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Pulsar Helium [LON:PLSR] was 9% ahead to take the notable mention following news that the company had made a verified discovery of Helium-3 at a project in Minnesota. This is a highly sought after gas which is in demand for quantum computing and trades for around $2500/litre.

My assessment becomes slightly more positive (around 8/10)

The biggest takeaway isn't the FY26 numbers—it's management's guidance for FY27.

1. Gross margins should improve

The headline margin decline looked worrying, but management explains why:

Legacy products were sold at discounts.

There were provisions against old inventory.

The new 81 Series products have better economics.

The Box Clever manufacturing initiative should reduce build costs.

That means FY26 margins are probably close to the low point if execution goes to plan.

The risks they identify—component costs, geopolitical tensions, AI-driven demand for electronics, and reseller pricing—are credible and affect many hardware businesses, not just Thruvision.

2. Cost control has been excellent

Administrative expenses fell from £6.0m to £5.2m, while overheads dropped by about £1.0m.

What's encouraging is where the savings came from:

Sales and marketing costs down through a leaner sales structure.

Engineering costs lower after the 81 Series development phase.

Management costs reduced after combining the CEO and CFO roles.

Lower PLC/professional fees.

This doesn't look like indiscriminate cost-cutting—it looks like a business becoming more efficient.

3. Cash burn is much lower

One of the most encouraging numbers is the operating cash outflow of just £0.3m.

The large inventory reduction (£2.8m) helped this, so it's not all repeatable, but it shows the balance sheet has been cleaned up.

4. The key sentence in the whole report

This is the one that matters:

FY27 revenue is expected to be at least £8.0 million, including Material orders totalling more than £3.0 million.

That's roughly 33% revenue growth from £6.0m to at least £8.0m.

For a small AIM technology company, that's ambitious but achievable if the sales pipeline converts.

5. The main risk

The directors are appropriately transparent:

If those large orders are delayed, the company may need additional funding. They explicitly state that this creates a material uncertainty regarding going concern.

That wording is standard where forecasts depend on future order timing, but investors shouldn't ignore it.

So the investment case still hinges on execution.

What I'm watching over the next 6–12 months

To become genuinely bullish, I'd want to see:

Revenue above £8m.

Gross margins back above 40%.

EBITDA close to breakeven.

No additional equity raise.

Continued large ("Material") orders through partners such as Sensormatic.

Has this changed my view?

Yes.

Before reading the full report, I thought THRU was simply improving.

After reading the guidance, I think it's moving from turnaround toward growth, provided management delivers.

My updated rating

Area Score

Revenue growth 9/10

Cost control 9/10

Product positioning 8/10

Balance sheet 7/10

Funding risk 5/10

Overall 8/10

Bottom line

I think this is one of the better AIM turnaround stories at t

I've read today's results RNS.

My overall assessment: 7.5/10 – a good set of results, but not yet a major re-rating event.

The results strengthen the investment case for Thruvision Group plc because they show that the turnaround is progressing, although profitability remains some way off.

The positives

The headline number is 45% revenue growth, with revenue increasing from £4.2 million to £6.0 million. Management attributes this largely to strong Asian sales, including two material orders worth £2.7 million.

Losses also improved:

Operating loss reduced from £4.7m to £3.6m.

Adjusted EBITDA loss improved from £3.8m to £2.5m.

This improvement was helped by a £1.0m reduction in overheads.

Cash is in much better shape than a year ago:

Cash at year end was £2.0m, compared with £0.4m the previous year.

The company also has no debt, giving it greater financial flexibility.

The negatives

The biggest concern is margins.

Adjusted gross margin fell from 44.9% to 33.9%, with management saying this reflects discounting of legacy equipment sales. Statutory gross margin also declined.

Revenue growth is encouraging, but if margins remain under pressure, it becomes harder for the business to convert sales into sustainable profits.

The most encouraging sentence

For me, the key statement isn't the historic numbers.

It's the Chairman's outlook:

"A good order backlog and increased sales momentum give us confidence for FY27."

That suggests management believes the recent contract wins—including the Sensormatic orders you shared earlier—are feeding into the new financial year rather than being one-off events.

