IntelliAM AI — H126 – AI momentum growing as predicted

IntelliAM AI (AQSE: INT)

Last close As at 25/11/2025

GBP1.10

−5.00 (−4.35%)

Market capitalisation

GBP22m

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Research: TMT

IntelliAM AI — H126 – AI momentum growing as predicted

The recent AI Connected Summit co-hosted by IntelliAM AI and SKF served to remind investors that IntelliAM’s solutions have global significance. Furthermore, the H126 results and unchanged FY26 guidance show that management is turning this potential into tangible shareholder value. Our adjusted forecasts and subsequent fair value assumption for IntelliAM (£1.78 per share) might not have changed following the H126 results, but the market’s appreciation of the group’s quality should certainly have done so.

Written by

Dan Ridsdale

Head of Technology

Technology

H126 results

26 November 2025

Price 112.50p
Market cap £22m

Net cash (ex earn-out) as at 30 September 2025

£0.5m

Shares in issue

19.1m
Free float 23.5%
Code INT
Primary exchange AQSE
Secondary exchange N/A
% 1m 3m 12m
Abs 3.7 (22.2)
52-week high/low 110.0p 67.5p

Business description

IntelliAM AI is a software-driven asset management company that leverages advanced machine learning and artificial intelligence to deliver innovative solutions. It has a particular focus on the fast consumer goods industry.

Next events

Audited FY26 results

July 2026

Analysts

Dan Ridsdale
+44 (0)20 3077 5700
Ross Jobber
+44 (0)20 3077 5700

IntelliAM AI is a research client of Edison Investment Research Limited

Note: FY24 and FY25 are pro forma. EBITDA, PBT and EPS (diluted) are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Year end Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) EV/EBITDA (x) P/E (x)
3/24 2.9 0.7 0.6 2.59 30.0 43.4
3/25 3.2 (0.1) (0.1) (0.38) N/A N/A
3/26e 7.1 0.3 0.3 1.50 70.1 75.0
3/27e 12.3 2.0 2.0 7.89 10.5 14.3

Investment delivers strong top-line growth

Revenues grew by 158% versus restated H125 levels to £2.39m, with H126 Services revenues representing 71% of the full year FY25 level. H126 Platform recurring revenues already stand 15% higher than total FY25 reported levels, representing organic growth of 48% y-o-y. Software annualised recurring revenues (ARR) at 30 September 2025 were £1.18m compared to £149k 12 months earlier. Adjusted EBITDA was a loss in H126 of £460k (H125: £36.4k loss) as management continued to invest in headcount, among other things, in line with its stated strategy. Headcount rose by 18% y-o-y to 64% at the end of the period, including several new senior appointments. Cash at H126 was £785.8k (H124: £3,281.3k, FY25: £1,967.2k).

Confident outlook

Management stated that ‘the board remains comfortable with estimates provided to the market at year-end’; that is: ‘ARR growth in the current year to 31 March 2026 to exceed 250%’ (Edison forecast: c £2m). Our IFRS forecasts have been updated modestly downwards (2%) to reflect greater amortisation of intangibles following higher investment levels. Our adjusted forecasts remain unchanged. IntelliAM shares began trading on the Apex segment of the Aquis Stock Exchange on 3 November 2025, having first listed in July 2024. This should provide greater visibility given the increased emphasis on transparency, liquidity and corporate governance.

Valuation: Unchanged at £1.78 per share

As management continues to deliver against its clear strategy, we have revisited our discounted cash flow-derived fair value analysis. Although the underlying assumptions for IFRS-based results have been updated modestly, we retain our fair value for IntelliAM AI of £1.78 per share. We have updated our risk-free-rate assumption in line with current gilt yields and have reduced our beta (from 1.5 to 1.25) to reflect our growing confidence in the ability of the group to deliver against forecasts.

New contracts, new investment

IntelliAM added some significant contracts during the period, including a contract extension with Hovis and a co-development partnership agreement with bearings manufacturer SKF. The former agreement is a key example of the group’s potential, having increased the contract ninefold in value since initial signing. Management reported that the AI Connected Summit that it hosted (and at which more than 20% of the world’s largest fast-moving consumer goods companies were represented) produced a promising pipeline that should develop along similar lines to the Hovis relationship. Furthermore, we note that a new commercial team has been built, including a new vice president of sales and commercial manager as well as adding technical sales engineers. In addition, the launch of IntelliAM interfaces by new US channel partner CTC will create opportunities to replicate the group’s success in the UK overseas.

The SKF agreement is also noteworthy, illustrating the strategic importance and technical leadership of the IntelliAM solution. While SKF products can generate important operational data, these need IntelliAM’s analytics if they are to be leveraged to the fullest extent possible by customers. This is further underlined by IntelliAm being awarded Manufacturing Tech Company of the Year at the 2025 Business Tech Awards. The roll-out of the group’s Decipher module in H226 should take this data analysis to the next level with data contextualisation. The group announced a modest £250k (gross) capital raise in H226, which we expect to be invested in accelerating the SKF partnership.

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This report has been commissioned by IntelliAM AI and prepared and issued by Edison, in consideration of a fee payable by IntelliAM AI. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

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