Thruvision reports 45% revenue growth and improved sales momentum in FY26 results

Thruvision FY26 results: revenue growth is back, but profitability still needs work

Thruvision has delivered a much better top-line year. Revenue rose 45% to £6.0 million, up from £4.2 million, and the adjusted EBITDA loss narrowed to £2.5 million from £3.8 million. For a small AIM company that has clearly been through a rough patch, that is a genuine improvement.

But this is not a clean, straightforward recovery story just yet. The business is still loss-making, gross margins went backwards, and the company has flagged a material uncertainty over going concern – in plain English, it needs future sales to land broadly as expected to stay comfortably funded.

Key Thruvision FY26 numbers investors should focus on

Metric	FY26	FY25	Change
Revenue	£6.0 million	£4.2 million	+45%
Statutory gross margin	24.6%	31.0%	(6.4pp)
Adjusted gross margin	33.9%	44.9%	(11.0pp)
Adjusted EBITDA loss	£2.5 million	£3.8 million	Improved
Operating loss	£3.6 million	£4.7 million	Improved
Cash at year end	£2.0 million	£0.4 million	+£1.6 million
Debt	None	None disclosed	–

Why Thruvision revenue jumped: two big Asia orders did the heavy lifting

The headline growth was driven mainly by Asia Pacific, where revenue surged to £2.9 million from just £0.5 million. Two “Material” orders – meaning individual orders above £0.5 million – totalled £2.7 million and were the main event.

That matters because it shows the product can win meaningful contracts, especially through channel partners in Asia. It also matters because it shows the reverse: without those large wins, the year would have looked much less exciting.

Market split shows where the momentum really came from

• Entrance Security: £3.1 million, up from £0.8 million
• Retail Distribution: £1.4 million, down from £2.9 million
• Aviation: £0.7 million, up from £0.1 million
• Prisons and Corrections: £0.7 million, up from £0.1 million
• Customs: £0.05 million, down from £0.3 million

That split tells a useful story. Entrance Security was the star, Prisons and Aviation improved nicely, but Thruvision’s previously important Retail Distribution business had a weak year and Customs was almost absent.

Thruvision margins fell sharply – and that is the weak spot in these FY26 results

Adjusted gross margin fell from 44.9% to 33.9%, while statutory gross margin dropped from 31.0% to 24.6%. Management says this was mainly due to discounting legacy equipment and taking provisions against older inventory.

There is a sensible side to that. If old stock is sitting around gathering dust, clearing it out to release cash can be the right call. The problem is that it shows the quality of revenue was not as strong as the quantity of revenue.

The company argues these margin pressures should not repeat in the same way, and that the newer 81 Series product plus its Box Clever cost reduction programme should help margins improve in FY27. That is plausible, but investors will want proof rather than promises.

Cash position improved, but the fundraising did a lot of the work

Cash at 31 March 2026 was £2.0 million versus £0.4 million a year earlier, and the group has no debt. On the face of it, that is a big improvement.

However, it did not come purely from trading. Thruvision raised £2.75 million gross in July 2025, with net proceeds of £2.6 million, and also benefited from a £2.8 million inventory unwind. Operating cash outflow was still £0.3 million.

So yes, the balance sheet looks healthier, but it is not self-funding yet. The company also extended a small HSBC overdraft facility of £0.1 million, which is useful but hardly transformational.

Going concern warning in Thruvision results: this is the line private investors cannot ignore

Here is the big reality check. The board says there is a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern.

That sounds dramatic because it is serious. Thruvision’s forecasts assume FY27 revenue of at least £8.0 million, including more than £3.0 million of Material orders, and then £4.0 million of revenue in the first half of the following year. If those orders are delayed or do not arrive, the business could need more funding.

This does not mean failure is around the corner. It does mean the investment case depends heavily on execution, order timing and continued sales momentum. For a business with lumpy contracts, that risk is real.

Order backlog, 81 Series product and sales hires give FY27 some credibility

There are encouraging signs beneath the risks. Thruvision ended FY26 with an order backlog of £1.3 million expected to be delivered in the first half of FY27, and management says sales momentum has improved.

The newer 81 Series product seems to be landing well, with management saying the majority of orders are now for this generation. Customer feedback is described as universally positive, and new software features such as DDAlert – an automatic operator alert mode – could make the kit easier to use and potentially more valuable.

The company has also added three new salespeople in early FY27, with two in the USA and one in the UK. That matters because the weak Retail Distribution showing in FY26 needs fixing if growth is to become broader and less dependent on occasional large projects.

What Thruvision’s sector performance says about the business model

One positive here is diversification. No single customer accounted for more than 25% of total revenue, although there were still two individually material customers worth 25% and 20% of revenue respectively.

Another positive is that the company is gaining traction in several niches where its walk-through, stand-off screening technology appears differentiated. In simple terms, it can screen people at a distance and detect metallic and non-metallic concealed items without relying on a traditional archway setup.

That said, some markets remain unpredictable. Customs remains especially frustrating, with USA budget disruption holding back orders despite a framework agreement that runs until September 2026 and remaining purchase capacity of US$33.5 million. Management is quite right not to bank that as certain.

My take on the Thruvision FY26 investment picture

This is a better set of results than last year, no question. Revenue growth, lower losses, stronger cash and a decent order backlog all point in the right direction.

Still, the quality of the recovery is mixed. The margin drop was ugly, Retail Distribution was soft, and the going concern disclosure tells you this company still does not have much room for error.

If you are bullish, the argument is clear: the 81 Series is gaining traction, Asia is opening doors, and a relatively small business does not need many large wins to change the earnings profile quickly. If you are cautious, the counterpoint is just as clear: this remains a lumpy, loss-making company that may need more capital if order timing slips.

In short, Thruvision looks more interesting than it did a year ago, but it has not earned the benefit of the doubt yet. FY27 now becomes all about converting pipeline into cash-backed growth without sacrificing margins again.

What to watch in Thruvision FY27 after these annual results

• Whether revenue reaches the company’s assumption of at least £8.0 million
• Whether more than £3.0 million of Material orders actually land
• Whether adjusted gross margin rebounds from 33.9%
• Whether Retail Distribution returns to growth
• Whether the £1.3 million order backlog converts cleanly in the first half
• Whether cash burn improves enough to reduce funding risk

That is the scorecard. The story has improved, but now the numbers need to keep up.