BUC

Built Cybernetics PLC

Construction and Materials First-pass screen £6.04m

420/1000 Overall fit

AI beneficiary 35% 38

Operating leverage 25% 48

Valuation 25% 40

Downside protection 15% 48

First-pass take

Micro-cap PropTech in early software transition. Smart buildings ARR up 69% to £751k, but division loss-making (£209k on £9.9m revenue); profitability from legacy architecture. AI exposure modest: EDDIE tool in ecoDriver, IoT enabler noted; no primary AI revenue. Negative FCF (£506k burn), negative working capital (£0.97m), micro-cap liquidity, and refinancing risk (convertibles due Dec 2027) outweigh 0.45x EV/Revenue. M&A-dependent growth model.

Flags

ai-adjacentloss-makingnegative-fcfmicro-capgoing-concernpre-revenueacquisition-dependentrefinancing-riskcyclical