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XAR

Xaar PLC

Industrial Goods and Services First-pass screen £112m
430/1000 Overall fit
AI beneficiary 35% 30
Operating leverage 25% 60
Valuation 25% 30
Downside protection 15% 65

First-pass take

Precision inkjet printing hardware company with no AI exposure. Adjusted EBITDA grew 56% on 12% revenue growth and gross margins improved 300bp, but absolute profitability remains thin (1.3% adjusted PBT margin). Strong net cash (£4.9m) and liquidity, but cash declining 40% YoY and growth dependent on uncertain customer qualification timing.

Flags

no-ai-exposureno-valuation-datathin-profitabilitylumpy-growthdeclining-cashlegacy-markets-troubledmicro-cap