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This RNS is incrementally positive for shareholders of Helium One Global because it moves the Galactica project from commissioning toward commercial sales, but it does not yet provide enough information to assess the ultimate economics of the project.

What is new?

The key development is that the project operator has signed a 3-month helium offtake agreement with a large U.S. industrial gases company for all helium produced at the Pinon Canyon processing plant.

This matters because:

It provides a confirmed route to market for initial helium production.

It demonstrates that a major buyer is willing to take the product.

It allows revenue generation while longer-term contracts are negotiated.

It reduces one of the common risks faced by new resource projects: finding customers.

Positive signals

1. Commercial validation

Signing a formal offtake agreement is often a significant milestone. It shows that the helium produced is meeting commercial specifications and that a credible buyer is prepared to purchase it.

2. Spot-market-linked pricing

Management states that pricing is broadly reflective of current U.S. spot helium markets, which are described as strong due to supply constraints and geopolitical disruptions.

If helium prices remain elevated, early cash flow could be attractive.

3. Plant performance appears to be improving

The update suggests the Pinon Canyon Plant is progressing through normal commissioning challenges and achieving:

higher uptime,

more stable operations,

improved restart capability.

That reduces operational risk compared with the situation immediately after start-up.

4. Potential second revenue stream

The operator says discussions continue regarding sales of co-produced CO₂. If successful, this could improve overall project economics.

Things investors should note

1. The contract is only three months long

The agreement expires on 31 August 2026.

That suggests management is still negotiating a longer-term arrangement. A long-term contract would generally provide much greater visibility over future revenues.

2. Pricing is confidential

Investors do not know:

the helium sales price,

expected margins,

production volumes,

expected cash flow.

As a result, it is impossible to quantify the financial impact from this announcement alone.

3. Production is still in optimisation mode

The wording indicates the plant is not yet operating at fully proven steady-state production rates.

The key future question remains:

How much helium can the project consistently produce and sell?

What to watch next

The most important upcoming catalysts are likely to be:

Sustained plant uptime and production rates.

Disclosure of sales volumes and revenue generation.

A long-term helium offtake agreement.

Progress on CO₂ commercialisation.

Evidence that the project can generate positive operating cash flow.

Bottom line

This announcement is commercially important an

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It reads almost like a fashion tagline:

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5. FY26 Trading Update (most important RNS)

This is the key announcement investors should focus on:

Revenue up 45% to about £6.0m.

Order intake £7.1m.

Backlog £1.3m.

Cash balance £2.0m.

Revenue landed within guidance.

Strong contribution from two Asian contracts worth £2.7m.

Verdict: The strongest RNS of the year.

6. Latest partnership RNS (RedteQ and Bavak)

Adds UK and Benelux channel partners.

Improves sales reach.

No revenue attached yet.

Strategic rather than transformational.

Verdict: Positive but secondary compared with contract wins and the FY26 trading update.

My overall assessment of the last year's RNS flow

Negative

FY25 results.

Strategic review.

Need for fundraising.

Delayed contracts.

Positive

Fundraise completed.

Revenue growth returned.

Multiple contract wins.

Expansion into aviation, prisons, transit and government sectors.

Revenue +45%.

Order intake £7.1m.

Cash improved from £0.4m to £2.0m.

Growing distributor network.

Overall score

If I compare where Thruvision stood in early 2025 versus today:

RNS trend: 8/10 positive

The company is not yet proven as a sustainably profitable business, but the news flow has clearly shifted from "can it survive?" to "can it scale the recent order momentum?". The next major catalyst is likely to be the FY26 final results and whether management can show that the £7.1m order intake translates into continued growth and progress toward profitability.

5. FY26 Trading Update (most important RNS)

This is the key announcement investors should focus on:

Revenue up 45% to about £6.0m.

Order intake £7.1m.

Backlog £1.3m.

Cash balance £2.0m.

Revenue landed within guidance.

Strong contribution from two Asian contracts worth £2.7m.

Verdict: The strongest RNS of the year.

6. Latest partnership RNS (RedteQ and Bavak)

Adds UK and Benelux channel partners.

Improves sales reach.

No revenue attached yet.

Strategic rather than transformational.

Verdict: Positive but secondary compared with contract wins and the FY26 trading update.

My overall assessment of the last year's RNS flow

Negative

FY25 results.

Strategic review.

Need for fundraising.

Delayed contracts.

Positive

Fundraise completed.

Revenue growth returned.

Multiple contract wins.

Expansion into aviation, prisons, transit and government sectors.

Revenue +45%.

Order intake £7.1m.

Cash improved from £0.4m to £2.0m.

Growing distributor network.

