Aankondiging • Dec 25
Tribe Technology PLC Announces the Step Down of Charlie King as Chief Executive Officer Tribe Technology PLC announced that Charlie King, the Chief Executive Officer of the Company, has agreed with the Board that he will step down from his role as Chief Executive Officer with immediate effect. Aankondiging • Dec 24
Tribe Technology PLC Announces Board Changes Tribe Technology PLC announced that Charlie King will leave the Board with immediate effect. Preeti Mardia, the Company's Chair, will accordingly also take on the role of Executive Chair. Aankondiging • Dec 09
Tribe Technology plc Provides RC Drilling System Update Tribe Technology PLC provided the following update in relation to the Company's autonomous reverse circulation ("RC") TTDS GC 700 drill rig (the "Drill Rig"). Further to the Company's announcement on 16 September 2024 as well as 1 October 2024, the Company is pleased to confirm that it has carried out several product demonstrations & presentations of the Sample System in the workshop and the Drill Rig with Remote Command Hub at the Australian Automation & Robotics Precinct ("AARP") in Australia, to current and potential customers. In addition, Drill Rig demonstrations have been conducted to representatives from industry bodies such as the Australian Drilling Industry Association and the Minerals Council of Australia. The Company intends to continue facilitating technology demonstrations regularly during the testing and commissioning phase of the Drill Rig system to additional potential international clients in the first half of 2025. New Risk • Oct 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (UK£23k revenue, or US$30k). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (8.8% increase in shares outstanding). Market cap is less than US$100m (€9.67m market cap, or US$10.6m). Aankondiging • Oct 02
Tribet Technology plc Announces Preliminary Results from Testing of the Company's Reverse Circulation Sample System Technology by Master Drilling Group Ltd and Tier 1 Mining Company Client Tribe Technology PLC announced the preliminary results from testing of the Company's reverse circulation ("RC") sample system technology by Master Drilling Group Ltd. (" Master Drilling") and Tier 1 mining company client. Master Drilling and the Tier 1 mining company have been testing the Tribe Technology cyclone & sample splitter technology. This is anticipated be incorporated into the Tier 1 mining company's autonomous reverse circulation ("RC") TTDS GC 700 drill rig, although is also capable of being retrofitted to other drill rigs. The preliminary results have shown a remarkable improvement in geological sample quality as measured by sample mass distribution across the A, B & C samples taken for each sample interval. More consistent sample masses at the drill rig are anticipated to lead to more comparable and consistent assay results, assisting the miners to make more accurate data-based mine planning decisions. The sample split mass acceptance criteria are outlined below as follows. The preliminary results released indicate that the Tribe Technology sample system technology achieved circa 94% of samples falling within the "Good/Green" category, 6% in the "At Risk/Amber" category and 0% in the "Failed/Red" category. This compares to the incumbent sampling systems which currently achieves only 47% in the "Good/Green" category, 32% in the "At Risk-Amber" category and 21% in the 'Failed/Red' category. Additionally, the average split mass difference for the Tribe Technology sample system was 4% which is a significant improvement on the approximately 15% achieved by the incumbent sampling system. The company expects this data to be representative of the performance of the Tribe Technology sample system technology in the field and this will be monitored upon additional utilisation of the equipment and deployment of additional sample system in the field/site. Aankondiging • Oct 01
Tribe Technology PLC Announces First Autonomous RC Drill Rig Update Tribe Technology PLC provided the following update in relation to the company's autonomous reverse circulation (RC) TTDS GC 700 drill rig (the Drill Rig). Following the arrival of the Drill Rig to the Australian Automation & Robotics Precinct (AARP) in Australia, as announced on 16 September 2024, the company has conducted a review of the entire Drill Rig as part of its full system platform. This included the Sample System, Remote Command Hub, the integrated system as well as the underlying software. The company intends to commence integration testing in the fourth quarter of 2024. The company's evaluation of the entire Drill Rig system has concluded that further significant software development and systems integration work is required for the Drill Rig's operation to meet the required specifications prior to dispatch of the Drill Rig to the customer's mine site. In order to expedite the completion of the necessary additional software updates, field commissioning, and in turn the completion of the Drill Rig, the company now expects to engage further specialist technical resources. As a result of the above, the company now expects to demonstrate the Drill Rig's functions at the AARP in December 2024. Similarly, the Company now expects the Drill Rig to arrive at a tier one mine site for field installation in the early part of the second quarter of 2025. The work will result in the need for additional resources and will increase the costs associated with the completion of the Drill Rig system. Accordingly, to partially mitigate against the new working capital requirements, the company currently plans to reduce circa 20% of its fixed costs in the fourth quarter of 2024. Any such cost reductions are anticipated to come from the company reducing its operational costs. Aankondiging • Sep 16
Tribetech plc Announces the Arrival of Its First Autonomous Reverse Circulation TTDS GC 700 Drill Rig from the Manufacturing Site in Belfast, Northern Ireland Tribe Technology PLC announced the arrival of its first autonomous reverse circulation TTDS GC 700 drill rig from the manufacturing site in Belfast, Northern Ireland, to the Australian Automation & Robotics Precinct in Australia.
