Hybridan Monthly, 1 April 2026
Market Comment: View from the Broker’s Desk
Post-Quantum Cryptography (PQC) – The next Arms Race
The new realities that Quantum Computing will create are yet to be understood. Tech giants such as IBM, Google, Microsoft and Amazon are spending vast amounts of money in developing the new era of computing, in IBM’s case – up to $30 billion over the next 5 years. Of course, a tiny drop in the ocean compared to the global investment in AI (hundreds of $billions), but a monumental amount nonetheless considering quantum computing is still in R&D stages. The sector does have synergies to the early days of the semiconductor industry in the 60’s and 70’s where the big players had the deep pockets to spend on hardware, but it was the smaller companies that drove the key innovations that created a wave of consolidation.
Where we anticipate a surge in smaller companies competing is less on the quantum computer itself, but more on seeking to address a problem that quantum computing will create. Whilst these new computers will not replace classical computers, their sheer processing power and ability to process complex information at scale is where the real change will happen. Traditional encryption for security, current drug discovery methods of trial and error and solving complex mathematical problems at speed are all in the spotlight and set to change in the advent of quantum computing.
This is where Post-Quantum Cryptography (PQC) steps in. PQC is a new advanced type of encryption that can keep networks and data secure when quantum computers become a reality. Current standards of encryption rely on mathematical problems that are still incredibly hard for classical computers to solve.
Quantum computers will be able run Shor’s algorithm – which is an algorithm developed by Peter Shor in 1994 and capable of factoring large numbers efficiently – far surpassing current algorithms such as RSA (Rivest-Shamir-Adleman) which is a foundational public-key cryptographic system used to secure data transmitted over the internet. RSA is considered to be the fundamental pillar on which modern day cybersecurity is based, and it is soon to be irrelevant.
The shift to PQC should be viewed entirely differently to the glacial pace that cybersecurity measures became mainstream. They often had a “tick box” mentality and very often were reactive after a breach or vulnerability was uncovered.
What we are seeing is a real time shift to Governments mandating that major agencies must be PQC compliant. One of the drivers behind this shift is The National Institute of Standards and Technology (NIST) which is a non-regulatory US federal agency under the Department of Commerce.
In 2024, NIST finalised its first PQC standards and urged organisations to start migrating. Whilst it does not have global regulatory power, it does set standards which are mandatory for US federal systems, which in turn means any contractors or vendors selling into the US Government now have to show compliance with new PQC standards.
NIST has given the first real deadline of PQC compliance by 2030 which means legacy cryptography systems will be considered unsafe and new systems should be PQC compliant. Encouragingly, the UK is following a similar route with the National Cyber Security Centre issuing guidance that by 2028, organisations should have completed assessments of their cryptographic dependencies and have a migration plan identifying which systems need PQC upgrades. Whilst the shift is not (yet) enacted legally through regulation, major security agencies in the US and UK are publishing guidance within strict timelines that must be adhered to.
A well-known small-cap fund manager once said, “To be ahead of your time can be a very expensive mistake in small cap investing.” This is certainly true as within any sector, you can have the best technology in the world, but if no one is ready to pay for it, it is all meaningless. However, this statement feels less applicable to PQC adoption as within four short years, companies need to start taking this seriously.
Hopefully companies have learnt their lessons in traditional cybersecurity, to ignore can be incredibly expensive, both reputationally and financially. In a world of increasing corporate governance, PQC compliance surely has to start being discussed in the Boardroom.
PQC development is going to be 100% software driven, making it a hot bed of innovation by small cap companies. Whilst the big players such as Cisco, IBM and Microsoft are already embedding PQC directly into their infrastructure, the sector is ripe for consolidation and quick exits could be on the cards for SMEs developing leading software in this space. The race is on.
By Niall Pearson
Company Reports: Growth opportunities
DNM Now we’re Listening
IKA Power Punch
Dianomi 13.50p £4.10m (DNM.L)
|
Price |
Results |
Top 3 Shareholders |
Value |
|
13p-14p |
Year End December |
Scobie Dickinson Ward 18.6% |
Cash of £5.6m with losses narrowing |
|
Spread 7.40% |
Finals reported 19 May |
BGF Nominees Limited 14.9% |
Media Platform reboot |
|
52 week High/Low 38p/12p |
Interim results to June, last reported 24 September |
Raphael Queisser and connected parties 12.1% |
New AI interactive product
|
Source: Alpha Terminal
The provider of digital advertising services to premium clients in the Business, Finance and Lifestyle sectors, updated on trading for the FY December 2025 on 18 March. This follows last year’s surprise profit warning due to reduced digital advertising spending by cautious clients. The Company reduced its cost base appropriately to maintain profit margins.
