SEEEN Revenue Rises 65% as the Video Technology Group Reaches Cash Flow Breakeven

SEEEN PLC has delivered a substantial increase in annual revenue, reached operating cash flow breakeven and reported further growth during the first half of 2026.

The AIM-listed video technology group generated 2025 revenue of $5.0 million, up 65% from $3.0 million. It also maintained operating cash flow breakeven throughout the second half.

That is meaningful progress for a small technology company still working towards reported profitability. However, investors also need to consider the lower implied gross margin, a $2.6 million loss before tax and the reduction in cash following the acquisition of MEDIAL.

SEEEN's 2025 results at a glance

Metric	2025	2024	Change
Revenue	$5.0 million	$3.0 million	Up 65%
Gross profit	$0.8 million	$0.6 million	Up 33%
Adjusted EBITDA loss	$0.18 million	$0.55 million	Improved
Constant currency adjusted EBITDA	Breakeven	$0.5 million loss	Improved
Loss before tax	$2.6 million	Not disclosed in the announcement summary	Increased
Year-end cash	$1.4 million	Not disclosed in the announcement summary	Not disclosed
CSP video views	3.0 billion	2.4 billion	Up 27%
Dividend	Nil	Nil	No change

Adjusted EBITDA means earnings before interest, tax, depreciation and amortisation, with certain items removed to show underlying trading. SEEEN reported an adjusted EBITDA loss of approximately $0.18 million, but reached breakeven after constant currency and other specified adjustments.

Revenue growth was led by the CSP operation

SEEEN operates a technology business alongside a Creator Service Provider, or CSP. The CSP helps creators, publishers and rights holders improve video performance and generate advertising revenue through YouTube and short-form content.

This operation performed strongly during 2025. Views increased 27% to 3.0 billion, while revenue across partner channels rose 71%. The faster rate of revenue growth indicates that SEEEN generated a higher yield from each view as it moved towards larger and higher-quality channel partners.

The company also signed its largest contract to date in February 2025. The agreement was described as being worth up to $3.5 million annually, although it had reached an annualised value of approximately $1.5 million by the end of the year.

That distinction matters. The headline contract ceiling is encouraging, but the amount actually achieved by year-end remained below its maximum potential.

Cash flow improved, but reported losses remain

Reaching ongoing operating cash flow breakeven during the second half is arguably the most important feature of these results.

Revenue growth is useful only if it can eventually support a sustainable business. SEEEN says it maintained a broadly consistent cost base while growing sales, demonstrating potential operational gearing. This means additional revenue may support faster profit growth if costs remain controlled.

The adjusted EBITDA loss narrowed from $0.55 million to $0.18 million. On a constant currency basis, the company reported adjusted EBITDA breakeven.

However, SEEEN was not profitable on a statutory basis. Its loss before tax increased to $2.6 million, primarily because of a $1.2 million impairment against intangible assets. These assets included technology associated with CreatorSuite, training products and the Shorts tool, where customer adoption had not reached the level needed to support their carrying value.

Gross profit also grew more slowly than revenue. The figures imply a gross margin of approximately 16% in 2025, compared with 20% in 2024. Investors will therefore want to see whether the sales mix and MEDIAL acquisition can improve margins as the enlarged group develops.

MEDIAL changes the shape of the business

Following the year-end, SEEEN acquired Streaming Limited, trading as MEDIAL, for up to £1.2 million.

MEDIAL supplies media library and video-streaming software to universities and corporate organisations. It brought more than 60 customers into the group, alongside an established recurring-revenue operation and retained management team.

SEEEN now has more than 80 customers, with 95% producing recurring or repeat income. The plan is to integrate SEEEN's Key Video Moments technology into MEDIAL's platform, helping users search long videos and find relevant sections more quickly.

Management presented 2025 pro-forma figures for the enlarged group of $6.0 million in revenue and $0.5 million in adjusted EBITDA. These numbers illustrate what the combined businesses would have generated historically and are not a forecast for 2026.

The acquisition was funded using existing cash, shares issued at 6p and loan capital. It included £0.95 million of cash consideration, one million new SEEEN shares and deferred consideration of £0.2 million. Management and MEDIAL personnel supported the transaction with £325,000 of loan capital, while a separate equity subscription raised £130,000.

First-half trading points to continued momentum

SEEEN reported unaudited first-half 2026 revenue of approximately $3.0 million, compared with $2.1 million in the equivalent period of 2025. That represents total growth of around 45%, including MEDIAL.

Organic revenue growth, excluding the acquisition, was 40%. CSP revenue increased by more than 40%, while the group continued to deliver operating cash flow breakeven.

Commercial progress included five new sports customers, with agreements involving Bromley FC and Bradford Bulls. SEEEN also entered a collaboration with Tiger Tracks to resell its video commerce technology to pay-per-click advertising customers.

The company reported average clickthrough rates of approximately 10% from its video technology during 2025, compared with the 1% to 3% industry averages cited in the announcement. It also said customer implementations had reduced pay-per-click customer acquisition costs by 30% and doubled on-page conversion rates.

What looks encouraging for investors?

There are several clear positives:

• Revenue growth accelerated to 65% in 2025.
• Operating cash flow breakeven was sustained throughout the second half and into 2026.
• The adjusted EBITDA loss narrowed materially.
• First-half 2026 organic growth remained strong at 40%.
• MEDIAL adds profitable operations, recurring customers and access to education and corporate training.
• The CSP generated better revenue growth than view growth, suggesting improved monetisation.

SEEEN is also trying to position its technology around measurable customer outcomes rather than generic AI features. Its products aim to identify useful sections within long videos and connect those moments with actions such as purchases, enquiries, ticket sales or training exercises.

The risks should not be overlooked

Cash stood at $1.4 million at the end of 2025 but had fallen to $0.6 million during the first half of 2026, reflecting the MEDIAL acquisition. While operating cash flow breakeven is helpful, this remains a modest cash position.

SEEEN also remains significantly exposed to YouTube advertising revenue. Changes to YouTube's commercial terms, monetisation policies or algorithms could affect CSP revenue and profitability.

Technology competition is another concern. Generic AI tools and larger platforms can increasingly create clips, captions and video summaries. SEEEN must demonstrate that its sector-specific data, workflow integrations and commercial results provide durable differentiation.

Customer acquisition in the technology division was also slower than management anticipated during 2025. The subsequent sports contracts and MEDIAL cross-selling opportunity are promising, but execution still needs to follow.

What shareholders should watch next

The next stage is about converting rapid sales growth into consistent reported profitability.

Important indicators will include gross margin development, cash generation, delivery against the large CSP contract and evidence that SEEEN can sell its technology across MEDIAL's customer base. Investors should also monitor the group's cash balance and any further capital required for acquisitions or expansion.

The absence of a dividend is unsurprising at this stage. Available resources are being directed towards growth, product development and integration.

Overall, SEEEN's 2025 performance shows genuine operational progress. Revenue is scaling, cash flow has improved and MEDIAL provides a new recurring-revenue platform. The challenge now is to prove that this momentum can produce stronger margins, sustainable statutory profits and a more robust cash position.

The full figures and disclosures are available in the original company announcement.