Emv Capital PLC

First-pass take

EMVC positions explicitly around AI infrastructure tailwinds (semiconductors, datacentre software) and deep-tech holdings, but as a VC fund, lacks direct AI revenue. Core venture platform achieved profitability (£1.5m on £3.2m revenue, 47% margin), representing 83% loss improvement and clear operating leverage in recurring fund management fees. Group remains loss-making (£0.6m loss) due to subsidiary portfolio losses; cash position thin at £0.8m against £2.9m revenue.