Transense Technologies (TRT) Trading update summary

Financial performance and trading update

• FY26 revenue expected to be at least £4.6m, with adjusted EBITDA of at least £0.5m and profit before tax around break-even, slightly below January 2026 expectations due to lower sales from global tyre manufacturers and weak demand from tire majors.

• Revenue is expected to be about 90% of revised forecasts, with adjusted EBITDA at 80% and adjusted PBT around breakeven, mainly due to weak demand from tire majors and delays in SAWsense project conversions.

• Bridgestone iTrack revenue remains solid and cash position is healthy, with cash at 31 May 2026 at £1.12m and net cash of £0.71m; gross cash headroom targeted at around £1m.

• New business in Translogik (excluding tire majors) grew by about 50%, supported by a strengthened sales organization and a secure pipeline of high-quality customers.

• Cash headroom is expected to be sufficient to reach first production contract announcements without additional equity financing, with temporary year-end reduction expected to reverse in July.

Business segment progress and operational highlights

• SAWsense saw continued revenue growth, led by T901 and motorsports, with strong development pipeline in robotics and other markets.

• Translogik's pivot away from reliance on tire majors is yielding results, with new contracts expected and new product launches anticipated in FY27.

• Bridgestone iTrack royalty income met expectations, with further modest growth anticipated for FY27.

• SAWsense pilot production line is fully operational, delivering strong process control results and positive customer feedback.

• Recruitment of engineering and production talent has strengthened operational capabilities and customer impressions.

Commercial pipeline, outlook, and risk management

• Several advanced customer and partnership agreements are close to completion, with earliest SAWsense production targets in 2027/28 and no significant slippage expected.

• FY27 expectations moderated due to timing uncertainty in converting advanced commercial opportunities; forecasts now more closely aligned with visible, firm business.

• The board remains confident in medium-term prospects, with momentum in SAWsense and a strengthening commercial pipeline.

• The company does not intend to monetize the Bridgestone iTrack royalty stream before achieving significant business growth, preferring to avoid dilutive capital raises.

• Internal R&D and grant-funded projects keep teams engaged during lulls in customer project activity.