Also trades as: AXS.AS (AMS) · $vol 0M · ACSYF (OTC) · $vol 0M

£57.00 ($0.75)

-2.00 (-3.39%)

Weekly Expected Move ±7.6%

£48 £53 £57 £61 £66

LSE · Basic Materials · Paper, Lumber & Forest Products · Tech Score Sell · Power 38 · £140.5M mcap · 101M float · 0.069% daily turnover

Analysis Technicals Weather Peers

Revenue

$152M +11.1% ▲

5Y CAGR: +8.8%

Gross Profit

$38M -7.8% ▼

5Y CAGR: +2.9%

Operating Income

$15M +449.5% ▲

5Y CAGR: +27.0%

Net Income

$6M +128.1% ▲

EPS (Diluted)

$0.03 +126.5% ▲

5Y CAGR: +56.8%

EBITDA

$24M +466.5% ▲

5Y CAGR: +18.6%

View Full Income Statement

Line Item	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	$121M	$162M	$136M	$137M	$152M
YoY Growth	+21.1%	+34.1%	-16.0%	+0.3%	+11.1%
Cost of Revenue	$85M	$107M	$95M	$95M	$114M
Gross Profit	$36M	$55M	$41M	$41M	$38M
Gross Margin	29.8%	34.0%	30.0%	30.3%	25.1%
R&D Expenses	$2M	$2M	$1M	$1M	$1M
SG&A Expenses	$17M	$19M	$19M	$19M	$22M
Operating Expenses	$32M	$127M	$50M	$46M	$23M
Operating Income	$4M	-$72M	-$9M	-$4M	$15M
Operating Margin	3.6%	-44.5%	-6.8%	-3.2%	10.1%
Interest Expense	$3M	$3M	$4M	$5M	$6M
Income Before Tax	$2M	-$67M	-$17M	-$21M	-$565K
Tax Expense	$1M	$3M	$765K	$2M	-$7M
Net Income	$698K	-$70M	-$18M	-$23M	$6M
Net Margin	0.6%	-43.1%	-13.1%	-16.7%	4.2%
EPS (Diluted)	$0.01	$-0.19	$-0.08	$-0.10	$0.03
EBITDA	$9M	-$56M	-$4M	-$7M	$24M
Shares Outstanding	199M	211M	228M	240M	242M

Line Item	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2	FY2026 Q4
Revenue	$59M	$103M	$71M	$65M	$72M	$64M	$75M	$77M
Cost of Revenue	$41M	$66M	$51M	$44M	$50M	$45M	$56M	$58M
Gross Profit	$18M	$37M	$20M	$21M	$22M	$19M	$19M	$20M
Gross Margin	30.8%	35.9%	28.6%	31.6%	30.7%	29.9%	24.9%	25.4%
R&D Expenses	$891K	$952K	$1M	$834K	$931K	$634K	$648K	$568K
SG&A Expenses	$8M	$11M	$10M	$9M	$10M	$9M	$10M	$12M
Operating Expenses	$74M	$45M	$33M	$19M	$40M	$5M	$10M	$13M
Operating Income	-$57M	-$15M	-$10M	$1M	-$18M	$14M	$8M	$7M
Operating Margin	-97.0%	-14.6%	-14.5%	1.7%	-25.2%	21.4%	11.3%	9.0%
Interest Expense	$0	$0	$0	$0	$2M	$3M	$2M	$4M
Income Before Tax	-$56M	-$11M	-$13M	-$4M	-$26M	$5M	-$1M	$801K
Tax Expense	$357K	$2M	$420K	$345K	$1M	$714K	$10K	-$7M
Net Income	-$27M	-$13M	-$13M	-$4M	-$27M	$5M	-$1M	$8M
Net Margin	-45.0%	-12.1%	-18.9%	-6.7%	-38.1%	7.2%	-1.8%	10.2%
EPS (Diluted)	$-0.13	$-0.06	$-0.06	$-0.02	$-0.12	$0.02	$-0.01	$0.03
EBITDA	$4M	$18M	$2M	$5M	$8M	$8M	$9M	$11M
Shares Outstanding	204M	217M	218M	237M	238M	242M	241M	242M

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