News blog

Quoted Micro 2 March 2026

BY: Andrew Hore |
POSTED: 01/03/2026 |

AQUIS STOCK EXCHANGE

Falconedge (EDGE) has signed up two more funds as clients for its hedge fund advisory services. This takes the number of clients to seven. In the six months to November 2025, group revenues were £59,000 and the loss was £554,000. Cash was £464,000 at the end of the period. The new clients will boost revenues and help to reduce the loss. Falconedge currently owns 19.879 Bitcoin.

Equipmake (EQIP) is receiving a further £3m investment via a convertible loan from Caterpillar. There was a previous £5m investment on the same terms. The interest charge is 10%. Interim revenues fell from £1.94m to £1.44m, but the loss was reduced from £4.3m to £2.8m. The current order book is worth £10.7m and demand is increasing according to management.

Hydro Hotel Eastbourne (HYDP) reported a dip in full year pre-tax profit from £470,000 to £394,000 on revenues 5% ahead at £5.1m. This was due to higher cost of sales. Cash was £1.66m at the end of October 2025. An interim dividend of 15p/share has been declared.

Stack BTC (STAK) has raised £2.12m at 5p/share. This will help to finance the strategy to acquire cash generative businesses and invest in Bitcoin.

Purebond has taken a 3.1% stake in Delta Gold Technologies (DGQ).

Tokenised digital market services company Valereum (VLRM) is reorganising El Salvador-based VLRM Markets to enabling the scaling up of operations. Adrian Hogg is stepping down as head of VLRM Markets and 5.51 million warrants he held are being cancelled.

ConnectingExcellence (XCE) increased net fee income at its executive recruitment division by one-fifth to £890,000 in the six months to December 2025. In January, £250,000 was generated. There has been £2.2m spent on Bitcoin.

WeCap (WCAP) has agreed an extension of the discounted capital bond issued to Hawk Investment Holdings. The new repayment date is 24 May 2027. The amount payable is increased from £6.965m to £7.965m. Hawk Investment is being issued 20 million warrants exercisable at 1.5p each. WeCap cannot sell shares in WeShop until 15 November 2026 and the proceeds from any disposals could help to fund repayment of the bond.

Sulnox Group (SNOX) has secured a distribution agreement with Finland-based Fluid Intelligence, which supplies lubrication to heavy industry and logistics businesses. The supply of Sulnox emissions reduction additives takes Fluid Intelligence into the fuels sector.

AI technology company Astrid Intelligence (ASTR) reported a loss of £1.94m in the year to August 2025. There was £2.3m in cash at the end of August 2025.

Oscillate (SRVL) has started the fieldwork programme on licence PL061/2021 in the Kalahari copper belt. This will help to define drill targets.

Ace Liberty and Stone (ALSP) director Dr Antonios Ghorayeb bought 76,198 shares at 30p each.

Mollyroe (MOY) has loaned a further £150,000 to Cascade Studio LLC, which is creating a SaaS content creation platform for AI-powered filmmaking and storytelling. This means that it has invested a total of £300,000 in a convertible loan.

BWA (BWAP) recently completed mapping of Isoukustouc licence, Quebec, Canada. There were four main samples showing elevated levels of copper, cobalt, nickel and silver.

VSA Capital (VSA) chairman Mark Thompson bought 4.43 million shares (19.7%) from Wei Chen at 5p each.

JP JENKINS

The JP Jenkins-15 index fell slightly to 1207.4 by late January. JP Jenkins is jointly hosting The Q1 Moving Markets Conference with UHY Hacker Young at the end of March.

ASSET MATCH

Zytronic (ZYT) has completed the sale of the company’s freehold property for £3.28m. This should enable the liquidation of the company.

AIM

Transport software and services provider Tracsis (TRCS) confirms that trading is in line with expectations with interim revenues of £39m, up from £36.3m. EBITDA rose from £3.8m to £5m. Both divisions grew and recurring revenues increased. Net cash reached £25.8m at the end of January 2026. The second half will benefit from the early phase of a newly won contract in North America. This is a multi-year contract with a shortline freight railroad for implementing the Train Despatch software. This is the second implementation of Train Despatch in the US. Full operation of the software will be in 2026-27 and from then on it will generate recurring income.

Essensys (ESYS) is recommending a 17p/share cash offer by a bid vehicle backed by founder Mark Furniss that values the flexible workspace software provider at £11.3m. there is a one-for-one share alternative for shareholders that want to retain an interest in the business. The original indicative offer was 20p/share. The share price was already trading below the indicative offer.

Floorcoverings manufacturer Victoria (VCP) says third quarter revenues fell 3%, which means that the rate of decline was slowing. However, January was weak and the current fourth quarter decline is running at 5%. Full year EBITDA is expected to be £95m, a downgrade from £110.7m. The outlook for 2026-27 is reduced, but production changes could help to improve margins. Property sales will help to cut debt.

N4 Pharma (N4P) has posted the documents for the general meeting to change its name to Thalia Therapeutics. This reflects the decision to focus on RNA-based therapeutics in cardiovascular disease and oncology. David Solomon has been appointed chief executive. He was previously boss of former AIM company Silence Therapeutics, which is currently listed on Nasdaq. The initial focus will be on a long-duration dual-acting siRNA therapy against PCSK9 and Lp(a) which are key targets to reduce cardiovascular risk.

