Member Info for Muck165

The summit is certainly a major one and it’s great that we will be with Meta in their booth. The messaging that we are a major META partner is pretty clear I think.

We hope this will all improve the financials, but the SP seems to want to remain stagnant until we get news on that front.

For info

https://www.linkedin.com/posts/davidwhelan1980_enterprise-educational-mxink-activity-7313178734306484225-mLFR?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

Whelan hasn’t put out anything on LinkedIn yet, but Engage have put out a V 4.0 release video.

https://www.youtube.com/watch?v=FdPk5kLX_y0

I’m fairly certain this is what Whelan will put out later, and it will be interesting to see the reaction. From a commercial perspective we seem to be increasing use cases, and I note from the video we are also adding restrictions on the number of participants in any session, limited by the licence. So, if you want more participants, you must pay more (I think).

I expect AP will be focussed on the hearing tomorrow when Vast will update the court on progress under the reorganisation plan.

I don’t think these guys have anything to do with us (they may have), but this recent article does help demonstrate how immersive education is growing.

https://www.theguardian.com/nab-innovative-businesses/2025/mar/12/the-startup-bringing-virtual-reality-into-australian-classrooms?utm_source=chatgpt.com

It is refreshing. TBH I did little more than say I, as a shareholder, was looking forward to seeing it. I wouldn’t, nor would I encourage anyone else here to start ranting at him on that platform! It’s not something customers/industry should see!

But I am hoping his post tomorrow gets the same kind of reaction as his last. For me, when the industry is excited about a development it usually means ££.

So, Whelan has added further replies to my comments on LinkedIn

“I did not want to publish the release video today as its the 1st April and it would get lost in the rubbish being posted today. We normally do silent releases and make sure all is working as it should before publishing about it as we get thousands of people all downloading at the same time to check it out. Release video will go live around 2pm tomorrow.”

BTW. - I posted a comment on LinkedIn asking David when V4 was to be released. He has replied with

“ It came out yesterday. You can download for free via the Quest store. I will be pushing out an update video later today or tomorrow. ”

So, we can at least expect something.

Thanks guys - I just didn’t see it.

Throughout March Whelan had been consistent when saying the V4 release would be “later this month”, so whilst I’m not sure that’s RNS worthy, I am surprised not to have seen anything about it.

As an aside, any views here on how/if we might be affected by Trump tariffs, whether directly or by resulting customer decision making delays?

Nag is exciting, as I'm sure are his ideas. But those will need funding. That’s why he wanted a listed company.

Great post Retro.

For me, the huge level of reaction and positive comment points to the widespread use cases that our V4 release may offer, and the excitement that industry participants have for it. We are being held back because we aren’t seeing much to show how EXR are properly monetising what seems to be a fantastic reputation and offering, but that must come in my view given the level of excitement we are seeing coupled with large partners driving XR and VR as commercial offerings.

And you will also find that most and perhaps all (I don’t recall) AST tests are made by the same Chinese company and just branded AST by us.

Big D - we don’t make any Vit D test.

We are a distributor of AllTest in the U.K., with a right to re-brand. We don’t make any Vit D test.

So, our “Abingdon Simply Test” is just the AllTest, re-branded by us.

Likewise, the Boots test is just the AllTest, supplied by us to Boots, through Crest Medical, and branded under Boots own label.

Incidentally, MyHealthChecked do the same thing. So the Vit D test they sell under their own brand is just the AllTest.

In short, the AST, Boots, and MHC tests are all exactly the same Chinese made test, just packaged up in different branded boxes.

I’d just add, by way of a positive, that Zeus did not revise down the revenue forecasts. This is the explanatory note Zeus gave for the revisions;

“We hold our current revenue forecasts, preferring to remain conservative given the volatility of the timing of orders. Changing the presentation of costs, we amend gross margin shown below, mainly moving CS Lifesciences consultant fees into the CoGs line, and adding back some investment in SG&A for product development, US office and people. These changes result in amendments to our adjusted EBITDA estimates from FY 2025-27. We maintain a break even forecast on an adjusted EBITDA basis in FY 2026. ABDX is on our forecasts, funded from its existing cash resources to execute on its current strategy.”

GLA

I now have the 24/3/25 Zeus Analysis. Most of it is just regurgitation of company statements - the only interesting thing is the revised outlook statements. In summary;

Old Numbers.

24/25 - £8.6 revenue, (£1.5m) adjusted EBIT, £4.1m cash.

25/26 - £12.6m revenue, 578k adjusted EBIT, £4.03m cash

26/27 - £15.85m revenue, £2.35m adjusted EBIT, £5.87m cash.

Revised Numbers

24/25 - £8.6m revenue, (2.75m) adjusted EBIT, £2.74m cash

25/26 - £12.6m revenue, 46k adjusted EBIT, £1.94m cash

26/27 - £15.85m revenue, £1.6m adjusted EBIT, £3.03m cash.

I never put too much faith in these forecasts, but on the face of it they’re saying we have enough cash throughout (although revised down), but have revised down the EBIT forecasts with us breaking even in 25/26 and really only showing meaningful profit of £1.6m against revenue of nearly £16m in 26/27.

I wanted to say thanks for the recent warm comments. I’ll keep looking in here and posting, just not as frequently as I focus on other stocks. I have to say that ABDX were in my view well on track but Trump and the uncertainties and headwinds he’s creating have side swiped us. ABDX have suggested those headwinds are abating but, in truth, I’m not so sure.

Plenty of other great posters on here and a great board all round. Let’s just hope the company merits our support.

Anyone think the rise might have something to do with the new version release, which Whelan has repeatedly said will be by the end of this month?

The reaction to the LinkedIn post Retro linked below has been incredible, including this lovely comment from Logitech in the last hour

“ This is just the beginning! The way Engage is harnessing the stylus for precision-driven creation is absolutely next level. Amazing to see this in action, thank you for sharing.”

It is a little frustrating. Engage seems to have a fantastic reputation in the industry, are in an exciting space, and have major partners, yet reaching breakeven and beyond seems a problem. And whilst Whelan regularly updates linkedin with developments, it seems we as shareholders don’t receive the same focus.

Agree HarChris. This looks like a stock with a longer pathway than I'd hoped for. I found Hand in particular evasive in his responses, and even Hayes referred to the broker analysis for any forecast figures , rather than giving us something internal management accounts. I will keep an eye on this because I still have plenty of shares in the drawer, but I don't think I will be posting as much on this board.

GLA