My investment view

The direction of travel is positive:

Revenue ✔️

Orders ✔️

Cash ✔️

Losses narrowing ✔️

The remaining challenge is:

Gross margins ❌

Achieving profitability ❌

If THRU can maintain revenue growth while restoring margins to around 40% or better, I think the market could begin to value it much more highly.

Has my opinion changed?

Yes, slightly more positive.

Previously I viewed THRU as a business with promising commercial traction but needing proof that sales were accelerating. These results provide that proof. However, I still wouldn't call this a full re-rating moment because the company is still loss-making.

Trend is our friend. Looks like. We're on the move.

My score

Factor Rating

Commercial validation 8/10

Revenue visibility 7/10

Strategic significance 8/10

Immediate re-rate potential 6/10

Overall: 7.5/10

Investment view

Short-term

I would expect the market to view this positively because it validates the RLUK acquisition.

Medium-term

The key catalyst is whether management can keep announcing:

Additional installer orders,

Additional remediation contracts,

Expansion of the Injectaclad network.

Long-term

If Injectaclad becomes an established remediation solution and the installer network scales, this acquisition could end up being the event that changes the trajectory of the company.

My conclusion

Of the RNSs you've recently posted:

Pulsar helium-3 verification → biggest speculative upside.

LST trading update → strongest evidence of actual commercial progress.

Thruvision retail orders → positive but smaller.

For a value-oriented AIM investor, I actually find this LST update more convincing than most "exciting technology" announcements, because it shows customers spending money today rather than potentially spending money in the future.

This is one of the better RNS updates I've seen recently from Light Science Technologies Holdings plc because it provides real commercial traction after the RLUK/Injectaclad acquisition.

What the market will focus on

Since the acquisition in April

The company has secured:

Material supply orders: ~£885k

Installation projects: ~£390k–£775k

Total secured value:

~£1.28m to £1.66m

For a company of LST's size, that's meaningful.

Why this matters

1. The acquisition appears to be working

Many AIM acquisitions are followed by:

"Strategic rationale"

but little evidence of actual business generation.

This RNS provides evidence that:

Customers are buying.

Contractors are buying.

Projects are progressing.

That's exactly what investors want to see after an acquisition.

2. Higher-quality revenue

The interesting bit is not just installations.

The bigger strategic point is:

Material supply through the Injectaclad installer network.

This creates a potentially scalable model.

Instead of only earning installation margins, LST can also earn:

Product margins

Recurring material sales

Network revenue

That's generally more attractive than pure contracting.

3. Building Safety Act tailwind

The UK still has a substantial remediation market following cladding and fire safety reforms.

Companies that provide compliant solutions continue to benefit from:

Regulatory pressure

Building Safety Regulator oversight

Ongoing remediation requirements

That creates a long-duration market opportunity.

What I don't like

1. Pipeline versus revenue

The announcement talks about:

projects in progress

rather than completed revenue.

Investors still need confirmation that these projects convert into profitable earnings.

2. Range is wide

Installation value is:

£390k to £775k

That's a large spread.

It suggests final contract values depend on remediation scope.

3. Not yet transformational

Even £1.3m–£1.7m is encouraging, but it doesn't automatically transform the group's financial profile.

The next question becomes:

Can they turn £1.5m of secured work into £5m, £10m or £20m annually?

Reading between the lines

The most bullish sentence in the RNS is probably:

"The balance of the £410k order is now expected to be delivered during June rather than over the originally anticipated 19-week programme."

That implies:

Customer demand is strong.

Installation progress is faster than expected.

Cash conversion may improve.

Those are often early indicators of momentum.

My view on Pulsar now

Compared with the director-share-sale RNS you posted previously, this is much more important.

If I ranked recent Pulsar news:

RNS Importance

Director option exercise/sale 2/10

Helium-3 verification 8/10

Commercial flow testing success 10/10

Resource upgrade 10/10

Development financing secured 9/10

Investment conclusion

I view this as genuinely positive and one of the strongest narrative-building announcements Pulsar has released.

What the announcement tells us

Thruvision has received two additional orders via its partner Sensormatic:

WalkTHRU screening lane for a major Spanish fashion retailer's UK distribution centre.

SpotCHECK system for a global third-party logistics operator in Italy.

