Low on cash21 Jul 2025 10:48
🧮 Cash Runway & Burn Rate
As of 31 March 2025, Mirriad had £2.7 million in cash, down from £4.8 million at end‑2024 .
Monthly cash burn was around £650–£675 k .
This meant only about 4–5 months of runway remaining into early summer—severely undercutting the company’s ability to operate without fresh funding.
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⚠️ Crisis Point & Response
In late April/early May 2025, Mirriad warned it “may run out of money imminently”, even flagging a possible administration (bankruptcy) within a week without an emergency cash injection .
Shares plummeted 78–80% on that news .
The collapse of a proposed takeover at end‑April further strained liquidity .
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💷 Efforts & Mitigating Actions
Management has been urgently seeking funding, including emergency equity placement, though success is not assured .
Q1 2025 revenue was just £80 k, further shrinking the runway .
A joint venture secured a £200 k upfront payment, restructuring US operations and cutting monthly costs from £250 k** .
A Placing and Retail Offer (May–June 2025) raised approximately £1.4 million net, bringing cash to about £2.1 million before venture payments and restructuring costs .
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🔍 So, are they about to run out of cash?
Short answer: They were teetering on the brink—but recent actions have bought some breathing space.
1. Imminent risk passed: The joint venture and equity raise pushed the expiration of funds out by a few months and significantly reduced burn.
2. Still fragile: With shrink‑or‑grow monthly burn (now ~£250 k) and revenue still uncertain, any delays in pipeline or weakness in EMEA sales could quickly erode the runway.
3. Material uncertainty persists: The 2024 audited accounts acknowledge a “material uncertainty” over the going‑concern status if revenue or funding fails to materialise .
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✅ Bottom Line
Mirriad indeed came uncomfortably close to running out of cash in May 2025, triggering emergency measures. The joint venture and May–June fundraising have extended operations—now likely through at least the rest of 2025, assuming gross revenue targets in EMEA hold.
However, the company remains highly vulnerable to revenue shortfall or fundraising delays. Stakeholders should closely monitor:
Quarterly revenue updates and pipeline progress in EMEA.
Any further capital raises (size, terms, timing).
Guidance on cash burn and burn reduction execution
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