Interims from Thruvision plc (THRU.L), a leading global provider of passive walk-through security technology, in line with the recent AGM trading update with revenue +36% to £2.6m. Entrance Security was significantly higher at £1.6m (H1 FY25: £0.2m), including the material Asian order, but Retail Distribution revenue was down 37.5% at £1.0m. Adj. EBITDA loss reduced £0.5m to £1.6m with the higher revenue and tight cost control partly offset by lower margin as THRU discounted legacy products to reduce stock levels. H1 cash was £2.1m, following July’s raise, and £1.7m now. H2 outlook is now much more subdued, however, with management guiding FY26 to a range of £5m to £7m (ACLe: £8.0m), as the UK Retail Distribution sector has continued to be much weaker than anticipated. Assuming £5m in revenue, we expect FY26 year-end cash of £0.2m as more inventory is converted and receivables collected. Cuts to FY27 revenue forecasts results in an adj. EBITDA loss of £0.6m and a negligible cash balance at year end.