Wound healing technology developer AOTI Inc (AOTI) says 2025 revenues will be in line with consensus of $66.1m, up 14% on 2024, but it is stopping trading in Arizona because of problems with payments. Pre-tax profit could be $2.8m. Net debt of $6.5m is better than expected. Arizonia Medicaid contributed $9.2m to 2025 revenues. There is $15.6m owed by Arizona and there could be write downs in the 2025 accounts when they are published. The results will be announced on 30 March.

Alien Metals (UFO) announced an independent review on the Pilbara iron ore prospects. This confirmed significant potential for Brockman Iron Formation mineralisation potential across the Vivash and Brockman projects, which have not been tested by drilling. They are near to existing projects. Joint venture partner West Coast Silver reports that assay from the Elizabeth Hill silver project show significant results and extend silver mineralisation away from the historic mine workings both to the north and south. There are multiple near-surface, high-grade silver intersections.

RC Fornax (RCFX) full year figures were in line with previously downgraded estimates. Revenues fell 37% to £4.1m, while the pre-tax loss was £1.4m. The defence contractor says activity has improved since the MoD review. This increases confidence in the 2025-26 forecast revenues of £5.8m and a loss of £2m. In November, cash was raised at 6p/share.

Concierge technology platform provider Ten Lifestyle (TENG) has won a multi-year contract with a financial services provider in the AMEA region. The service will be offered to high net worth and ultra-high net worth clients. This has been won from an incumbent provider, and the transition will start in the second half of the year to August 2026.

Novacyt (NCYT) has acquired Southern Cross Diagnostics for £4.4m, which will enable entry to the Australian market as well as products that can be distributed in other countries. It will remove £2m of Novacyt sales to Southern Cross, but the deal will be earnings enhancing.

Advanced coating provider Hardide (HDD) continues to win new orders. A further £1.8m of orders have been placed by an existing North American customer. Profitability is better than expected, helped by operational gearing. Cavendish has increased its pre-tax profit forecast by two-thirds to £2.3m.

Eco Animal Health (EAH) has secured distribution partners for launching ECOVAXXIN MS in major EU poultry markets. The vaccine treats Mycoplasma synoviae. This covers 220 million birds over the top seven producing countries. The official launch will be in June/July in Spain followed by regional launches.

Digital services provider Made Tech Group (MTEC) grew interim revenues by 28% to £27.8m, while underlying pre-tax profit improved from £1.5m to £1.9m. Trading is ahead of expectations with signs of further UK government activity leading management to believe that there should be further sales momentum in the second half. Canaccord Genuity has raised its full year pre-tax profit forecast from £4.1m to £4.6m.

Oil and gas producer Jadestone Energy (JSE) has set 2026 production guidance at 18,000-21,000boe/day, while total production costs are likely to be $260m-$300m. Capex will be $50m-$80m, which will predominantly be spent in Malaysia and Vietnam. Cash flow expectations are based on $70/barrel. There will be a $90m write down in the 2025 accounts relating to valuation of assets based on the oil price decline. At the end of 2025, 2P reserves were 56MMboe, down by 8.3MMboe over the year after production of 7MMboe during the year. Net debt is $89m.

Energy efficiency services provider Earnz (EARN) has won two contracts. Subsidiary A&D Carbon Solutions has been awarded an initial two-year contract to retrofit insulation and renewable energy products to homes in Chester and Stoke on Trent. The value is £2.6m/year and the deal could be extended by up to 18 months. The other contract is for one-year and is to start survey design work on energy efficiency improvements. This is expected to last from April 2026 to March 2028 and is worth £2.1m.

Oil and gas company Empyrean Energy (EME) has concluded documentation for the dispute with Conrad Asia Energy, the operator of the Duyung PSC and the Mako gas field in Indonesia. Conrad will make an immediate $5m farm-out cash payment to West Natuna Exploration as the first instalment of the total payment of $16m. Empyrean Energy is entitled to 8.5% of these cash payments.

Atlantic Lithium (ALL) says it has ended discussions with a potential bidder. The mining lease for the Ewoyaa project in Ghana has still not been ratified, but management believes it is in progress. Spending on exploration on other projects is being reduced to conserve cash.

Guardian Metal Resources (GMET) has filed a registration statement for a flotation in the US. The Nevada-focused critical metals explorer will raise money through an American Depositary Shares (ADS) issue.

MAIN MARKET

Packaging manufacturer and distributor Macfarlane Group (MACF) had downgraded expectations for 2025 and ended up beating the downgrade. Revenues were 11% ahead at £300.8m and pre-tax profit declined 38% to £15.6m. Covering increased costs was difficult. The dividend was maintained at 3.66p/share. Net debt was £16.2m.

New Frontier Minerals (NFM) has announced JORC exploration targets across 14 prospects within the NWQ copper project in Queensland. There are plans to obtain a mining lease for the Big One deposit.

Kelso (KLSO) has increased its stake in AIM-quoted retailer TheWorks.co.uk to 7% by acquiring additional shares at 33.2p each. It has outlined proposals to the investee company board.

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