This new Trading Update reported revenues slightly lower at £27.4m compared to £28.0m, but in line with the subdued market expectations. There is an improvement in gross margins from 25.5% as gross profit rose to £7.5m from £7.3m. The EBITDA loss is now expected to be unchanged at around £0.3m, which is far better than earlier expectations as there was a return to profits in H2. Net cash is £5.7m compared to £8.8m in the prior period.
Dianomi operates a full-spectrum digital AI advertising platform that matches brand messages with relevant content and audiences. This is used by over 350 advertisers, including blue chip names such as Aberdeen, Invesco, Bank of America and Charles Schwab, with access to an international audience of around 500m readers per month through its partnerships with over 250 premium publishers, including Reuters, CNN Business and WSJ. Following successful trials, the partnerships were expanded with CNN News and Associated Press adding additional titles to its existing footprint across both publishers’ wider sites. The focus is to fully leverage this and build momentum as the year progresses.
The services are being developed with a new AI media infrastructure company Dappier as announced on 16 March. The partnership is to produce ‘agentic’ advertising opportunities, which is an advanced form of AI focused on autonomous decision-making and action. The first product to be launched is an advertising monetised AI-powered financial answers engine designed for financial publisher websites. This is an opportunity to capture and monetise financial conversations directly on the clients’ own sites rather than losing audiences to external AI platforms. The launch is to be with the Company’s existing distribution across the premium financial advertising market and is expected to win new partnerships with publishers. Dappier’s conversational AI answers network and monetisation technology can be used in a broader range of sectors.
Hybridan Comment: Trading seems to have stabilised, with increasing margins and a highly complementary AI product about to be launched. The market capitalisation is covered by the cash and prospects are clearly progressing.
Ilika 26.00p £47.00m (IKA.L)
|
Price |
Results |
Top 3 Shareholders |
Value |
|
25p-27p |
Year End April |
GPIM 12.7%, |
Commercial Traction |
|
Spread 8% |
Reported 17 July |
Charles Schwab, New York 9.3% |
Large Market Opportunities |
|
52 week High/Low 50p/25.5p |
Interims to end October, reported 22 January 2026 |
Janus Henderson Investors 8.4% |
Patience should be rewarded |
Source: Alpha Terminal
The pioneer of Solid-State Battery (SSB) technology, which is being used for transport and healthcare, reported first commercial revenues from an order reported on 10 March. The Company has established the benefits of solid-state batteries over some years, which include high energy, fast charge rates, a long verification and trial cycle, and storage characterised by being safe and non-flammable. The commercialisation journey is progressing in a market estimated to be worth $1.6bn in 2025 and growing to $15.7bn by 2033.
The Interims to October 2025 were announced on 22 January and although Ilika reported significant commercial milestones, the financials remained a millstone. Total revenue was £0.6m compared to £1.0m, reflecting grant funding of £0.6m compared to £0.9m of grant monies. The EBITDA loss was £3.2m compared to a £1.9m loss. Net cash as at 31 October 2025 was £6.9m after a £4.2m fund raise in May 2025 at 33p to advance the commercial status of both SSB product lines. FY April 2026 revenue is forecast at £1.5m on Alpha Terminal, which is up from £1.1m, with an EBITDA loss forecast of £5.8m, compared to an EBITDA loss of £5.2m in the prior year to April 2025. At the commercialisation stage, funding options could become easier.
A client, Cirtec Medical, a global medical device manufacturer and innovator, initiated a commercial electrode supply arrangement with Ilika as announced on 10 March to support product manufacturing. Ilika has now fulfilled the initial order of its Stereax M300 which has generated commercial revenue, but disappointingly the amount was not disclosed. Stereax is a miniature SSB for powering medical devices and industrial wireless sensors. The Stereax M300 battery will be used by Cirtec for validation and customer sampling across a wide range of active implantable medical device applications, including powering implanted sensors, neurostimulators, orthopaedic implants, orthodontic wearables and ophthalmology devices. The Company is expecting further orders.
