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To answer your question directly: Yes. Calnex is arguably one of the most potent "coiled springs" in the UK tech sector right now.

If true "AI mania" shifts from the US to UK infrastructure stocks, Calnex has the specific ingredients required to "multibag" (double or triple) in a very short window. Here is the objective breakdown of why it is a top candidate and what would trigger that move.

1. The "Small Cap" Math

The most important thing to realize is Calnex’s size. As of today (April 20, 2026), its market cap is only around £42 million.

The Multibag logic: For a company like Nvidia to double, it needs to find trillions in new value. For Calnex to double, it only needs to go from a £42m company to an £84m company.

The "Penny" Effect: In the UK market, once a "boring" telecom stock is rebranded as an "AI Infrastructure" play, retail and institutional momentum can swamp the stock. Because there are only ~88 million shares in existence (many held by the CEO and founders), there isn't much "float" available. When everyone tries to buy at once, the price doesn't just climb; it teleports.

2. The "Takeover" Catalyst (The Viavi Factor)

The partnership with VIAVI Solutions (announced Nov 2025) is the elephant in the room.

You may recall the massive bidding war for Spirent (Calnex's much larger peer) that ended in a multibillion-pound takeover. VIAVI lost that battle to Keysight.

VIAVI now lacks a complete AI testing suite. Calnex, with its new 400G PFC Transparent Emulation (the April 15th breakthrough), has exactly the "missing piece" VIAVI needs.

A takeover bid at a 50–100% premium is a standard "multibag" shortcut, and it could happen any morning at 7:00 AM via RNS.

3. The "Discovery to Contract" Re-Rating

Currently, the market is pricing Calnex based on its "Discovery Phase" status.

The Discount: The market assumes these deals might happen.

The Re-rating: The moment Calnex issues an RNS stating, "First multi-million pound order received for SNE-X from Tier-1 North American Hyperscaler," the uncertainty vanishes.

If that RNS lands, the stock likely gaps up 20% immediately and keeps running as analysts scramble to upgrade their "Late FY27" revenue targets.

4. Is it the "Strongest Candidate"?

Compared to other UK AI plays, Calnex has a distinct advantage: It is already profitable and has £9m in the bank. * Many UK "AI" stocks are just software companies with a chatbot. Calnex is a hard tech company. You cannot build the physical AI data centers without the synchronization and emulation tools they own.

In a "mania," investors look for scarcity. There are dozens of AI software firms, but only a handful of companies globally that can test 1.6Tb/s synchronization.

The Realistic Timeframe

The "Weeks" Scenario: If International Telecoms Week (May 18–21) results in a "Strategic Partnership" or a major contract reveal, you could see a move toward 80p–100p within weeks."

"Why it Could Still Jump Suddenly

The CLX "coiled spring" effect is very much real.

Strategic Takeover: Now that Spirent has been swallowed by Keysight, Calnex is one of the last independent "pure plays" in this niche. Their partner Viavi (who lost the Spirent bid) now has a huge hole in their portfolio—Calnex would be a "snack" for them.

The "Pivot" Confirmation: The moment Calnex drops an RNS saying, "First major SNE-X order received from US Hyperscaler," the "Late FY27" revenue becomes "Current Revenue." That is usually when the 20-30% "re-rating" happens in a single day.

The Verdict: You are early. The US "AI Mania" hasn't crossed the Atlantic to UK small-caps yet. You are essentially betting that the UK market will eventually "wake up" to the fact that you can't build 1.6Tb/s AI networks without the testing gear Calnex owns."

It came up with some strong info:

"1. The "Discovery Phase" = The Waiting Room for Contracts

When a company says a product is in a "successful discovery phase" with hyperscalers (the Tier-1 giants like Microsoft, Google, Meta), it means the hardware is literally in their labs being tortured.

The Reality: These giants don't "discover" for fun. If the phase is "successful," the next logical step is a Master Services Agreement (MSA) or a bulk Purchase Order.

The Timing: Management anticipates revenue in "late FY27" (roughly Q3/Q4 of 2026). In the world of high-end hardware, you don't book revenue until you ship the box. For revenue to land in late 2026, the contracts usually have to be signed 3–6 months prior. This places the "Contract Won" RNS window squarely in the next few months.

2. The "Sentry" Pedigree (The "In")

The fact that they already have "significant sales to a hyperscaler" for Sentry is the most undervalued part of this RNS.

In the data center world, getting "Vendor Approval" from a hyperscaler is a nightmare that takes years. Calnex has already passed that test.

