Wonder whether there's an upcoming update regarding the likely FY results ? There was one last year (14th December).

Good grief JDF7, that sort of calm sensible measured comment will get you nowhere !

Absolutely right - I think that the annual results ending 31/12 are usually announced sometime in the following May, but I'd expect updates well before then. I'm not sure any deals announced now will have much impact on this year's numbers, but they should have on next year's - if they don't we're wasting our time and money !

Given the presentation and directors' commentary back in August, any lack of positive news - ie sign up of at least one tier one client providing additional revenue in the £millions at the least - will be a credibility hit for the board. In such circumstances, you would expect, at the least, an update of some sort this side of Christmas to advise shareholders of the situation.

I think many (me included) are waiting to see if the BoD are going to make good on the promise regarding an announcement in Q4.

Everything else is just conversation really.

Having said what they said back in late August, I think they have to get at least one tier one player on board, with a significant positive monetary benefit, before Christmas. If they don't then I think the board's credibility takes a very serious hit.

It does indeed Aklee, and given I have a sizeable holding in Mirriad I'm hoping for that game changing RNS sooner in the quarter than later.

Spot on JDF7 - all the positive news, sentiment, and promises in the world won't help the business if it cannot monetise its technology.

I await the much hoped for Tier-1 sign up RNS due in Q4 - followed by, I would hope, a trading update showing rapidly increasing revenue early in 2024, ahead of FY results normally announced in early May.

Djmmac, don't know the numbers of shares, but -

Mirriad was founded in 2015 : Listed on AIM in 2017 - at which point is was valued at £62 million mkt cap : It raised money in 2018, again in 2019, and in Nov 2020 : Earlier this year through another placing it added 210 million shares in the placing bringing the total number of shares in issue to 490 million.

Just a word about the past share price given it has been mentioned in some posts. The share price has indeed been much higher, but there are a lot more shares in circulation after the placing earlier this year increased that number from 280 million share to 490 million. So 30p pre placing equates to maybe 16/17p now.

Mind you, 16/17p would be very nice indeed. The shares were listed on AIM at 62p back in 2017 (before other placings before the most recent), and actually peaked at 63p in April 2021. That was on the basis of the potential in the Mirriad technology.....

Perfect summary of where we are Aklee

Yesterday's presentation was impressive - and I think it clarified some key points. Microsoft are clearing assisting with the technology, while it seems unlikely that there's any prospect of a commercial link with Amazon. That should be borne in mind by anyone looking to either trade or invest.

It was also the first time that I've seen the board / directors outline a scale of financial opportunity. Good to see as 1) it helped clarify my thinking, and 2) I would have thought that there would not have been any such outlining had they not thought it a realistic scenario.

As per other posts, I hope for some positive RNS over the next few months. Milestones for me would be 1) confirming the sign-up of a tier one provider before the end of '23, 2) the appearance of programmatic revenues, 3) providing a boost to revenues. If this is achieved, then it's easier to see how Mirriad might grow in relation to the scenarios outlined yesterday.

I think we're in wait and see mode at present, they have enough cash to run into 2024, hoping for some positive announcement(s) about how they can / will monetise their tech.

Yes, my invitation to subscribe to the new share offer came through yesterday, and I accepted the offer (5 new shares for every 21 held at 3p per share) this morning. This is the open offer after the placing was completed last week.

Too late for that I think as the record date for the open offer was Monday 15th. But no reason why you can't buy more shares via the Excess Application Facility.

On the financing side the attitude of the 9 institutions who collectively held / hold 68% of the shares must be key here ? I would have thought the collaboration with microsoft should have increased their confidence that Mirriad's technology can indeed be monetised in some way - whatever that may be - and that they are therefore more likely to continue to support the business. I think the microsoft collaboration de-risks the cash burn issue to a degree.