BATM down the hatches

Considering BATM

Dear reader

BATM was a conglomerate of diagnostics, cybersecurity and “edge computing” network businesses. It promised much and over the years has been on the cusp of greatness according to its leadership.

In 2025 BATM say they made decisive progress in reshaping BATM around core strengths of networking and cybersecurity. It completed the disposals of Celitron in Hungary, Zer Laboratories and Progenetics in Israel, and A.M.S 2000 Trading Impex SRL (“AMS”) and, post year end, Laborator A.M.S 2000 SRL in Romania. Together, these transactions generated total consideration of $24.4m and significantly reduced the complexity of the Group.

BATM made an $18.2m swing in operating profit from continuing ops in 2025. That caught my eye.

It’s true headline profit dropped from $7.8m → $4.5m between 2024 and 2025 and operating cashflow from $7.8m to $4.4m

Am I on to something? Sadly the “Capital Gain from Disposal” was the reason for improved cashflow in 2025.

BATM network and cyber are today has two segments left. Sadly neither showed much in the way of reasons to invest. Sales were up in network but increased costs were up even more.

At Cyber sales were down after a “strong” 2024. Is $13.1m revenue that led to a $2.9 loss “exceptionally strong”?! Please.

Network delivered a growing loss while Cyber delivered a lower op. profit.

We are told growth drops from exceptionally strong to just strong in 2026, before increasing to significant, sustainable growth in the medium term.

A review of BATM’s RNS announcements shows “strong” apparently means $0.9m of revenue announcements in 2026.

Conclusion

If this company owns the keys to the next big thing then no one is buying it. So neither shall I.

Can the slimmed down and focused business deliver? As of July 2026 there’s no reason to think so and the lack of SAAS metrics like recurring revenue make this impossible to assess.

A £47m market cap that delivered a net -£5.1m operating loss in FY25 across its two surviving segments? No thanks.

The repeated use of “strong” to describe what I see as a weak performance leaves me feeling I don’t trust their assessment of the medium term either.

“Strong” I conclude is the smell. You can possibly deduce what strong smell we are talking about.

Regards

The Oak Bloke.

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