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SBAR

Sundae Bar PLC

Technology First-pass screen £19m
360/1000 Overall fit
AI beneficiary 35% 45
Operating leverage 25% 35
Valuation 25% 30
Downside protection 15% 25

First-pass take

Pure-play AI agent platform with zero marketplace revenue. Operating loss £1.2m; material going concern uncertainty with ~10-month cash runway as of Jan 2026. Goodwill impairment of £25m indicates accounting discipline. Infrastructure progress credible (Subnet 121, generalist agent development, payment capability) but commercially unproven.

Flags

loss-makinggoing-concernpre-revenuemicro-capcash-intensive