VOX

Vox Valor Capital Limited

Media First-pass screen £4.18m

230/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 15

Valuation 25% 30

Downside protection 15% 20

First-pass take

Mobile marketing services with strong top-line growth (15.7m USD vs 5.6m prior) but deteriorating unit economics: operating expenses grew 3.5x revenue while gross margins fell from 23% to 5%. Operating loss 1.3m USD; 3.2m USD debt at 27% annual interest; relies on shareholder support. No explicit AI exposure. Negative operating leverage with cyclical demand.

Flags

loss-makinghigh-debtcash-burnnegative-operating-leveragecyclicalno-valuation-datagoing-concernvariable-cost-basemicro-cap