The key point isn't necessarily the size of these orders (which isn't disclosed), but that they come through Sensormatic and involve additional deployments in the retail distribution sector.

Why this matters

1. Repeat orders are more important than first orders

For a small technology company, repeat deployments suggest:

Customers are progressing beyond trials.

The sales channel is functioning.

The technology is solving a real problem.

This is generally more valuable than a one-off pilot announcement.

2. Sensormatic partnership appears to be working

Many AIM companies announce partnerships that never generate revenue.

This RNS indicates that Sensormatic is actively selling Thruvision systems into its customer base.

That reduces one of the major risks investors worry about: commercial adoption.

3. Expanding footprint

The orders cover:

UK

Italy

and involve:

Retail distribution

Third-party logistics

That broadens the addressable market.

What I don't like

The company did not disclose order values.

Whenever an AIM company announces orders without values, investors should ask:

"Are these meaningful revenue contributors or simply encouraging signs?"

Without the financial details, it's impossible to judge the direct impact on FY26 earnings.

My interpretation

If you've followed THRU's RNS stream over the past year, the pattern has been:

More customer wins.

More deployments.

More validation.

Increasing use cases.

The missing piece has been a large volume of recurring revenue and clear profitability.

Investment view

Bull case

Sensormatic continues generating deployments.

Retail distribution becomes a standard use case.

Revenue scales faster than costs.

Market begins valuing THRU as a growth security technology company.

Bear case

Orders remain relatively small.

Revenue growth is steady but insufficient.

Cash consumption remains an issue.

My takeaway

Today's RNS is positive and strengthens the investment case.

On a scale of:

Negative = 0

Neutral = 5

Major re-rate news = 10

I'd score it about 7/10.

It improves confidence that the commercial strategy is working, but by itself it is unlikely to trigger a major re-rating. A major re-rate would probably require:

Rns

My overall view is that PLSR is no longer purely an exploration gamble; it is becoming a development story. That's an improvement. The next 6–12 months will likely determine whether Topaz is genuinely a future helium producer or simply an interesting discovery that proves difficult to commercialise.

So starting point is 2p

What did sell for??

What did sell for

This RNS looks modestly positive for Light Science Technologies Holdings plc and its contract manufacturing subsidiary UK Circuits and Electronics Solutions Limited.

Key points

UK Circuits has entered a new manufacturing partnership with a large workforce-management and access-control supplier.

It has acquired and installed the partner's SMT (Surface Mount Technology) production line at its Oldham facility.

Management says the upgraded line increases component placement throughput by around 40–50% and improves accuracy, feeder capacity and software capability.

An initial order worth ~£70,000 has already been received.

Potential orders for the current financial year could reach up to £200,000, subject to transitional arrangements involving existing component inventory.

The work relates to four PCB assemblies used in industrial fire-safety control systems.

Why investors may view it positively

Capacity expansion without building a new line from scratch

The company gains additional manufacturing capability immediately.

Higher throughput can improve utilisation and support future revenue growth.

New customer relationship

The partner is described as part of a global group operating in over 70 countries with annual revenues above £12bn.

Landing a customer of that scale may help UK Circuits win further work.

Near-term revenue visibility

The £70k order is confirmed.

The £200k figure provides potential upside for the current year.

Operational improvement

Better equipment can improve efficiency, quality and competitiveness when bidding for future contracts.

Things to keep in perspective

The announced order value is relatively small in absolute terms.

The larger £200k opportunity is not yet contracted.

Investors will likely want to see whether the increased manufacturing capacity translates into a broader pipeline of recurring orders.

Overall assessment

The announcement appears to be a positive operational update rather than a transformational one. The most important aspect is arguably not the initial £70k order, but the combination of:

increased manufacturing capacity,

improved production capability,

and a relationship with a much larger industrial customer.

For shareholders, the key question over the coming quarters will be whether this new capacity drives a sustained increase in contract manufacturing revenues and margins.

10.38 to pay

nice rerate

9.4 to buy

Big rise today

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

Hold on to yours shares

tree shake

2.45 sells buys2.78

Hold on to yours shares

tree shake

2.22 sells buys2.77

Gap up 3.55

good day