This is a major milestone for the Company and is the culmination of significant engineering hours over the last four years, pioneering design and innovation along with extensive collaboration with their first customer, McKay Drilling (a subsidiary of Major Drilling Group International Inc. This first Drill Rig has been manufactured and sold to industry leading drilling contractor, Major Drilling, for use at a tier 1 iron ore mining asset in Australia. In line with the Company's announcement on 30 July 2024, the Drill Rig arrived on schedule in Perth, Australia. The Company will now undertake, in collaboration with the customer, additional system testing, integration with the Tribe Tech autonomous sample system, development of the software remote control systems and test drilling of holes at a depth of up to 60 metres at the AARP, located in Perth. In line with the Company's contract with the customer, a stage payment invoice has been issued and paid at this milestone. Aankondiging • Aug 01
Tribe Technology PLC Ships its First Autonomous RC Drill Rig Tribe Technology PLC announced the shipment of its first autonomous reverse circulation ("RC") TTDS GC 700 drill rig (the "Drill Rig") from the manufacturing site in Belfast, Northern Ireland. This is a major milestone for the Company and is the culmination of significant engineering hours over the last four years, pioneering design and innovation along with extensive collaboration with its first customer. McKay Drilling (a subsidiary of Major Drilling Group International Inc. ("Major Drilling")). This first Drill Rig has been manufactured and sold to industry leading drilling contractor, Major Drilling, for use at a tier 1 iron ore mining asset in Australia. Delivery to Australia is on target for the end of September 2024 as stated in the Company's previous operational update. Following arrival in Australia, the Company will undertake validation of the Drill Rig in the field in conjunction with the customer during the fourth quarter of 2024. Breakeven Date Change • Jun 30
Forecast to breakeven in 2027 The 2 analysts covering Tribe Technology expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of UK£1.30m in 2027. Average annual earnings growth of 59% is required to achieve expected profit on schedule. Aankondiging • May 30
Tribe Technology PLC Provides Operational Update Tribe Technology PLC provided the following updates in relation to the Company's reverse circulation drilling cyclone and sample splitting system. The Company reported the sale and shipment of its first patent pending RC drilling cyclone and sample splitting system. The System was purchased by Anglo American plc on 21 May 2024 and is being shipped from Perth to Johannesburg, South Africa. The System will be used by Master Drilling, a drilling contractor to Anglo American, in grade control application. The System has been developed, built, and tested by the Tribe Tech team in Perth, Western Australia. It is designed to deliver superior sample quality compared to existing RC sample systems on the market and can be used with the TTDS GC 700 drill rig or as a retrofit to drill rigs from other manufacturers. While the resultant revenues from the sale of the System to Anglo American is anticipated not to be substantial to the Group, the first sale and shipment of the System represents a pivotal milestone for the Group and provides confidence in the Group's go to market strategy to commercialise both of these product lines. Separate to the above, Tribe Tech has also shipped the first batch of Tribe Tech drill rods and accessories to McKay Drilling in Perth, Western Australia. The 6-metre-long drill rods and accessories incorporates the proprietary Tribe Tech ACK3 thread design. This product has been specifically designed for autonomous rod threading and unthreading during drilling operations and will be used with the TTDS GC 700 drill rig. McKay Drilling (www.mckaydrilling.com.au) is a subsidiary of Major Drilling International and has purchased the Company's first TTDS GC 700 drill rig. The Company has made significant progress in relation to the testing and commissioning of the TTDS GC 700 drill rig which is being done in collaboration with the customer, McKay Drilling. New Risk • Apr 05
