FY25 proved to be a difficult year for Thruvision, with revenue of £4.2m reflecting the absence of large material orders, together with a strategic review being undertaken and a change in management. Management notes improved momentum, with Q1 FY26 order intake up 145% year on year to £2.3m, driven by a major Asian government contract and sustained repeat revenue in Retail Distribution. Sales activity is high, although conversion of sales leads to orders has slowed over the summer months. Supported by a strong cost discipline, Thruvision is well placed to drive higher revenue, but is heavily reliant on the conversion of pipeline opportunities to achieve its target of cash generation in FY27.