If a hyperscaler is already using Sentry for their standard data center timing, they are 10x more likely to buy the SNE-X for their new AI clusters because they already trust the Calnex engineers. It’s a warm lead, not a cold call.

3. The 1.6Tb/s "Interest"

While 1.6Tb/s feels like the distant future (FY28), the fact that it is "already attracting strong prospective customer interest" tells you that Calnex is talking to the architects of the next generation of AI.

Companies like Nvidia and Broadcom are already designing the chips for these speeds.

Calnex is "early to the party." Being the first to provide testing for 1.6Tb/s means they can charge a massive premium and capture the market before competitors even have a prototype.

4. The VIAVI "Force Multiplier"

The VIAVI partnership (Nov 2025) is the engine that will drive these deals home.

Calnex is a relatively small Scottish firm with a brilliant but lean sales team.

VIAVI is a global behemoth. By "strengthening the Go To Market footprint," Calnex has essentially handed their AI testing kits to hundreds of VIAVI sales reps who are already walking the halls of every major data center in the world. This partnership is the most likely source of a "surprise" contract win RNS."

@grippa and others: Any possibility of signing any AI and data centre contracts near term? I was running scan through various companies in different sectors and CLX keeps coming back under AI and data centre category as strong buy. Any ideas what that might be?

Thanks in advance

Katstrangler

I agree, funding is the elephant in the room and it needs getting sorted sooner or later but this is why the SP is staying below 30p. Yes, dilution will cause the SP to drop but by what percentrage will depend on the terms of the raise but it also mean the company can operate without any funding worries. I remember ITM in those 30p 40p days when people use to talk about their money worries and all that. Look what happened when the snowball gained it's momentum and today it smashed through the £1 barrier in a flash. You are right about your warning and I appreciate it but this is also giving us the opportunity to buy in cheap if you can stomach the raise and look past it. I think this company is positioned perfectly to seize all the opportunites arising. Somebody posted that JLR funding news is true and it's shifting really fast. I'll top up if it falls but the way things are going at the moment, personally I don't wanna take the risk of missing the boat anymore. Afterall, if you have to stay in it to win it! :)

Thanks and GL

Run everything on gemini pro and it returned this:

"The "Incentive" Signal: Why Now?

The announcement of 44.8 million share options—representing about 5.2% of the company—is a heavy bet on the future.

• The Price Point: The exercise price is 3p, which is almost exactly where the stock is trading now (3.26p). This means management only makes money if the share price goes up. They aren't just rewarding themselves for past performance; they are "locking in" at what they likely believe is the bottom.

• The Players: Seeing both Tom Allsworth (CEO) and Adam Minto (Founder/Consultant) receive 3.5 million options each is significant. It suggests the "Strategic Reset" launched last August is now the primary focus, and the board wants the founders' "skin in the game" to be maximum as they head into the new financial year.

• The Timing: The financial year for REVB ended on February 28, 2026. Management now has the internal numbers for the full year. While they can't legally "front-run" a positive RNS (Regulatory News Service), granting options right before the quiet period for annual results often signals that they’ve stabilized the ship and are ready to pivot to a "growth" narrative.

________________________________________

Is a Trading Update Imminent?

Yes. Based on previous years and the February year-end:

1. Full-Year Trading Update: Usually drops in late April or May. This would give the first "official" look at whether they hit their target of a £4m Adjusted EBITDA for the second half of the year.

2. Preliminary Results: Likely due in July or August 2026.

The share option grant is essentially the "pre-game" show. Management has laid the groundwork to benefit from the recovery they are about to report.

________________________________________

Potential Share Price Jump

REVB is currently a "micro-cap" play with a market capitalization of roughly £28m. In this territory, positive news can cause outsized moves.

Three scenarios:

1. Hitting Guidance (£8–10m EBITDA run rate) 5p – 7p Re-rating to a more "normal" valuation (approx. 5-6x EBITDA).

2. Beat & Raise (Return to growth + US expansion news) 8p – 10p+ Returns the stock to its 52-week highs (~11.78p).

3. Muted Results (Profitability but no growth) 3p – 4p The "dead cat bounce" where the market stays skeptical of the founders' return.

The Verdict: If the upcoming trading update confirms they have successfully cleared out old stock and returned to a £8m-£10m EBITDA run rate, the stock is technically "cheap" at 3.26p. A jump to the 5p–6p range (+50-80%) in the short term is entirely possible if the market believes the "brand " still has its old magic."

