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QUBE

Quantum Base Holdings PLC

Industrial Goods and Services First-pass screen £20m
260/1000 Overall fit
AI beneficiary 35% 12
Operating leverage 25% 42
Valuation 25% 30
Downside protection 15% 25

First-pass take

Pre-revenue quantum-authentication startup with zero AI exposure and unproven operating leverage—licensing model theoretically scalable, but only £18k FY25 revenue from one customer. Overvalued at £14.8m market cap with <12 months' cash runway and explicit going-concern uncertainty.

Flags

loss-makingpre-revenuecustomer-concentrationgoing-concernmicro-caphigh-burnno-ai-exposure