Slide 1: FY25 Full Year Results
FY25 Full Year Results 19 September 2025
Slide 2: Headlines
THRUVISION COMMERCIAL IN CONFIDENCE Headlines 1 Lack of material orders1 although with strong Revenue down 47% growth in Retail Distribution revenue (up 52%). Former CEO, Colin Evans leaving in October 2024, Victoria Balchin appointed as CEO in 2 Change in Board January 2025. Tom Black became Execut
Slide 3: Financial headlines
THRUVISION COMMERCIAL IN CONFIDENCE Financial headlines Financial FY25 FY24 £m £m Revenue 4.2 7.8 Adjusted gross profit 1.9 4.1 Adjusted gross margin 44.9% 53.0% Adjusted EBITDA loss (3.8) (2.5) Adjusted loss before tax (4.4) (3.0) Revenue: reduction of £3.6m principally reflects lack of material or
Slide 4: Outlook
THRUVISION COMMERCIAL IN CONFIDENCE Outlook Thruvision is the leading developer, manufacturer and supplier of advanced AI-based people-screening security technology internationally. FY26 started well – revenue well ahead of prior year. FY26 Core orders1 target of £5m – through continued focus on gro
Slide 5: Strategic update
THRUVISION Strategic update
Slide 6: Strategy Summary
THRUVISION COMMERCIAL IN CONFIDENCE Strategy Summary Proven market sectors with combined Total Addressable Market of many 1,000s of units Retail Customs Entrance Aviation Distribution Agencies Security Multiple flagship customers across all markets and geographies with key validation points 3PL Scal
Slide 7: Retail Distribution
THRUVISION COMMERCIAL IN CONFIDENCE Retail Distribution With strong presence with UK retailers established and US retailers gaining traction, we are increasingly working with global 3PLs to extend reach in largest addressable market DIRECT SALES 3PLs MARKET DEVELOPMENT Challenging market GXO Followi
Slide 8: Customs and Entrance
THRUVISION COMMERCIAL IN CONFIDENCE Customs and Entrance Customs Entrance (including Prisons) No new customer wins in year New customer wins in year There are new customer pipeline opportunities US East Coast mass transit agency multi-unit sale. within Europe and Asia however timing is uncertain Suc
Slide 9: Aviation
THRUVISION COMMERCIAL IN CONFIDENCE Aviation TSA National Mandate forcing investment by US airports in Aviation Worker Screening technology TSA requirements - mean airports will require new technology which provides: Explosives detection capability Mobile and redeployable Credentials - we are ve
Slide 10: Changes underway in Sales
THRUVISION COMMERCIAL IN CONFIDENCE Changes underway in Sales New management is prioritising the following: Sales leadership replaced with experienced personnel who bring Sales deep commercial relationships Sales Shifted focus from broad channel coverage to strategic engagement with top-performing p
Slide 11: Changes underway in Marketing
THRUVISION COMMERCIAL IN CONFIDENCE Changes underway in Marketing New management is prioritising the following: Marketing Launched new website in Feb 2025 to enhance digital presence Engagement with third-party partner to boost lead-generation Marketing efforts commenced late July Executed targeted
Slide 12: Changes underway in Product
THRUVISION COMMERCIAL IN CONFIDENCE Changes underway in Product New management is prioritising the following: Product Successfully launched 81 Series in February 2025 Product Targeting a reduction in “cost to build” of approx. 30% during FY26 Transitioning AI capabilities in-house to increase flexib
Slide 13: FY25 Financials
THRUVISION FY25 Financials
Slide 14: Financial headlines
THRUVISION COMMERCIAL IN CONFIDENCE Financial headlines Financial FY25 FY24 £m £m Revenue 4.2 7.8 Adjusted gross profit 1.9 4.1 Adjusted gross margin 44.9% 53.0% Adjusted EBITDA loss (3.8) (2.5) Adjusted loss before tax (4.4) (3.0) Revenue: reduction of £3.6m principally reflects lack of material or
Slide 15: Financial headlines
THRUVISION COMMERCIAL IN CONFIDENCE Financial headlines Revenue by market sector Revenue by geography 12.4 12.4 2.2 -47% -47% 8.4 8.4 8.3 7.8 7.8 0.2 6.7 6.7 3.7 3.5 2.4 3.0 1.5 9.2 3.2 4.2 0.2 2.0 4.2 0.3 0.0 0.9 1.9 0.8 4.5 0.8 2.5 3.8 0.0 4.4 2.4 2.9 2.2 2.7 2.5 1.2 0.2 0.2 0.1 0.3 0.3 0.2 0.5 0.
Slide 16: Material vs Core revenue
THRUVISION COMMERCIAL IN CONFIDENCE Material vs Core revenue Lack of Material orders in FY25 12.4 Rev >£0.5m orders Rev <£0.5m orders 8.4 8.5 7.8 6.7 5.1 3.4 3.6 4.2 0.0 3.9 4.4 4.2 3.1 3.3 FY21 FY22 FY23 FY24 FY25 Notes Smaller orders (<£500k) represent a growing revenue stream over the historical
Slide 17: FY25 Revenue – Focus on Retail Distribution
THRUVISION COMMERCIAL IN CONFIDENCE FY25 Revenue – Focus on Retail Distribution Focus on Retail Distribution +52% +52% 2.9 2.9 2.4 42% 1.9 1.5 1.9 1.2 25% 1.2 0.7 0.5 58% 75% 0.4 0.4 0.7 0.3 0.3 FY23 FY24 FY25 FY24 FY25 UK Americas New customer Europe Other Repeat customer Retail Distribution revenu
Slide 18: Financial performance
THRUVISION COMMERCIAL IN CONFIDENCE Financial performance Adjusted EBITDA loss Principally: - Sales & marketing down £0.6m - Property/admin down £0.1m Adjusted gross profit down £2.2m - PLC costs down £0.1m Adjusted gross margin 44.9% down 8.1bps - Lower bonus down £0.1m Mix driven by product and ma
Slide 19: Financial performance
THRUVISION COMMERCIAL IN CONFIDENCE Financial performance Cash flow and working capital Principally Inventory outflow £1.4m investment in demo Receivables inflow of £0.7m equipment (£0.5m) Payables inflow of £0.2m supporting growth. 4.1 (3.8) (0.5) (0.1) 0.4 1.3 (0.1) 0.0 0.0 (0.5) (0.2) 0.1 FY24 Ad
Slide 20: Important Information
THRUVISION COMMERCIAL IN CONFIDENCE Important Information This presentation may include statements that are, or may be deemed to be, ‘forward-looking statements’ (including words such as ‘believe’, ‘expect’, ‘estimate’, ‘intend’, ‘anticipate’ and words of similar meaning). By their nature, forward-l
Slide 21: Tom Black – Executive Chairman Victoria Balchin – Chief Executive Officer Thruvision HQ
Tom Black – Executive Chairman Victoria Balchin – Chief Executive Officer Thruvision HQ Thruvision Americas 121 Olympic Avenue 21140 Ashburn Crossing Drive Milton Park Ashburn Abingdon VA 20147 Oxon, OX14 4SA t: +44 (0) 1235 425400 t: +1 (540) 878-4844