Overall score

If I compare where Thruvision stood in early 2025 versus today:

RNS trend: 8/10 positive

The company is not yet proven as a sustainably profitable business, but the news flow has clearly shifted from "can it survive?" to "can it scale the recent order momentum?". The next major catalyst is likely to be the FY26 final results and whether management can show that the £7.1m order intake translates into continued growth and progress toward profitability.

I've gone through the major Thruvision RNS/Reach announcements over roughly the last 12 months. The overall picture is that the company moved from financial stress and strategic uncertainty in early 2025 to commercial momentum and order growth during FY26.

review was launched because of funding and growth concerns.

FY25 results

Revenue fell from £7.8m to £4.2m.

EBITDA loss widened.

Cash dropped to only £0.4m.

Additional fundraising was required.

CEO transition and management changes occurred.

Verdict: This was the weakest part of the period.

2. Turning point (mid-2025)

Fundraising completed

£2.75m gross equity raise completed.

Removed immediate funding pressure.

Existing shareholders and directors participated.

Strategic review closed

Management effectively decided to continue pursuing the growth strategy rather than sell the business.

Focus shifted to executing the contract pipeline.

Verdict: Necessary but dilutive. Positive for survival.

3. Commercial recovery (H2 2025)

AGM trading update

H1 revenue increased 36% to £2.6m.

Entrance Security became the main growth engine.

Included a government order in Asia worth more than £1m.

Interim results

Revenue growth confirmed.

Management guided FY26 revenue to £5m–£7m.

Evidence that delayed opportunities were finally converting into orders.

Verdict: First clear sign that the turnaround was working.

4. Strong contract flow (late 2025 / early 2026)

Major commercial announcements included:

South-East Asian Mass Transit contract

Expanded presence in transport security.

Continued success in Asia.

UK custodial facilities contracts

Further penetration of prison/security markets.

Supports recurring demand from government customers.

US Aviation contract

Approximately $0.6m order from Greater Orlando Aviation Authority.

Fifth US airport using Thruvision systems.

Important reference customer for aviation screening.

Retail distribution agreements

UK and US distribution announcements.

Expands route-to-market.

Screening-as-a-Service launch

First UK service-based deployment.

Potentially interesting because service revenues can be more recurring than equipment sales.

Verdict: Consistently positive flow of commercial wins.

Nice £1.00

Why this matters

A lot of AIM tech firms survive by repeated placings.

Celebrus currently does not look financially distressed.

That lowers bankruptcy/dilution risk substantially.

2. Share buyback programme

One of the strongest recent RNS signals was the launch of a share buyback programme.

That is important because management is effectively saying:

“We believe the shares are undervalued.”

Companies under pressure usually conserve cash — they do not buy back stock.

This is probably the clearest bullish signal in the recent RNS cycle.

3. Recurring revenue model improving

Recent updates showed:

Annual Recurring Revenue (ARR) rising to about $15m

recurring software revenues becoming a larger percentage of revenue

high-margin software mix improving profitability

This is important because SaaS/recurring revenue businesses normally command higher valuations over time.

The market likes:

predictability

sticky customers

subscription income

Celebrus is gradually moving toward that model.

4. Institutional ownership is high

Institutional ownership is above 70%.

For a small AIM company, that is actually significant.

It suggests:

funds still see long-term value

the company is considered credible enough for institutional capital

there is still professional interest despite the weak share price

What Celebrus actually does

Celebrus Technologies sells first-party customer data and digital identity software. Their platform helps banks, insurers and enterprises track customer behaviour in real time for:

fraud prevention

analytics

compliance

customer journey tracking

AI/data integration

This is a good sector structurally because:

companies are moving away from third-party cookies

banks need better fraud/identity tools

AI systems need clean real-time data

That gives Celebrus a real niche.

The Positives From The RNS & Fundamentals

1. Strong cash position with almost no debt

This is one of the biggest positives.

The company has:

around £20m+ cash

very low debt

strong liquidity ratios

net cash balance position

That matters hugely for small AIM stocks because many peers constantly dilute shareholders.

Check out this little gem. Of the company while you're waiting.CLBS

My assessment

CLBS currently looks more like:

a misunderstood transition story

than

a broken business.

The strongest points are:

debt-free balance sheet,

rising ARR,

buybacks,

enterprise-grade customer base,

software-like gross margins.

The weakest point is:

uncertainty around whether underlying demand is actually accelerating.

Overall Investment View

Factor Assessment

Balance sheet Strong

Dilution risk Low

Recurring revenue trend Positive

Current profitability Weak short term

Long-term margins Potentially strong

AIM quality ranking Above average

Risk level Medium-high

Potential upside Significant if rerated

Final Verdict

For AIM investors specifically looking for:

undervalued UK tech,

strong cash backing,

rerating potential,

and survivability,

CLBS is one of the better-quality names currently available.

