Member Info for Muck165

Oversubscribed “multiple times”

Pubmatic announced this today about a new wholly agentic interface for independent agencies and mid market advertisers

https://pubmatic.com/news/independent-agencies-gain-advanced-agentic-media-buying-through-new-pubmatic-and-untapped-growth-collective-partnership/

“ Using a simple LLM-powered interface, traders submit campaign briefs in natural language — audience parameters, budget, timing, and brand safety requirements. AgenticOS returns recommended audiences and curated inventory packages from top data partners and premium CTV, mobile, and online video.”

We are a data partner for CTV and online video. So, once a brief is submitted we may be automatically included through agentic Pubmatic curation into the delivery solution. Automatic. No human awareness or selection. If we’re good, that’s scale at low cost.

You have to wonder if our recent announcement that Pubmatic had become a data partner is linked to this. Whichever way, it’s good news I think.

It’s the Salignostics test, branded by U Test. They are, in effect, a distributor.

Small company incorporated in Oct 24. Heavy on marketing / branding it seems, but no way they sold 700,000 in the first year as they claim in the video!

Salistick used to be prominent on the ASI site but now it’s practically vanished. Makes me wonder how much we still have to do with it, at least on the distribution side. And it’s disappeared from the Boots, Tesco and Superdrug live sites too.

It was a dud. TBH I’m glad if we have nothing to do with it anymore.

And just another little observation (from admittedly a charting novice), but it looks to me like me have a wonderful looking bull flag.

Just his latest - almost every other day at the mo.

Always useful to see who he Tags. This time around he includes Kirsty Chadwick (CEO of TTRO) and, yet again, Fernando Migoya (CEO of Edlatam).

https://www.linkedin.com/posts/natierau_ai-saas-enterprise-share-7442126029445464065-Yxcn?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

Just interesting to note as well that DH has had just two option awards, when he joined in August 23 (271m at 0.06) and then in Feb 26 (200m at 0.0475).

Why the 2.5 years between awards? If this really was to cover remuneration then why not each year, on a cycle. Unless timing matters.

Again just an observation, but the option IMMEDIATELY vesting award timing did seem pretty strange to me at the time, particularly at a c50% premium to prevailing price.

I keep thinking of those warrants DJP.

DH has had backers, probably the same backers with each raise. They got warrant sweeteners to participate, but they only get those at 0.09, and will only get free warrants if we sustain 0.12. The warrants lapse in August.

DH posted to say how much time he spends on Investor calls; well that’s not with us so I imagine those backers are in his ear. He can lift price 2 basic ways to get to the exercise price - positive contract news, or exercise his options and signal confidence in contracts coming.

Or he could just the backers wither.

Ultimately it’s a personal decision so there’s no way we can or should expect it. But yes, it would push price up (putting him straight in the money) and give us a higher floor pre contracts.

There is a PDMR closed period of 30 clear calendar days prior to the issue of interims.

Interims were issued 30 clear calendar days from the options award.

Coincidence? Whatever, DH was prevented from exercising Feb options following their grant, but isn’t anymore. Would be a huge statement to the mkt if he did.

Caveat to my last - just seen the late reported trade just before the bell.

Doesn’t change the fact that the book is as twitchy as hell!

When the 2025 interims were issued we had 4,015,029,913 shares in issue, a prevailing price of c0.08 and thus an MCAP of c £3.2m. We had only just taken the CIQ licence, and didn’t have Yentra.

This year, first 6 months revenue improved, CoS remained flat, overheads fell, losses declined, cash is solid, CIQ is making commercial revenues (albeit small for now) and has progressed with Magnite, Iris, Pubmatic partnerships/integrations, CIQ major agency discussions are continuing following tests/pilots, white labelling is being discussed, other routes to market have been advanced, hiring to drive growth was undertaken, Evolve was launched/partnerships announced, and we’re told to expect strong revenue growth.

And strong revenue growth driven by our low cost model can only improve margins, such that a very significant part of any incremental revenue from here on out will be pure profit.

