Aurrigo Warns Full-Year Revenue to Fall Significantly Below Expectations Amid Tariff Impact and Project Delays

• Cash Position: Held £1.8 million at the end of June 2025. Not lavish, but provides a buffer.
• £1 Million Grant Win: Post-period, Aurrigo secured over £1m in grant funding via the CAM Pathfinder and Innovate UK’s Launchpad programmes. This will support four projects:
  • Extending the Autonomous Cargo programme (supplying more vehicles to East Midlands Airport).
  • Software & simulation development.
  • Feasibility studies.
  • Real-world trials with partners like IAG and Urban Foresight.

This grant cash will be recognised as “Other Income” and provides welcome, non-dilutive funding to offset some of the EBITDA pain.

Management’s View: Disappointed but Defiant

CEO David Keene struck a realistic but forward-looking tone:

• Acknowledged the “clearly disappointing” impact of tariffs and sales cycle delays on 2025 results.
• Emphasised resilience in H1 execution (citing Changi progress).
• Remains “confident about the longer-term,” citing growing airport interest and the fundamental need for autonomous solutions tackling efficiency, safety, and labour shortages.
• Stressed the “first-mover advantage,” strategic partnerships (like the new Swissport deal at Zurich Airport), and increasing tech proof points.
• Characterised the contract timing challenges as part of the “nature of scaling disruptive technology,” believing the market is “starting to move at pace.”

The Investor Takeaway: Patience Required

This is a significant reset. The £12m revenue dream for 2025 is gone, replaced by a likely £7m reality. The core story – autonomous technology solving real airport and transport challenges – remains intact and arguably compelling. Interest is high, partnerships are forming, and grants validate the tech.

However, the timing risk has been starkly highlighted. Converting pipeline interest into firm, revenue-generating contracts is taking longer than hoped, compounded by external factors like tariffs. The path to material, sustained growth now looks pushed further into 2026 and beyond.

While the grant provides some breathing room, investors need to buckle up for a longer, bumpier journey than anticipated just a few months ago. The technology’s potential is undeniable, but commercial traction is proving slower and more volatile. Aurrigo’s ability to finally land those big, transformative airport contracts in the coming months will be absolutely critical for rebuilding confidence. The pressure is on for H2 conversions.