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: UK£4.9m Forecast net loss in 2 years: UK£1.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£4.1m free cash flow). Revenue is less than US$1m (UK£23k revenue, or US$29k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (UK£1.2m net loss in 2 years). Market cap is less than US$100m (€16.2m market cap, or US$17.5m). Aankondiging • Mar 30
Tribe Technology plc Announces Completion of the First Autonomous RC Drill Rig Tribe Technology PLC announced the completion of the Company's first TTDS GC 700 autonomous drill rig (the Drill Rig). This major milestone in the development of the Company is a result of over 150,000 development hours. This initial machine has been manufactured for and sold to an industry leading drilling contractor Major Drilling Group International Inc, for use at a tier 1 iron ore mining asset in Australia. The Company's Reverse Circulation ("RC") Drill Rigs are designed to remove operators from the dangers involved in traditional manually operated RC drill rigs while significantly improving productivity. The Company has issued a staged payment invoice for the completion of manufacturing to the client, with revenue to be recognised on the Drill Rig's arrival in Australia. The Company will now continue to commission and test the completed Drill Rig before shipping to Australia from Northern Ireland, which is expected to take place early next quarter as outlined in the December trading update. The field trial of the sample potting and handling system has commenced at the recently established Australian Automation & Robotics Precinct ("AARP") in Perth, Western Australia with encouraging results. The Group will continue to refine the product based on its field trial results. Work continues on the second drill rig which is being manufactured for one of the world's major mining companies, Anglo American plc, with operations globally. Aankondiging • Mar 07
Tribe Technology PLC Announces First Generation Autonomous TTDS 700 GC drill rig update Tribe Technology PLC provided the following update in relation to the company's first generation autonomous TTDS 700 GC drill rig. The Company continues to make good progress in relation to the construction of its Drill Rig. In this regard, the Company recently successfully switched on the engine of the Drill Rig for the first time at the Company's 20,000 square foot facility in Belfast, Northern Ireland. This marks an important step for the Company on the way towards factory completion of the Drill Rig and the subsequent production of the Drill Rig as well as ultimately, the advancement of efficiency, safety and sustainability in the drilling industry. Factory completion of the Drill Rig continues to be expected to occur in the first quarter of 2024 with shipment to the customer expected in second quarter of 2024, as originally stated in the Company's announcement on 28 December 2023. To date, reverse circulation drilling has been characterized by a lack of automation due to the complexities of the systems required and the harsh conditions in which these machines operate. The company's RC Drill Rigs are being developed to remove operators from the dangers that are involved in traditional RC drill rigs. Aankondiging • Jan 11
Tribe Technology PLC Announces Resignation of Eric Hampel as Chief Financial Officer Tribe Technology PLC announced that Eric Hampel has notified the Company of his intention to step down as Chief Financial Officer of the Company, due to personal circumstances. Eric will remain as CFO and as a director of the Company until July 2024. Eric will remain focused on running the Company's finance function and continue to support Tribe Tech during his six month notice period. Eric will also work to ensure the effective transition of his responsibilities to his successor with the intention that there will be an orderly handover period. The Company has initiated a process to appoint a permanent successor and a further announcement will be made in due course. Board Change • Oct 30
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. CTO & Director Derek Loughlin was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 