PXS

Provexis PLC

Food, Beverage and Tobacco First-pass screen £24m

260/1000 Overall fit

AI beneficiary 35% 15

Operating leverage 25% 40

Valuation 25% 30

Downside protection 15% 20

First-pass take

Single-product (Fruitflow) functional food ingredient with 61% revenue growth but material going concern uncertainty. Gross margins improving (35%→41%) but company remains significantly unprofitable. Regulatory approval for major Chinese launch pending since 2015, dependent on DSM and BYHEALTH partnerships. No AI exposure.

Flags

loss-makinggoing-concernsingle-productcustomer-concentrationregulatory-riskno-valuation-datadilutive-funding