FORG

Forgent PLC

Energy First-pass screen £1.27m

260/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 28

Valuation 25% 30

Downside protection 15% 20

First-pass take

Waste-to-fuels syngas technology with no AI revenue exposure or strategic AI tailwinds. Unprofitable (€19.4m loss 2024), declining revenue (€2.2m vs €2.5m YoY), negative working capital, explicit going concern warning. Equity eroding rapidly (€21m → €5m). Licensing pivot is aspirational, not yet validated.

Flags

loss-makinggoing-concernno-valuation-datacash-burnnegative-working-capitalequity-dilutiondeclining-revenueaccumulated-losses