Tracsis PLC

First-pass take

Transport software company pivoting to SaaS-based recurring revenue (licences up 6%) with a strong balance sheet (£23.4m net cash, zero debt) and low customer concentration (7% largest customer). No explicit AI narrative limits AI score; full-year EBITDA margins flat due to UK rail headwinds (CP7 funding constraints, RCM hardware down 42%), though H2 showed 19.2% margins. Downside protection strong from net cash position and essential infrastructure customer base.