Nexteq plc
Nexteq plc (formerly Quixant plc, renamed during the period covered by prior reports) is a UK-incorporated, AIM-listed B2B technology company that enables customers in selected industrial markets to outsource the design, development and supply of non-core aspects of their product offering. It operates through two segments: Quixant, which designs, develops and manufactures gaming computer platforms, monitors and turnkey cabinets for the land-based casino/slot machine industry; and Densitron (including IDS), which supplies electronic display and HMI (human-machine interface) solutions into industrial verticals such as Medical, Broadcast, Test & Measurement and ProAV. The Group is pursuing a 'OneNexteq' strategy to combine embedded compute, display and HMI capability into integrated subsystems and to grow recurring, IP-based revenue (e.g. the Launchpad gaming software platform).
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 26 Mar 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Nexteq, which designs computers and displays for casino slot machines and industrial equipment, grew revenue to $90.2m in 2025 from $86.7m. Profit after tax rose to $1.9m from $311k. Gaming sales grew as a new largest customer offset a roughly 70% drop in orders from its historically largest customer, which was bought by a private equity firm. Display sales fell. Rising memory chip prices, driven by AI demand, and the loss of that high-margin customer squeezed margins. Profit looks much better partly because 2024 carried a large one-off write-down of an acquired business, and cost cuts also helped. On the company's own measure, which excludes such items, earnings per share fell 28.7%. Cash at the year end was $25.3m, down from $29.5m, and borrowing was very small. Almost nothing was raised from shareholders, and a higher dividend is proposed. Management expects difficulties to hurt revenue and margins in 2026 and has pushed growth targets back from 2027 to 2028. The auditors gave a clean opinion and flagged no doubt about the company's ability to keep trading.
From the reportevery line sits on the page it namesWhat drove revenueQuixant gaming hardware unit sales (computers/platforms)
Quixant revenue $60.1m (2024: $54.8m), up 10%, driven by unit sales increasing 18% to 51,247 platforms
page 39AndNew largest customer in North America replacing historically largest customer (acquired by private equity in 2025)
Quixant increased its share of Group revenue to 67% in 2025 (2024: 63%); new largest customer added, offsetting a 70% volume reduction from the historically largest customer
page 17What moved the marginheadwindDDR4 memory component shortages and price increases
Sharply rising DDR4/DDR5 and SSD costs driven by AI demand were passed through to customers without generating incremental margin on the higher cost base, compressing Quixant gross margin
page 17AndheadwindCustomer and product mix change (loss of historically largest, highest-margin customer)
Group gross margin fell to 32.8% (2024: 35.9%); Quixant gross margin reduced due to customer/product mix changes and component memory price challenges
page 39One-offs in the year$182k charge: Amortisation of customer relationships, technology and order backlog
page 116What management saidTo have delivered revenue growth in a year in the midst of such external forces, demonstrates the resilience of the Group and the entire Nexteq team.
page 8After the year endSecond share buyback programme (up to 5,990,849 shares) launched end-2025; 3,984,263 ordinary shares repurchased for $3.9m by 17 March 2026, held in treasury
page 160The dividendProgressive dividend policy maintained, supported by healthy operating cash flow and strong cash balance. Proposed final dividend for FY2025 of 3.9p per share (FY2024: 3.7p per share), payable 30 May 2026 to shareholders on the register at 2 May 2026 (ex-dividend 1 May 2026). $2.974m of dividends (3.7p/share, relating to FY2024) were paid and recognised during 2025 (2024: $2.836m).
page 9Going concern and the auditUnqualified ('true and fair') audit opinion issued by BDO LLP (Leighton Thomas, Senior Statutory Auditor), dated 17 March 2026, with no material uncertainty related to going concern identified. Key audit matters: revenue recognition for Ex-works sales (no longer impairment of goodwill, which was a KAM only in 2024). Group materiality $902,000 (1% of revenue); performance materiality $677,000 (75%). Directors adopted the going concern basis after reviewing a base case and a severe-but-plausible downside scenario assuming a 25% reduction in 2026/2027 Quixant revenues, under which the Group retains sufficient liquidity; net cash at year end was $25.0m (2024: $29.1m).
page 91The risks it names first- Key persons - loss of key employees/executive knowledge, elevated by ExCo changes in 2024/2025p.44
- Geopolitical - conflict/tension risk between Taiwan and China affecting manufacturing concentration; mitigated by second Malaysia facilityp.44
- Trade tariffs - diverse customer base exposed to jurisdictions imposing tariffs on componentsp.44
- Key customer dependency - significant revenue concentration in key gaming customers, reduced in 2025 via diversificationp.44
Read from C000907-AR-2025-ch.
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