Thruvision : FY23 Results Presentation

Headlines

Breakthrough year for the Group where we delivered very strong revenue growth and took a significant step towards sustainable profitability

Revenue - up 49% to £12.4 million (2022: £8.4 million)

CBP - Multi-year framework contract awarded by US Customs and Border Protection ('CBP') and related orders from the same customer delivered revenue of £8.3 million (2022: £3.7 million)

Adjusted gross margin - up 4.8pp to 51.5% resulting from positive product mix and higher margin software revenue, with statutory gross margin growing 6.2pp to 47.0% reflecting production efficiencies

Adjusted EBITDA - loss was £0.2 million (2022: loss of £1.7 million)

Cash - at 31 March 2023 was £2.8 million (31 March 2022: £5.4 million), with cash at 20 July 2023 of £2.4 million

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Financial drivers

Focusing on key factors that drive value in Thruvision

• Attractive gross margins at ~50% - potential to improve through monetisation of software and production efficiencies
• Well-controlledoverhead base - selective investments in capability, for example R&D, sales and marketing.
• Capex light - not a capital-intensive business as manufacturing process is assembly-driven.
• Scalable - existing partnership with outsourced manufacturer.
• Focus on cash - working capital cycle can be long with a key customer (CBP) - in excess of 12 months from component ordering to final cash receipt

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Results

Overview of FY23

CBP orders delivered revenue in the year of £8.3m (2022: £3.7m)

Gross margin expansion resulting from positive product mix higher performance unit sales and higher margin software revenue

Alternative performance measures ('APMs') are used consistently throughout this presentation and are referred to as 'adjusted'.

• Re-translationof US$ entity revenue at prior year exchange rates results in a constant currency increase in Group revenue of 37%.

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