Back to catalogue
TEK

Tekcapital PLC

Technology First-pass screen £17m
200/1000 Overall fit
AI beneficiary 35% 5
Operating leverage 25% 32
Valuation 25% 28
Downside protection 15% 22

First-pass take

Zero AI exposure; early-stage commodity producer with negative gross margins in 2024 due to B2B transition, expecting improvement in 2025. Top 2 customers represent 49% of revenue, offset by recurring orders and regulatory tailwinds for low-sodium. Negative net assets and 10% CLN leverage mitigated by strategic Tekcapital backing.

Flags

no-ailoss-makingnegative-net-assetscustomer-concentrationnegative-gross-marginearly-stagemicro-cap