Commercial progress was reported for the Goliath SSB with the successful final commissioning test of its automated assembly line for pilot production. On 11 December, its new 10Ah Goliath battery prototypes were shipped to customers across multiple industries, including automotive companies. The 10Ah cells feature a proprietary oxide coating which offers improved safety, allowing EV manufacturers to design lighter and less expensive battery packs. The technology reduces the pack’s weight by 20% and is estimated to cut manufacturing costs by £2,500 per vehicle. Goliath can be expected to win commercial licensing agreements with these partners.
Hybridan Comment: This commercial traction should, in time, lead to a power surge in revenues as the market potential remains extremely attractive.
House Report: House News
TMT Investments $2.38 $73.30m (TMT.L)*
TMT was founded in 2010 and invests in high-growth technology companies globally and across several core specialist sectors including data platforms, Enterprise Software, Mobility and FinTech. The IRR (Internal Rate of Return) from inception to December 2025 is 14% per annum declining from 14.5% in 2024. As an illustrative comparison, the UK Main Market Small cap index is down 40.5% over the last ten years.
The Finals to December 2025, reported on 24 March, showed an 8.9% increase in NAV to $7.13 per share for a total portfolio NAV of $220.8m against $205.9m in FY24. The uplift is primarily driven by Bolt and Scentbird, which are up 17% and 61% respectively, and are amongst the largest five holdings.
There was a high degree of financial volatility in 2025, which has also affected venture capital investments and IPO exits. TMT’s portfolio has over 50 companies, over half of which are at a ‘mature’ stage. This diversification has reduced the risk of being in the ‘wrong’ tech and country, and is illustrated by the performance divergence between the stronger and weaker companies. TMT maintained its cautious investment approach in 2025, keeping its powder dry and making only four investments, of which two were follow-ons.
The largest investments include Bolt which was originally made in 2014 and at the end of December 2025 was valued at $78.16m. This represents 35% of the NAV and over 100% of the market capitalisation of TMT even after a partial disposal in 2025 raising $0.85m. This disposal was completed at a higher value, which is evidence is strong demand for secondary shares in the private equity market. Bolt’s eventual IPO could provide a full exit assuming an attractive cash valuation. Scentbird, also in the Top Five holdings, is 10.2% of TMT’s NAV. Scentbird’s percentage of net asset value increased by 61% in 2025 and remains profitable with double digit earnings growth. Nasdaq listed Backblaze is 5.7% of the NAV after a $3.8m cash disposal, leaving a 13% reduction in value based on the YE December mid-price.
Administration expenses of $1.44m are 0.65% of the NAV and slightly lower than last year’s 0.67% ratio, which is comparatively low as active fund management fees are often over 1%. Net cash was $6.2m on 23 March after completing a share buyback, compared to $5.2m at the end of FY24. This is sufficient funds to wait to make opportunistic investments and or disposals.
As a direct consequence of risk averse investor sentiment in 2025,TMT’s shares traded at a 60%+ discount to NAV. The Company capitalised on this discount with a share buyback programme acquiring 651,688 shares at a weighted average price of $2.65 for a total of $1.73m.
Hybridan Comment: A maturing tech sector portfolio, the Bolt Shareholding valued at $78m and investment manager’s solid track record seem unrecognised by the current near 70% discount to NAV.
Last Comment in Hybridan Monthly September 2025, TMT’s share price then $3.14 and a research note was published by Hybridan on 24 March 2026 (share price $2.14)
* A corporate client of Hybridan LLP
Updates/Events: News on the following companies
Checkit 18.00p £19.44m (CKT.L)
In last month’s March Hybridan Monthly we commented that break-even for a SaaS company is a significant milestone and Checkit’s prospects for leveraged growth do not seem reflected in the current share price. On 26 March, the Board decided to investigate a sale of the Company which has an intelligence platform used by frontline-led organisations to improve efficiency.
The commencement of a formal sale process is due to a perceived disparity by CKT’s Board between the Company’s improving performance and its valuation on AIM. The Board believes that the business now represents a scaled, differentiated platform asset with strong foundations for accelerated growth. At the current enterprise value multiple of approximately 1.0x ARR, the Board believes this is a material undervaluation.
According to the Board, the Company has attracted unsolicited expressions of interest from a range of credible international parties, including both private equity sponsors and strategic acquirers.
