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ENSI

Ensilica PLC

Technology First-pass screen £79m
420/1000 Overall fit
AI beneficiary 35% 45
Operating leverage 25% 55
Valuation 25% 30
Downside protection 15% 35

First-pass take

Fabless ASIC designer with emerging Edge AI exposure ($50m+ supply-contract potential) and strong post-year pipeline, but shows no operating leverage (23% revenue growth vs. 6% EBITDA growth), lacks valuation data, faces explicit going-concern uncertainty, and has high customer concentration (35% from one client).

Flags

going-concerncustomer-concentrationcyclicalmicro-cap