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SPSC

Spectra Systems Corporation

Industrial Goods and Services First-pass screen £1.01m
280/1000 Overall fit
AI beneficiary 35% 20
Operating leverage 25% 25
Valuation 25% 30
Downside protection 15% 45

First-pass take

Authentication and secure transactions provider with strong net cash position but deteriorating unit economics: EBITDA swung negative despite 26% revenue growth, revealing negative operating leverage. Significant cash burn (~$8.7m/year), micro-cap scale, zero AI exposure, and pre-commercial hardware-heavy business. Not aligned with strategy.

Flags

no-ai-exposuremicro-caploss-makingnegative-operating-leveragecash-burncustomer-concentrationcyclicalhardware-intensivecontingent-liabilitypre-commercial