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That's encouraging that there is interest in the US.

We should be due UPxi (Ranger) contract news by the end of the month.

Has anyone contacted John recently?

The prize is huge if they gain traction on the partner led side.

From the article I posted previously, cybersecurity companies with high growth SaaS and platform businesses trade at high multiples of revenue. 7.8 times for public companies and a medium of 16.3 times for M&A.

https://www.feinternational.com/blog/cybersecurity-business-valuation

If they get to $20m revenue runrate in the next 2 years then it could sell for a very high multiple to the right buyer. It could 20 bag based on the average M&A multiple.

I think this is significantly undervalued now.

From the trading update, last year revenue grew 40% to $4.2m and the company was self funding based on that revenue.

This year they have already got $5.3m of contracted revenue and that is before any of the following extra revenue:-

-$1m+ DoD contract expected by end of June.

-Expansion of work with system integrator due in the summer.

-Further GR&D contacts.

-Additional UPxi contracts, including first commercial wins expected this year.

I think they could reach $7m+ revenue this year, but I think next year will be where revenue could really take off with the scalability of the partner led commercial wins.

From the IMC there will be further details of the new $2.5m r&d contract released in the next few weeks.

The DoD $1m+ award should be in the next few months, in Q2. This is an important milestone and validation for the Upxi platform and i think could lead to a lot of DoD work.

Annual results and another IMC by July.

They also said Steve will be more active in financial PR in the UK now that UPxi is out.

If UPxi gains Traction I think Narf could become a very valuable company.

From the link below.

Revenue Multiples: For High-Growth SaaS and Platform Businesses

..public cybersecurity companies traded at a median 7.8x revenue, while private startups averaged 15.2x revenue and M&A transactions commanded a median 16.3x revenue. High-growth firms in cloud security and identity access management routinely see 15x to 30x in private markets

https://www.feinternational.com/blog/cybersecurity-business-valuation

What would Narf be worth to the right buyer?

John mentioned the possibility of a joint venture with a large partner. I think that would be a hugely beneficial step. It could turbo charge growth and value without any dilution.

Some big companies being mentioned there for key partners.

Wiz has just been acquired by Google for $32bn.

There are some huge valuations for cybersecurity companies. The Wiz acquisition was at a 40-50 times revenue multiple.

Following the RSA Conference there are 8 active activities with parternerships in discussion.

Veey good IMC.

Spoke about Mythos. Not an issue for them, but an opportunity.

Contracts are starting to come in now. The Traction & Pipeline slide was good. DoD low seven figure contract expected in Q2 and initial system integrator contract expected to expand in the summer .

The Partner-Led Distribution sounds the most exciting though. Expects to see first wins in commercial space this year. That's faster than I was expecting for commercial.

$5.3m revenue already contracted for this year before any of the above.

In the IMC in Dec there was a question about expanding the team to deal with the increase in workflow. The answer was 'yes, and its begun with a new senior hire in the role of product manager for Ranger.ai in early November.'

From LinkedIn, the new hire was Michael Virnoche and he does look senior.

He was at IBM for 9 years until 2024, latterly as Chief Enterprise Architect and Interim Director of Engineering, where he led enterprise-wide transformation directing 42 architects and 200+ developers.

Very interesting Muck. Let's see what's said on the IMC.

Anthropic have been pursuing a strategy of acquiring small, highly specialised teams recently.

The latest is Coefficient Bio for $400m. An AI startup formed in 2025 with around 10 employees.

https://techcrunch.com/2026/04/03/anthropic-buys-biotech-startup-coefficient-bio-in-400m-deal-reports/

It shows the value that a small team can create using agentic AI in a specialised area.

I don't know, but the day before the GR&D award announcement on 4 December the share price rose 40%. Maybe it was coincidence but there will clearly be people on the awarding side with knowledge of final sign-off.

I'm hoping for the first Ranger contract. I completely agree that it will be a pivotal validation point.

We could also get a progress update (with or without a Ranger award), similar to the one on 4 April last year (which saw the share price go up over 100% on the day before coming back).

I also hope for another GR&D award soon. From the last IMC they said they are expecting another 2-3 GR&D awards in 2026.

It could just be speculation but I think any good news will see a strong share price reaction given how tightly held the shares are and how sensitive the share price is to small buys at the moment.

Management own over 40% and the 3 institutions with notifiable positions own about 20%. So less than a 40% free float.

I was going to post the same thing about the 9am auction.

Up another 10% today on very small buys.

I think so too. For the last IMC in December they also gave about 3 weeks notice and then announced a new GR&D award the week before the meeting.

I'm hoping we get a progress update RNS alongside a Ranger contract before the IMC.

Last year there was a progress update on 4 April setting out the product developments plus reassurance on capital requirements. The share price reacted very well on the day.

I was hoping we would have contract news by now.

Is it worth an email to JH, from someone who has contact with him?

Cannacord research out this morning saying a much stronger than expected PFS and raising the THX price target from £1.06 to £1.40.

Fantastic figures. Much higher than I was expecting.

At $4500 gold a pre-tax NPV5% of $1.6bn!

At $4500 gold the pre-tax cashflow will be $300m per year for the first 4 years!

Podscribe November figures are out. Look at the second table. Based on downloads and views per month Audioboom is now the second biggest podcast publisher worldwide!

https://podscribe.com/top-publishers/november-2025?utm_source=podnews.net&utm_medium=web&utm_campaign=podnews.net%3A2025-12-05

Until recently the SMA podcast was one episode per week. In late September they started also doing an additional weekly episode with a celebrity guest.

So there are now twice the number of episodes and Podscribe is showing the new episodes with the guests has at least as much ad loading as the normal episodes.

On that basis the ad revenue should comfortable exceed the 2m revenue share target for SMA.

The biggest Adelicious podcast, SMA, has been very strong since the acquisition.

Podscribe now ranked it as the number 1 podcast in the UK by audio downloads.

https://x.com/MikeMikemufc/status/1995385315780075550