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We have an inverted book. Im getting 0.673 to sell and 0.671 to buy. Another bullish signal.

That’s the point Gubbie - we just don’t know.

Equally, in July we were told about a $2.5 companion diagnostic test contract win. Notice, payment is in $.

In the last we were told about “Development of a duplex lateral flow to quantitatively measure the concentrations of a pharmaceutical product and its metabolite.”

Could be two different contracts. But could also be the same one, repeated to fluff. But if a contract is to be paid in $ my bet is that’s a Madison contract.

They re really building news momentum going into DSEI next week and the announcement they’ve said they’ll make there. Would seem stupid to do if the announcement was just a damp squid, so im expecting it to be special.

Just to note as well that someone lumped in £20k at full ASK 35 mins before close, printed after close.

All I was trying to say is that if I was asked to give up stock in a company I’d built from scratch over 9 years, that’s in the first cohort with Oracle, and the UK’s Engine for Growth in times of material increase on defense spending and focus, just so I could join another company, I’d want that other company to be a very very good bet.

But that’s just me.

For info, Oracle put this blog out about its Ecosystem last week

https://blogs.oracle.com/cloud-infrastructure/post/tech-innovation-with-oracle-defense-ecosystem

So Whitespace, the company AM seems to have let go of stock in possibly so he could join us,

Still researching here and thought I’d share something a little intriguing (perhaps).

Andy M is a founder of Whitespace. He’s been a Director as well as a “significant shareholder”, owning between 25-50%, since it launched in 2016. Its his baby.

He is still a Director there. But Whitespace have filed notice with CH to say that wef 1/4/25 he is no longer a significant shareholder. Only two reasons for that I think; he’s either disposed of stock or been diluted down to under 25%. Given the effective date is near the end of the tax year, and there’s nothing proximate to suggest a dilution in the filings, a disposal seems most logical. Gift or sale, who knows.

Then there’s the filing date - Whitespace filed with CH on 4/8, four months after the effective date and just two weeks before he joined us. Either they were just late, or they wanted it off public record for a period.

May be, and probably is nothing. But as conjecture I reckon we will have been talking to WS for months before the partnership was announced (these things take time) with AM joining being part of that arrangement, and that AM crystallised gains in full knowledge that he’d likely be benefitting from stock in a listed company that had potential to accelerate his personal wealth.

Could be rubbish!!

Short term I agree with you Terry.

I believe in the US expansion, as well as Abingdon Analytical, as investments for longer term growth. In the RNS today Hand was really trying to tell us just that.

But in the short term our revenue just doesn’t seem enough to cover overhead and capex, resulting in continued burn and a likely raise. Unless of course a rabbit is pulled from the hat.

It’s so frustrating because before the acquisitions and expansions we were well on track to breakeven. Those may yield ripe fruit in the future, but not before the company comes back cap in hand to the market I fear.

Not good for those with a shorter investment horizon.

We had 7 bidders in the closing auction, the largest wanting 1m at 0.664. Very near the close a seller matched for some of it, and we had a UT of 900,000 shares at 0.664, well above the quoted ASK.

That’s a very bullish signal for tomorrow in my book

Can’t really believe I’m going to do this, but as a cautionary note…..

At 30/6 we had £1.9m of cash, down from £3.7m six months earlier. True, some of that likely went on building out Madison and Doncaster (so exceptional), but it also happened during the second half of the year which, as is typical, significantly outperformed the first in terms of revenue.

We are now in the first half of this year, typically much quieter (and disastrous last year). Yes, we have some decent sized contracts but that revenue will be spread over much longer than the next six months.

If the c£300k monthly burn continues (which on balance seems likely) then we’ll be down to 1m by the end of this month. Remember as well that it seems we’re spending money building manufacturing capability in Madison - that’s not cheap.

Today’s RNS was nice, but didn’t really say much other than we have a few contracts. Plumping RNS like that make me a little nervous when I know cash must be getting to be a bit of a worry.

And equally, if things were going so well, why did Yates sell when he did.

Beware fluffy news when a raise is looking more on the cards.

Looks like the company plans to spend time this week putting out daily tweets centring on the key messages from last weeks company broadcast.

These wont tell us anything new I’m sure.

But it’s the fact they’re doing it in the lead up to DSEI, and the announcement they’ve promised, that’s telling.

I’m expecting that to be an exciting announcement.

https://x.com/wearedefence/status/1962502870881710227

Thanks for highlighting the podcast. Andy does sound very bullish doesn't he! DSEI is 9-12th Sept. Should be an interesting an announcement. Equally, he was clear there is a second project being worked on but that's more cloak and dagg.er

Cheers, and agreed.

As an aside, the large delayed buys keep on coming. The next auction at 13.50 may well be interesting....

Apologies if this is known to others, but I'm still researching here and would be grateful if anyone could just confirm my very high level understanding....

There is a real push for Sovereign AI, to allow governments to full control their own data inflows and language models etc for outflows.

Whitespace were selected by the UK govt as one of the first companies on the MOD Engine for Growth Program. Others selected include much larger firms like Qinetic.

Whitespace signed an agreement with ALRT to build a portfolio of several sovereign AI solutions. The first is already on the go for the MOD.

That agreement is just details "areas of initial partnership". So there is the potential for this to be expanded.

If this is all correct then it seems to me that ALRT is at the vanguard of a real push towards sovereign AI infrastructure to protect national security and defence capabilities, and all in a time where defence spending is increasing and the "nature of war" is changing.

Is this pretty much correct, albeit only at a very high level?

Few chunky delayed prints today, which given time stamp and price all look like buys.

Looks like the overhang may have cleared.

In the last auction Shore dropped their ASK at precisely the same time as another bidder for c750k shares came in. We had a sizeable UT at 0.61, full ASK at auction close. That tells me Shore have been the ones managing the overhang, and they have now come off the ASK.

Auction is interesting again.

No sellers.

3 buyers - largest wanting 1m and offering 0.632, well above current ASK.

Don’t know what to make of it really

Well, good to see the US arm with 5 contracts underway and manufacturing capacity being built. Also interesting that one of those is a quantitative test - that would be a significant advance over standard yes/no tests.

Not too bad for a unit that’s really only been in business for 7/8 months.

Would have been nice to see the value of those contracts.

Agree - haven’t looked in here for a while but this was a strong RNS giving plenty of comfort for holders.

To be fair, they’ve been targeting profits, not promising them.

Problem is, that target keeps getting shifted backwards in time.

And fundamentally I think that’s because the manufacturing side of the business has lain limp. We need more of our development projects to move into serious manufacturing volume.

There is no immediate sign, however, that any of the products we know we’re working on will get there anytime soon, or what customer demand for them will be if they do. And the one we do know we’re making seems not to have taken off.

At the moment Upfront remains the best potential, simply because of the huge value it could have to national health systems, and because those systems will be the customer (not retail).

I think we need about £12.6m turnover at current cost levels to breakeven. We have decent development underpin this year but without manufacturing revenue to support it, £13m does feel a fair way off.

Crossed at 0.57. Likely the background seller accepting the bids on offer. Looking for the book to test higher now