MIND

Mind Gym PLC

Industrial Goods and Services First-pass screen £13m

420/1000 Overall fit

AI beneficiary 35% 38

Operating leverage 25% 57

Valuation 25% 30

Downside protection 15% 46

First-pass take

Behavioral-change L&D firm with early-stage AI feature (Lio, launched Q4 FY25, not yet revenue-accretive). Revenue declined 14% YoY amid discretionary-spend headwinds; adjusted EBITDA improved to £1.9m through cost cuts but statutory loss £6.2m. Cash £0.6m with £4m facility. No valuation multiples disclosed; unproven subscription-model transition.

Flags

loss-makingdeclining-revenuethin-cashno-valuation-dataearly-stage-aidiscretionary-spendsubscription-transitionmicro-cap