SEEEN revenue jumps 45% as maiden positive EPS meets a tight cash position

SEEEN plc has extended its strong growth run into 2026, reporting a 45% increase in first-half revenue and its maiden positive earnings per share.

The AIM-listed video technology group also remained EBITDA positive while integrating MEDIAL, the education and corporate training video platform acquired during the period.

These are meaningful milestones for a small company that has been investing to establish a profitable technology platform. However, there is an important counterweight: cash fell to $0.6 million after the acquisition, while working capital movements meant the business still used cash from operations.

Investors can read the original company announcement for the complete unaudited figures.

SEEEN's first-half figures at a glance

Metric	First half 2026	First half 2025	Change
Revenue	$3.0 million	$2.1 million	45% increase
Gross profit	$0.8 million	$0.5 million	52% increase
EBITDA	$0.2 million	$0.1 million	Increase
Operating result	$0.2 million profit	$0.5 million loss	Turnaround
Profit before tax	$0.2 million	$0.5 million loss	Turnaround
Basic EPS	0.11 cents	0.42 cents loss	Turned positive
Period-end cash	$0.6 million	$1.4 million	Decrease

Revenue reached $2,975,966, with around 40% organic growth and an additional two months of contribution from MEDIAL.

Organic growth means expansion generated by the existing business rather than acquisitions. That distinction matters because it shows most of the improvement did not simply come from adding MEDIAL's sales.

SEEEN said this was its third consecutive year of revenue growth above 40%, following increases of 48% in 2024 and 65% in 2025. Readers can compare the latest performance with my earlier look at SEEEN's FY2025 results.

Growth is coming from both sides of the business

SEEEN generated $2.7 million from its CSP division, the group's content services operation, and $0.3 million from technology.

Management said technology revenue grew by 50%, while CSP grew by 35%. The technology operation remains the smaller contributor, but its expansion is strategically important because software and recurring contracts may offer better scalability than service-led revenue.

The company's products identify important sections within longer videos, described as Key Video Moments, and make them easier to find, distribute and monetise. SEEEN is also developing interactive video tools intended to help customers generate sales or sponsorship revenue directly from their content.

Five new sports clubs signed up for CreatorSuite and interactive video products during the half, including Bradford Bulls and Bromley FC. SEEEN also agreed a collaboration with Tiger Tracks, which will resell its video commerce products to pay-per-click advertising customers.

No financial values were disclosed for these sports contracts or the Tiger Tracks collaboration.

MEDIAL provides recurring revenue and cross-selling potential

The acquisition of MEDIAL is central to the investment case.

MEDIAL brought more than 60 customers in education and corporate training, alongside approximately $0.8 million of annual recurring technology revenue. Annual recurring revenue is income expected to repeat under subscriptions or contracts, making it potentially more predictable than one-off sales.

The total purchase price was approximately £1.2 million, including around £0.2 million of deferred consideration. MEDIAL had net cash of £0.15 million when the transaction completed.

SEEEN has completed the initial integration of its video moments technology into MEDIAL. The combined product allows users, including students, to search within libraries of long-form video and locate relevant sections more quickly.

There are already early signs of cross-selling. One of MEDIAL's largest customers moved from a rolling one-year arrangement to a three-year contract after adopting the stronger combined offering.

That is encouraging because the acquisition will ultimately be judged on whether SEEEN can retain MEDIAL's customers, extend contracts and sell them additional products. Management believes MEDIAL provides a blueprint for future acquisitions or partnerships, although no further transactions were announced.

Profitability has improved, but the comparison needs context

SEEEN reported an operating profit of $201,599, compared with a $491,664 loss a year earlier. Profit for the period was $156,459, producing basic and diluted earnings per share of 0.11 cents.

This is the company's first positive EPS figure and represents genuine progress. Gross profit grew faster than revenue, rising 52%, while operating cash flow before working capital movements was positive at $223,186.

However, investors should notice the sharp fall in amortisation charges. Amortisation is a non-cash accounting expense that spreads the cost of intangible assets over their expected useful lives.

Amortisation fell from $584,444 in the first half of 2025 to just $21,184 this time. That reduction made the year-on-year improvement in statutory profit look considerably stronger. Other administrative costs increased from $438,582 to $583,897.

The numbers therefore show improving underlying trading, but not every part of the reported profit turnaround came from revenue growth.

The $0.6 million cash balance is the main risk

Cash declined from $1.4 million at the end of 2025 to $620,086 at 30 June 2026, primarily following the MEDIAL acquisition.

The group used $282,083 of cash in operating activities after movements in receivables and payables. It then spent $158,000 on intangible assets and $983,505 on acquisition costs after accounting for cash acquired.

Financing brought in $666,335, including $249,750 from issuing shares and $465,750 from a loan note. At the period end, non-current loan note liabilities stood at $709,113, while deferred consideration was $291,504.

The directors believe SEEEN has adequate resources to continue operating for the foreseeable future and prepared the accounts on a going concern basis. Even so, $0.6 million is not a large cash cushion for a growing acquisition-led business, particularly when working capital absorbed cash during the half.

Further information on the company and its announcements is available on the SEEEN plc share page.

What investors should watch next

Management said growth continued into the second half, supported by organic trading, a fuller MEDIAL contribution and sales of SEEEN products to MEDIAL customers.

The company has also launched Century Club, a product designed to help sports organisations generate sponsorship and sales from older video content. Bradford Bulls became its first named customer, while management reported faster sales cycles and increased engagement from sports organisations.

SEEEN said its pipeline could include its largest technology sales to date across Century Club and training products. Contract values, timing and financial guidance were not disclosed, so pipeline conversion will be important.

The investment case now rests on execution. Revenue is growing quickly, MEDIAL adds recurring income, and profitability is moving in the right direction. Against that, cash remains tight, the interim figures are unaudited, and MEDIAL's acquisition accounting is still provisional.

For investors following this small AIM company, the next useful evidence will be continued organic growth, larger technology contracts, positive cash generation after working capital and proof that MEDIAL can produce sustained cross-selling rather than a short-term revenue boost.