Mirriad's 2025 Trading Update Reveals Revenue Shortfall and Cash Concerns

H2 revenue lands at £200k, putting full-year at roughly £0.4m

Mirriad Advertising has put out a short trading update ahead of year-end, and the headline is simple: revenue remains very modest. Management expects second-half revenue of approximately £200k, with a little more still to be recognised before 31 December. That pegs full-year revenue at approximately £0.4m.

On that basis, H1 would be implied at around £200k, which essentially points to flat momentum through the year. The company states that the vast majority of H2 revenue to date came from Rest of World (ROW) outside the US.

Cash position and runway: £1.0m at 30 November plus a £350k tax credit expected

Cash at 30 November 2025 stood at approximately £1.0m. Mirriad also expects to receive a tax credit of around £350k shortly. The cost base has been “significantly reduced” and is currently approximately £220k per month.

Putting those numbers together, a rough, back-of-the-envelope view suggests around £1.35m of near-term liquidity against a monthly cost base of £220k. That implies in the region of six months of cover, before factoring in any working capital swings or incoming revenue. It is not a formal runway guide from the company, but it frames the urgency: revenue needs to accelerate, or external funding may be required in 2026.

Geography: ROW carries H2, while US momentum remains muted

The update makes a point that the “vast majority” of H2 revenue came from outside the US. Mirriad’s US business is operated via a joint venture with Rembrand, so this read-across hints that the JV has yet to move the dial commercially. No US revenue breakdown is disclosed.

The company continues to operate across EMEA, the US (via the JV), and India. With ROW leading the contribution in H2, investors will want clarity in January on which territories are producing repeat campaigns and tangible pipelines.

What Mirriad actually does: the pitch for virtual product placement (VPP)

Mirriad provides virtual product placement – dynamically inserting brands into filmed content such as TV, streaming (SVOD/AVOD), music videos, and influencer content. The company describes its platform as multi-patented and award-winning, promising new revenue streams for content owners and better performance for advertisers without interruptive ad breaks.

In theory, this is attractive: inventory is scalable, integrations are less intrusive, and creative can be highly targeted. In practice, the model hinges on consistent, repeatable deal flow with broadcasters, streamers, rights owners and agencies. Today’s revenue numbers show Mirriad has not yet crossed that commercial threshold.

Why this update matters: a tight cash clock and an execution gap

With full-year revenue expected at approximately £0.4m and a cost base of approximately £220k per month, the business remains subscale. The cost cuts help, but the revenue gap is the critical issue. The anticipated £350k tax credit is welcome, yet it is a one-off; sustainable revenue growth is the only durable solution.

The concentration of H2 revenue in ROW hints at fragile or early-stage traction in the US. Given the scale of the US advertising market, that is a notable weak spot. If the JV with Rembrand is to be a growth engine, investors will want concrete evidence in the next update: campaigns, budgets, and progression from pilots to repeat bookings.

Key numbers at a glance

H2 2025 revenue (expected)	Approximately £200k
FY 2025 revenue (expected)	Approximately £0.4m
Cash at 30 November 2025	Approximately £1.0m
Anticipated tax credit	c. £350k
Monthly cost base	Approximately £220k
Geographic mix (H2)	Vast majority from ROW (outside US)
Next scheduled update	Full-year trading update at the beginning of January

Positives and pressure points

What’s encouraging

• Cost discipline: The company has “significantly reduced” its cost base to approximately £220k per month, which lowers the breakeven hurdle.
• Cash inflow pending: The expected c. £350k tax credit should extend the cash runway.
• Platform positioning: Mirriad continues to present itself as the leader in virtual product placement with multi-patented tech across TV, streaming, music and influencer content.

What’s challenging

• Revenue scale: Approximately £0.4m for the full year implies slow commercial uptake.
• US traction: With the vast majority of H2 revenue coming from ROW, the US JV does not yet look like a growth engine.
• Runway risk: At approximately £220k per month, the current cost base demands a sharp revenue uptick or fresh funding within months if momentum does not improve.

What to watch in January’s full-year update

• Order visibility: Any commentary on late-2025 bookings carrying into Q1 2026 would be valuable.
• US JV specifics: Campaign count, budgets, and whether spend is ramping beyond pilots.
• Territory mix: Which markets are delivering repeat clients and higher average deal sizes.
• Cash and costs: Updated cash position post tax credit and whether the cost base can be trimmed further without harming growth.
• Commercial milestones: Partnerships with content owners, ad platforms, or agencies that could unlock predictable volumes.

My take: clear technology, unclear monetisation

Mirriad’s proposition is easy to like on paper: non-intrusive brand integrations, scalable inventory, and a better viewing experience. But the commercial reality in 2025 has fallen short. Approximately £0.4m of full-year revenue and a cash balance of approximately £1.0m at 30 November, even with a c. £350k tax credit pending, keeps the company on a tight leash.

Short term, the company needs to demonstrate that recent cost reductions are a bridge to growth, not just a means to buy time. The January update is pivotal. Evidence that the US JV is converting pipeline into repeatable revenue – and that ROW momentum can compound – would materially change the narrative. Until then, the risk of further dilution or strategic alternatives remains elevated.

Jargon buster

• RNS: Regulatory News Service – the official channel for UK-listed companies to release price-sensitive information.
• MAR: Market Abuse Regulation – rules governing disclosure of inside information to ensure fair markets.
• VPP: Virtual product placement – digitally inserting brands into existing video content.
• ROW: Rest of World – regions outside the named core market, here the US.

Disclosure note: Aside from the figures above, metrics such as pipeline size, order book, cash burn, EBITDA, profitability and US JV performance detail are not disclosed in this update.