Yet for all this positive change in our financial and commercial outlook, our MCAP has fallen by roughly a third from £3.2m to £2.1m.

Funny old game AIM.

Book is so sensitive at the moment, and weird.

-15% to +15% then back to flat seconds before close on what apparently was a miniscule reported sale, and all on pretty thin volume.

I’d normally assume there’s a larger as yet unreported sale to explain it, and that may still be the case. We’ll see tomorrow.

But then one day last week there was just one buy all day (I know, it was me) yet price dropped - again I thought there must be an unreported trade but it never showed.

If news come then price could spike sharply, just because of the small float.

More for info really but this is from Diogo Moreira today, an account Manager at CIQ

https://www.linkedin.com/posts/diogo-moreira-17a88684_advertising-ctv-ai-activity-7441828061484032000-7QHn?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

"We’re already working with brands and agencies exploring the next evolution of video advertising"

Natie is has very busy posting about the risks of open AI architecture when compared to sovereign architecture.

I’ll leave people to read his posts if they wish. The observation I have is that he regularly tags one Fernando Migoya who is the CEO of the Edlatam Alliance, which according to his LinkedIn page is “ the largest EdTech and education innovation network in Latin America.”

Natie tends to only tag those he’s working with. We are told “Evolve is an AI product designed to empower companies, countries and educational institutions to build and deploy ethical, sovereign AI systems that are owned and operated by their users”. So Edlatam fits the bill.

Yentra already has understandings with TTRO, an educational institution.

Might Edlatam be on the cards? We were told first sales were targeted for Q1

Just conjecture, but interesting nonetheless.

I sent this to JH last week

“ Hi John - I hope you are well.

Just wondering if the Iran situation is causing any delays with, or funding redirections from, potential DoD customers? Asking because we've had no confirmation of the expected Q1 contracts.

Thanks as always”

I had this reply this morning from Tennyson

“ Hi xxxx, we’re broker to NARF and have been in regular touch with John – no delays expected from Iran mess. Thx Peter”

Read into that what you will (if anything!)

Yep. For me it’s now all about the positioning.

CIQ has, at least for me, clearly got some traction insofar as it’s continued to generate revenue, remains in discussions (ie not been dropped after testing), is widening its addressable market and scale through platform partnerships, has hired into the sales team, and is talking positively about white labelling. That wouldn’t even be on the table if it was a dud. And then there’s general global economics - pressure will Im sure be put on ad spend, and agencies will want more bang for their buck, exactly how CIQ has positioned itself.

Then there’s Yentra - in another market with huge potential and for which we were told was aiming for first sales in Q1, and which Halley singled out in a recent tweet as “news soon”.

For my money this is significantly undervalued given the low cost foundations and significant potential on multiple fronts

Funnily enough, I thought they’d be weaker! Was very pleasantly surprised tbh.

“We look forward to the remainder of FY26 with confidence and anticipate strong revenue growth in the coming months and thereafter into 2026”

Most positive revenue outlook I’ve seen from DH in a long while.

Cash position much better than I’d thought, albeit now 3 months old. Even with the new hires, can’t see us needing cash for a while longer.

CIQ generating commercial revenues. Don’t think it’s all that much yet, but that’s not the point.

The focus on white labelling is v interesting. That could be agencies, SSP or even DSP platforms, or streaming platforms. Scale and low cost comes with that.

Losses falling. Margins improving. Costs falling.

All demonstrating a turnaround and everything to indicate we are well positioned through CIQ and Yentra to take off.

Happy with these.

When you see things like this you can’t help but wonder why we’re still at this lowly price.

https://www.whitehouse.gov/wp-content/uploads/2026/03/president-trumps-cyber-strategy-for-america.pdf

Just as an aside, but one of the biggest selling points Pubmatic promotes of itself is that it’s built its own sovereign private cloud IT infrastructure. They control hardware, software and network layers end to end, unlike its cloud native competitors.

That is exactly the philosophy of Yentra.