RCFX

Rc Fornax PLC

Industrial Goods and Services First-pass screen £7.92m

330/1000 Overall fit

AI beneficiary 35% 28

Operating leverage 25% 35

Valuation 25% 30

Downside protection 15% 45

First-pass take

Defence consultancy with minimal AI revenue; SME Procure platform in development (commercialisation FY26). Revenue declined 36% to £4.1m (SDR delays), operating loss £1.6m, negative FCF £2.7m. Limited downside protection: net cash modest post-capex, demand policy-dependent.

Flags

loss-makingnegative-fcfdefense-cyclicalai-platform-devearly-stage-iporevenue-decliningno-valuation-data