Nexteq PLC

First-pass take

Nexteq supplies gaming hardware and industrial displays, showing no clear AI product exposure—AI-driven component shortages are a headwind, not tailwind. Gross margins compressed 310bps despite 4% revenue growth. Strong balance sheet ($25m net cash) provides protection, but top 3 customers represent 41% of revenue with the largest (historically 25% of sales) acquired and expected to decline further.