TAP

Tap Global Group PLC

Financial Services First-pass screen £8.56m

420/1000 Overall fit

AI beneficiary 35% 35

Operating leverage 25% 70

Valuation 25% 30

Downside protection 15% 35

First-pass take

Strong operating leverage: 75% gross margin (up from 59%), OpEx -6.6% despite 31% revenue growth, positive adjusted EBITDA. However, going concern warning and £183k negative operating cash flow are material concerns. Accumulated losses (£28.5m) and £4.7m goodwill impairment signal execution challenges. Crypto business lacks downside protection. Post-year infrastructure partnerships (Moorwand IBAN integration, BTaaS platform) show strategic progress but face execution risk. No valuation data provided.

Flags

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