KRM

Krm22 PLC

Technology First-pass screen £19m

400/1000 Overall fit

AI beneficiary 35% 35

Operating leverage 25% 45

Valuation 25% 30

Downside protection 15% 58

First-pass take

B2B SaaS risk platform for capital markets: 18.8% ARR growth, net-cash £5.2m post-fundraise, but lacks AI strategy, customer concentration risk (one customer = 13.5% revenue), margin compression (gross margin 78% vs 83%), widening losses (£2.1m) indicate profitability challenges.

Flags

no-ai-strategyloss-makingmargin-compressioncustomer-concentrationcyclicalmicro-caphigh-touch-sales-model