The Board considers that, under private ownership the value would be higher because of cost normalisation (including removal of public company costs), operational leverage from platform scaling, and strategic and revenue synergies could support substantial profitable growth in the near to medium term.
Hybridan Comment: We believe that a Company’s value will always become recognised in a free market, but acknowledge the decision making and focus of the Company on profitable growth.
Last Comment in Hybridan Monthly March 2026, Checkit’s share price then 16.5p
Earnz 4.75p £6.40m (EARN.L)
March was busy for this buy, improve and build energy services Company. As an acquisition of ZCG is being made, £3.5m was raised in a placing on 11 March at 5p. ZCG will be acquired for an initial £1.5m cash and £1.5m of shares, for up to a total of £9.5m subject to performance. ZCG operates across the UK using a network of longstanding contractors as well as in-house staff, delivering whole building solutions for the energy efficiency agenda. ZCG clients are Local Authorities, Social Housing providers and Tier 1 contractors. Earnz Directors, including Bob Holt, participated in the fund raise with £281k. The Directors have ambitions to be a leading UK energy services provider.
The Company now comprises six energy services companies which have been acquired since March 2024 to deliver green energy services to both the public and private sectors. Services include providing tailored energy solutions for businesses, social housing and private homes. The core of the strategy is building long term partnerships with new and established clients in the public and private sectors. The strategy focuses on both residential and non-residential property portfolios. The Government recently announced the Warmer Homes Plan (WHP), which is the largest ever public investment to upgrade British homes, making £15bn available to the Social Housing Sector.
Hybridan Comment: Earnz’ services to make homes more energy efficient, reduce costs and become warmer is aligned with Government funding.
Last Comment in Hybridan Monthly March 2026, Earnz share price then 5.4p
Companies that may be in the news in April:
Calnex Solutions 46.00p £40.50m (CLX.L)
The Company provides test and measurement solutions for the global telecommunications, cloud computing and defence markets. Last year’s finals to March were reported on 20 May 2025 after a Trading update on 8 April 2025. There has been little news since the Interims to September announced on 18 November 2025, which is the weaker half. The interims showed a 9% increase in Revenue to £8.05m and a 38% improvement in the EBITDA loss to £695k. The closing net cash improved to £10.3m from £8.5m in the prior period. Investment has been made in people, products, and partners to capitalise on opportunities. The expansion into the new market of US defence is a strategic focus, where there is a significant growth potential. The FY March 2026 forecasts on Alpha Terminal are for turnover of £20.4m and a PBT of around£1m. The CEO was confident at the interims of delivering a full year performance in line with market expectations, which were followed with a Director buying 20,000 shares in an announcement on 26 November , at a price of 48.4p.
Hybridan Comment: Around 25% of the market capitalisation can be attributed to cash, and there should be growth in critical communication infrastructure networks. We expect the stronger H2 will stimulate interest.
Last Comment in Hybridan Monthly December 2025, Calnex share price then 48.5p
Feedback 13.00p £5.70m (FDBK.L)
Feedback’s Bleepa remains the only technology with a UK Conformity Accessed mark for sharing clinical images for diagnosis. Bleepa integrates with all the main NHS systems and is a communication and collaboration platform that displays clinical results of a certified and regulated quality, which enables multi-disciplinary teams to work together to provide diagnostic-enhanced advice and guidance. This drives proven material efficiencies for the NHS, while patients are spared multiple hospital attendances and reduced waiting times.
The NHS Spending Review is expected to trigger investment into frontline services for the upcoming April 2026/27 spending round. Bleepa is able to address analogue to digital workflow and facilitates the hospital to community transfer which is an NHS target. It is difficult to assess the timing of orders, but the technology is proven and the Company had Cash as at 30 November 2025 of £3.82m which should be sufficient runway through to mid-2027.
The interims to 30 November 2025 reported lower revenue at £0.41m compared to £0.45m, and the EBITDA loss increased to £1.61m from £1.43m in the prior period as the operational infrastructure was built to deliver a fast customer roll.
Hybridan Comment: The value will be sensitive to an initial NHS contract.
Last Comment in Hybridan Monthly March 2025, Feedback share price was then 17.75p
By Jon Levinson
** Share prices, market capitalisations, and top 3 Shareholders all reported as at the close on 30 March 2026
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