It is not a “safe” investment.

But compared with most AIM companies:

balance-sheet risk is much lower,

management behaviour appears shareholder-friendly,

and the valuation discount may be excessive relative to the underlying business quality.

The next 12–18 months will likely determine whether:

CLBS becomes a successful SaaS rerating story,

or

remains a permanently discounted small-cap software stock.

4. Share buybacks are a major signal

The company launched:

a 1 million share buyback programme.

Management buybacks on AIM matter because:

boards rarely deploy capital this way unless they believe shares are materially undervalued,

AIM companies usually conserve cash aggressively.

Even more notable:

CLBS continued buying shares after major price weakness.

That suggests management confidence.

What the market fears

The market currently worries that:

Revenue decline is structural,

Sales cycles are weakening,

Enterprise spending may slow,

AI competition could commoditise analytics tools,

Growth may not reaccelerate.

Those are legitimate concerns.

What makes CLBS potentially undervalued

Valuation disconnect

The stock has fallen massively from prior highs.

Meanwhile:

company remains debt free,

still cash generative over the cycle,

still paying dividends,

still buying back shares,

still growing ARR.

That combination is rare on AIM tech.

Hidden optionality: AI infrastructure angle

This is important.

Celebrus is not an “AI chatbot” company.

Instead, it sits in a potentially more durable layer:

customer data infrastructure.

AI systems are only as good as:

identity resolution,

behavioural data,

real-time customer intelligence.

That gives CLBS strategic relevance if enterprises continue increasing AI deployment.

Main risks

1. Transition risk

The biggest risk:

the SaaS/ARR transition fails,

revenue recognition changes mask genuine customer weakness.

This is the core debate.

2. Customer concentration

Enterprise software firms often depend heavily on:

a small number of large contracts.

Losing one major customer could materially hurt results.

3. AIM liquidity risk

CLBS is relatively illiquid.

That means:

volatility can become extreme,

institutional participation may remain limited.

4. Execution risk

Management now needs to prove:

ARR growth converts into real earnings growth,

margin expansion returns,

and revenue stabilises.

Investment Report: Celebrus Technologies PLC (AIM: CLBS)

Executive Summary

Celebrus is one of the more interesting “hidden value” AIM technology companies right now.

The market has aggressively derated the stock because:

reported revenues fell sharply,

profits temporarily disappeared,

investor sentiment toward small-cap UK tech weakened.

But after going through the recent RNS statements and trading updates, the situation looks more nuanced than a simple business deterioration.

The key investment question is:

Is CLBS a structurally broken software company — or a temporarily misunderstood SaaS transition story?

Right now, evidence suggests the second scenario is more likely.

What the company actually does

Celebrus provides:

customer data collection,

behavioural analytics,

identity resolution,

fraud prevention,

AI-ready customer intelligence.

Its software is mainly used by:

banks,

insurers,

financial institutions,

enterprise digital businesses.

This is a sticky enterprise software niche with high switching costs.

The company is essentially selling:

first-party customer data infrastructure,

increasingly important in a privacy-focused internet world.

What changed in the RNS announcements

The critical issue behind the share-price weakness is this:

Revenue recognition changed

Management repeatedly stated that from April 2025:

contract structures changed,

revenue recognition methodology changed,

more revenue is now recognised over time instead of upfront.

This created:

lower short-term reported revenues,

lower short-term profits,

but not necessarily weaker underlying contracts.

That distinction matters enormously.

Key financial observations

1. Revenue collapse looks worse than underlying reality

FY26 expected revenue:

~$23.3m

vs

~$38.7m previous year.

At first glance this looks terrible.

But management specifically attributes much of this to:

accounting treatment changes,

contract restructuring,

transition toward recurring revenue recognition.

This resembles what many SaaS companies experience during:

subscription migrations,

ARR transitions,

multi-year contract restructuring.

2. ARR is improving

One of the most important metrics:

Annual Recurring Revenue (ARR):

increased to $15.6m from $12.9m.

That is a materially healthier signal than headline revenues.

Why?

Because recurring software revenue:

deserves higher valuation multiples,

improves predictability,

increases long-term margins,

lowers cyclicality.

This is exactly the type of metric institutions focus on during SaaS transitions.

3. Balance sheet is exceptionally strong for AIM

This is probably the biggest attraction.

Celebrus reported:

cash position ~$27.3m,

no debt.

For AIM, that is unusually strong.

This dramatically reduces:

dilution risk,

insolvency risk,

emergency fundraising risk.

Many AIM software companies eventually collapse b

Bail out 2k profit

Could open at 6.32

How do you about gap up?

Well done all

good day at the office

Sir h

must in the blue now well done