Xeros’s FY24 trading update shows progress on commercialisation with Tier 1 players, creating multiple opportunities for contract scaling through operational leverage – key to reaching self-sustainability. Tech verification from four global washing machine leaders, two of which management anticipates will move to substantial paid-for joint development agreements (JDAs), demonstrates momentum. We revise down FY24 and FY25 revenue forecasts by 59.5% and 34.6%, reflecting caution on recent delays, ....