TAND

Tan Delta Systems PLC

Industrial Goods and Services First-pass screen £23m

400/1000 Overall fit

AI beneficiary 35% 40

Operating leverage 25% 40

Valuation 25% 30

Downside protection 15% 55

First-pass take

Early-stage sensor hardware company declining 16% in revenue while building a £35m pipeline. AI analytics are nascent, not yet commercial. Fortress balance sheet (£2.5m net cash) provides downside protection, but customer concentration risk and 2-year cash runway create significant execution risk.

Flags

loss-makingrevenue-decliningpre-commercial-aicustomer-concentrationcash-burnmicro-capno-valuation-data