T42 Iot Tracking Solutions PLC

First-pass take

Early-stage IoT container tracker with real margin expansion (46% gross margin, Adj. EBITDA swing to +$1.23m gain) and fixed-cost leverage on 47% revenue growth. But accumulated losses ($18.2m), negative equity (-$2.9m), negative working capital (-$1.87m), and $2.8m debt due within 24 months create substantial downside risk. No AI revenue exposure; core business is cyclical logistics tracking, not defensible. Auditor emphasized going-concern financing uncertainty.