Thruvision : 2. FY23 Interim Results – Investor Presentation

Thruvision Group plc

Interim Results to 30 September 2022

19 December 2022

Headlines

Interims H1 FY23

Revenue grew 41% to £2.8 million (2022: £2.0 million)

Two strategically important and larger than anticipated orders received from US Customs and Border Protection (CBP) worth £8.7 million ($9.7 million @ 1.12).

Despite challenging economic conditions for retailers, Profit Protection product revenue for H1 was unchanged at £1.0 million (H1 2022: £1.0 million) with good order intake since 1 October from a combination of existing and new customers.

The Group's operating loss was £1.9 million (H1 2022: loss of £2.0 million) and gross margin was

49% (H1 2022: 49%). The Group's Adjusted EBITDA loss was £1.6 million (H1 2022: loss of £1.6

million).

Cash balance as at 30 September 2022 was £1.1 million, with cash at 15 December 2022 of £4.3 million.

The Group is currently on track to achieve its objective of breaking even at Adjusted EBITDA this financial year for the first time.

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FY23 H1 Income Statement

Strong growth of 46% in product revenue driven by Customs (CBP) with Profit Protection level.

Income Statement	H1	H1	Change
£ million	FY23	FY22
Revenue	2.8	2.0	+41%
Gross Profit	1.4	1.0	+41%
Gross Margin	49%	49%	-
Adjusted overheads*	(3.2)	(2.8)	(13%)
Depreciation and amortisation	0.3	0.3	+6%
Adjusted EBITDA**	(1.6)	(1.6)	+1%

• Excludes Share Option charges
• Excludes Share Option charges and depreciation and amortisation

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Overhead costs

H1 FY23 update

Continued to invest in PP sales and marketing, and R&D but now at a level where we have critical mass across the business

Inflationary pressures under control

Some one-off costs related to change of CFO and Audit impacted H1

Adjusted overheads*	H1	H1
£ million	FY23	FY22
Engineering	0.9	0.8
Sales & Marketing	1.1	1.0
Property & administration	0.2	0.2
PLC & Management	0.9	0.5
Depreciation and amortisation	0.3	0.3
Foreign exchange	(0.2)	-
Total adjusted overheads*	3.2	2.8

* Excludes Share Option charges

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Cashflow
5.4
1.6
£m
2.7
		Revenue growth
0.1		up +93% 1.1
0.1	0.1
		Gross Profit

Cash	Operating cash	Outflow from	Capex	Lease outflow	>+100%	Cash
		Other/FX
at 31 March	outflow pre-	working capital				at 30 Sept 2022

2022 working capital

Adjusted

Receivables increase to 30 September 2022 at £3.8m of which £2.4m from CBPEBITDA*received +22%in Oct/Nov. Inventory increase to support expected orders as well as forward purchase of key components Cash balance as at 15 December 2022 - £4.3m

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