6th March 2026

Alphabetically arranged

Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.

Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.

 

The quest for acquisitions could accelerate the growth of these companies

INSG    AI Driving growth
SEEEN Foundations now in place 


Insig AI 13.50p £16.93m (INSG.L) 
Reported in Friday Takeaway, 26 September 2025 at 24.50p

Financial Calendar:
Year End March, last reported 19 September 2025, Interims to September, last reported 9 December 2025

Three Main Shareholders:
Richard Bernstein (CEO) 21.4%, Nikhil Srinivasan 6.1%, Steven Cracknell (Founder and Chief Product Officer) 5.1%

Key Investment Points:
AI engine, strong management team, seeking expansion opportunities

Insig AI specialises in transforming warehouses of documented data into structures that can be AI analysed into information for reports for various industries including asset management and compliance. Appointed in May 2024, CEO Richard Bernstein now owns c.21% and is also the founder of and Investment Adviser to Crystal Amber Fund (CAF). The fund recently reported investment returns over the last three and five years of 112% and 270% respectively and he is resigning from the fund. Richard is encouraged by the trillion-dollar AI asset class opportunity and considers Insig AI as a corporate vehicle to access it.

Pereira Gray, the former Chief Executive of Wellcome Trust's Investment Division, joined in July 2025 as a Strategic and Asset Allocation Adviser. In October 2025 Lawrence Lundy-Bryan was appointed as Digital Assets Adviser with over a decade of digital assets experience. The objective is to continue to grow revenues from the existing propriety solution for Core Infrastructure, Intelligence Engine and Domain Intelligence. These products transform how an organisation structures and applies intelligence to data, thereby creating new usages. The CEO considers there is considerable opportunity to expand the range of services into a blue-chip client base.  

The core business is winning contracts, and this week reported a new enterprise licence and revenue share agreement contract. The client will use Insig AI's Generative Intelligence Engine which converts client documents into structured, machine-readable data and runs targeted analyses to deliver auditable insights and tailored recommendations. The automation increases speed, reduces manual effort and enhances the consistency of customisable outputs. The contract value of £60,000 may seem nascent but there is also an agreement for Insig AI to sell directly to the customer’s underlying client base. There is also a separate contract with a global advisory firm serving clients in over 70 countries which is based on a monthly subscription model. The value is anticipated to increase during 2026 as the solution is rolled out across the client's businesses. Other clients include the Financial Conduct Authority which has a subscription service licence agreement to access Insig AI's Transparency and Disclosure Index covering UK listed companies.

The Interims to September 2025 reported an operating loss of £1.1m compared to £5.2m or £0.8m after deducting a £4.4m of impairment charges. The turnover improved from a low base to £328k. Net cash was £0.1m, although since then in October 2025 £1.0m has been raised at 30p and Convertible Loan Notes issued mainly to the CEO were extended to end of December 2026.

Hybridan Comment: The shares recently fell to a new low, which seems overdone when looking at the team’s track record and various opportunities in the AI sector. 


SEEEN 4.00p £5.5m (SEEN.L) 

Financial Calendar:
Year End December, reported by end of June, Interims to June, last reported 30th September 2025

Three Main Shareholders:
Gresham House Asset Management 29.8%, Dowgate Capital 7.6%, Water Intelligence plc 6.4%

Key Investment Points:
90% Recurring Income, High margin scalable sales, Acquisition potential

SEEEN are a smart video technology business delivering AI-infused Key Video Moments to drive increased views and revenues across all video content. The key demand driver for the technology is a 9% average Clickthrough Rate which is significantly higher than the industry standards of 1-2%. The Company’s proprietary IP identifies the most engaging video segment which can then be monetised on social media.

The Trading Update, on 28 January for the FY December 2025 reported a 71% acceleration in revenues to $5.1m with a positive EBITDA of $0.3m compared to a $0.5m loss. Cashflow break-even was achieved and around 90% of the revenue is repeat or recurring. This predictable cashflow can be leveraged to further grow the Creator Services Partner (CSP) and Technology businesses.

The CSP business is set to increase revenues from $2.8m to $4.8m for the FY December 2025. This division manages and monetises client video libraries primarily on YouTube. Its growth is being driven by adding new YouTube channel partners and re-seller agreements. In February 2025 a c.$3.5m contract was closed with a publishing house to manage their video and music asset content library. The pipeline is reinforced by a new Content Management System within YouTube, which allows channels to be created and then fuelled by video content to drive revenue growth. SEEEN’s technology-enabled service, leverages AI tools and inhouse expertise to improve client’s ROI from videos.  As the technology can re-mix and re-publish Key Video Moments, partner revenue can be increased by c.25% relatively quickly. These Channel partners can be cross-sold SEEEN’s technology products, where there can be a revenue share as well as implementation and license fees.

Technology product revenues are up 50% for the 12 months to December 2025 to $0.3m and due to higher margins could be increasingly important as its adoption grows. SEEEN’s ShortsCut technology is aimed at clients such as brands, publishers and sports clubs, where there is a website base with significant traffic but poor monetisation of the video content. SEEEN optimises this challenge with the creation and publishing of short-form and remixed content from longer-form video (such as podcasts). The Group's proprietary database of processed 'Key Video Moments' has grown significantly, aided by training specific AI models for the target verticals such as sports. In February, a multi-year partnership was signed to deliver SEEEN's Smart Video solutions to transform Bromley Football Clubs's standard video highlights and interviews into interactive, revenue-generating assets. The partnership runs to the end of 2027.

The improved revenue mix increased gross margin from 21.2% to 23.5% and there is further room to grow as Technology sales increase as a proportion of the sales mix. The cash position at end December was around $1.4m compared to $1.0m last year.  Adrian Hargrave has been CEO since 2022 and was previously Corporate Development Director at Water Intelligence plc. Prior to this, he was a corporate financier for 15 years. Adrian increased his holding on 2 March buying 333,333 shares at 4p.

Hybridan Comment: SEEEN is transforming from a services-led model to a scalable technology platform which should benefit from operational leverage. Technology is disrupting the media industry which is seen as an opportunity for corporate development.



Status of this Note and Disclaimer

This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.

As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.

This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.

This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.

The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.

References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results.  Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.

To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).

Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.

Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.

In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.

Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.

Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.