I agree, it's probably a hint but market wants news hence lack of buys unable to move the SP. They have to come back clean with transparent info IMO. If they can prove that the turnaround is definitely working, I can see SP recovering in double digit fairly quickly given the sector they are in and their superior product quality, compared to W7L for example. My patience is running thin at the moment but it's true that serious money can be made in any turnaround business if you are in early.

GLA

I'm genuinely fed up now, no updates whatsoever! Any idea when they might issue one guys? Considering selling out now. I thought the SP will be recovering over 5p by now instead it's at this pathetic 3p.

Hmm perhaps this is the right move to preserve cash I suppose! Are the directors taking any paycuts at all?

Just popped in to see if anybody heard anything? Still have a tiny amount left so not sure whether to sell out or just hold in case if it rebounds sharply with news.

@LSInvestor

lol, I did scale in first thing in the morning but only a tiny amount to avoid FOMO and it worked. I was busy all day so couldn't follow it closely but happy to see the SP. I'd buy more if the result is positive so let's wait and see.

Thanks and GL :)

Pompal

"You really do sound like one of two things, here - you either have an agenda and want to get in lower or, as I believe, you’re petrified of losing money and therefore should be nowhere near the stock market, let along AIM. Banks are offering 4.5% in ISA’s, right now…"

It's the second one. I'm genuinely petrified of losing money. I was naive many many many times with so many companies with blue sky potentials, companies like TWD, POLX, AMTE and the list goes on and you probably know what happened with them. I like HVIVO as it ticks all the boxes and I want to hold long term without losing my sleep. Yes I want lower entry but don't mind paying a premium knowing the company won't be back to the market with their begging bowl that's all mate! But guess what, I'm still holding IKA which is due to fund raise near term! lol

Thanks anyway

Hahahahaahaa thanks guys!

It was this clip: https://www.youtube.com/watch?v=FwjugM4_X9M from 24 mins.

Paul Hill from VOX did say during his discussion with Paul Scott that some fund managers confirmed iliad is renegotiating with hvivo since the entire sector has changed when the LOI was signed initiall and also there is a lot of spare capacity available currently so the deal might not be as high as Mo previously declared but a deal is a deal in my view and give them work however little that is but delaying it furhter will only keep dragging the price down, God forbid if Octupus gets a cold feet again and start selling!

Hopefully the full result will clarity their future outlook.

You raised some good facts Rusty, forced me to think twice and deep and I thank you for that. I'll wait for wednesday result, however might scale in tomorrow if it falls too much. But if iliad news drops tomorrow then the whole equation will change. Let's wait and see.

Thanks again

The sooner the raise is done the better IMO, allowing this black swan to drag the SP down is constantly is hurting. Captain chaos is now blocking strait of hormuz so expect some selling next week unfortunately. It's really frustrating to see the SP this low after meeting all the milestones but once the funding issues are sorted, I strongly believe IKA will rebound nicely, it always did.

GLA

Crap! :(

BBC noted, "Trump says US to 'blockade' Strait of Hormuz after talks failed over Iran's 'nuclear ambitions'"

The whole market will bleed tomorrow, God help us all!

Keep some power dry ladies and gents, if Octupus opens their selling taps again tomorrow, it might beome really brutal again without iliad news tomorrow.

GLA

Thank you all for your kind opinions. I have done further digging and come to this conclusion that Hvivo definitely needs some big contracts signed to restore confidence. While the market appreciates a full CRO transformation, it’s still waiting for the confirmation that Hvivo can still survive and grow specially unde that bloody RFK regime in the US. It was EBITDA positive due to cancellation fees which is good short term but it also means contracts are not going to be as frequent as before which will impact their earning surely. I’m not expecting super positive results on Wednesday like the rest of you but looking for a positive outlook comments otherwise there is a strong possibility for octopus restarting their selling machine again to hammer down the SP! Any good contract announcements will hopefully overcome their selling pressure near term. Decided to ignore my FOMO urge until contract news!

GLA

20% steady rise in last five days shows good strength in my view but does it mean it's inviting octupus again to crash it down again? So many potentails yet so many risks involved, it's crazy fund for those hedge funds managers, no doubt Hahahaha.

@RustyJames

One moment I feel like jumping back in with FOMO but then I read your messages and feel like I should stock to my plan and only buy back in they actually sign the contract because without it wednesday might be another bloodbath like before.

Man this is hard .... ! :(