IntelliAM AI AQSE:INT ended July with thin volumes, so the valuation call is still on ARR, not the tape.
- IntelliAM AI closed unchanged at 82.5p on Aquis. Market cap for the session stayed at £16.17 million.
- The Aquis spread was quoted at 75p-90p, making an 18.2% difference from the mid price. That’s a pretty wide spread for anyone trying to mark the position.
- Only 47 shares changed hands on ADVFN Wednesday, so the day’s tape didn’t offer much sense of demand.
- The last RNS from the company was about its U.S. expansion and naming a new chief revenue officer on May 20. There hasn’t been any new regulatory news on the RNS list in the past day or two.
IntelliAM AI plc AQSE:INT closed Wednesday at 82.5 pence on Aquis, holding steady at the exchange’s stated mid price. But the spread told a different story — 75p bid, 90p ask, putting it at 18.2% of the mid. The Aquis data listed a market cap of £16.17 million. Shares sit just 6.5% above the 77.5p low from earlier this year and remain 44.1% under the 147.5p high.
ADVFN’s market page listed 47 shares traded and a close at 82.5p. But the page also showed the last trade at 90p, so that’s only around £42 worth of shares. The official closing price doesn’t show if new buyers came in after the company’s spring update.
| Wednesday price read-through | Figure |
|---|---|
| Aquis mid price | 82.5p |
| Aquis bid / ask | 75p / 90p |
| Bid-ask spread as % of mid | 18.2% |
| Market value | £16.17 mln |
| Aquis year high / low | 147.5p / 77.5p |
| Shares traded, ADVFN | 47 |
No new filings from IntelliAM since May 20, when the company picked Joel Crawford as chief revenue officer for its North America drive. He started June 1 in Knoxville, Tennessee, according to the company.
So for now, April’s trading update is the main reference point on valuation. IntelliAM said revenue for the year to March 31 rose 35% to about £5.25 million. Annual recurring revenue doubled to £1.65 million. But both numbers missed market forecasts after bigger deal sizes extended sales cycles and changed the timing of when revenue was recognized.
IntelliAM was changing hands at nearly 3.1x FY26 revenue and 9.8x ARR at Wednesday’s close, based on company numbers and Aquis data. That spread is the stock’s main trade-off: revenue is picking up, but investors are pricing the recurring business well above the full revenue run-rate.
| Operating metric | FY25 base | FY26 update | Investor read-through |
|---|---|---|---|
| Revenue | £3.92 mln pro forma | c.£5.25 mln | Up 35% |
| ARR | £810,000 | £1.65 mln | About double |
| ARR as % of revenue | 20.7% | 31.4% | Recurring share rising |
| Adjusted EBITDA | n/a | c.£925,000 loss | Negative 17.6% margin |
| Cash at year-end | n/a | £100,000 | 0.6% of market cap |
| Short-term receivables | n/a | c.£1.4 mln | 8.7% of market cap |
Cash is the focus here. IntelliAM reported year-end cash of £100,000 and said it also had about £1.4 million in short-term receivables, plus undrawn overdraft lines and a working-capital facility it says is close to signing. The stock is a £16 million microcap with a wide spread. Investors will be waiting for the full accounts to see how much of the receivables figure was actually collected as cash.
CEO Tom Clayton said in the April update that the business was moving to “larger, higher-value engagements” and that he was “positive about the outlook”. The update also said building products annualised revenue hit around £500,000, double where it was when the company entered the sector in November 2025 at £250,000 and 15 manufacturing sites. Investegate
IntelliAM’s move to put Crawford in as U.S. head is another gauge for investors. The company said Crawford’s hire comes after it launched at its first U.S. client, Baxters, last year and deployed across several sites. “This is a chance to establish IntelliAM as a major player in the US,” Crawford said. Aquis
IntelliAM said it picked up the business and assets of RBM Lubrications & Monitoring Solutions on April 1, with the bill coming to an estimated £25,000 in deferred cash, due December 2029. The deal added seven RBM staff. For the year to July 31, 2025, RBM posted revenue of £648,331 and profit before tax of £72,571.
Companies House shows IntelliAM is an active PLC, set up July 10, 2023. The company’s next accounts, for the year ending March 31, 2026, are due by Sept. 30, 2026.
