HAYD

Haydale PLC

Basic Resources First-pass screen £26m

370/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 50

Valuation 25% 30

Downside protection 15% 45

First-pass take

Haydale is a pre-revenue-scale clean-tech company with proprietary graphene heating technology but zero AI exposure. The Jan 2026 SMCC acquisition provides distribution and improved revenue visibility, but integration execution risk remains high. Strong 63% gross margins offset by going-concern uncertainty, heavy share dilution, and dependence on JustHeat volume scaling.

Flags

loss-makinggoing-concernmicro-cappost-m-and-aexecution-riskpre-revenue-scale