New Risk • Jun 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.21m (US$9.68m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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 (-US$447k free cash flow). Negative equity (-US$3.3m). Market cap is less than US$10m (UK£7.21m market cap, or US$9.68m). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). Revenue is less than US$5m (US$3.9m revenue). New Risk • Jun 05
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. 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 Risks Less than 1 year of cash runway based on free cash flow trend (-US$447k free cash flow). Negative equity (-US$3.3m). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (US$3.9m revenue). Market cap is less than US$100m (UK£8.06m market cap, or US$10.9m). New Risk • Jan 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.21m (US$9.88m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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 (-US$447k free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-US$3.3m). Market cap is less than US$10m (UK£7.21m market cap, or US$9.88m). Minor Risk Revenue is less than US$5m (US$3.9m revenue). Tillkännagivande • Sep 04
Narf Industries Plc, Annual General Meeting, Oct 02, 2025 Narf Industries Plc, Annual General Meeting, Oct 02, 2025. Location: the offices of tennyson securities, 65 petty france, sw1h 9eu, london United Kingdom Tillkännagivande • Jul 24
Narf Industries Plc to Report Fiscal Year 2025 Results on Jul 31, 2025 Narf Industries Plc announced that they will report fiscal year 2025 results at 11:00 AM, GMT Standard Time on Jul 31, 2025 New Risk • Jul 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. 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 Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-US$1.5m). Minor Risks Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Revenue is less than US$5m (US$4.1m revenue). Market cap is less than US$100m (UK£8.91m market cap, or US$12.0m). Tillkännagivande • Jun 27
Narf Industries plc Launches Ranger, an Open-Source Risk Detection Platform Narf Industries plc announced the launch of Ranger, a powerful new software platform that helps organizations identify hidden threats in open-source software before they escalate into serious issues. Ranger goes beyond traditional code scanning. It analyzes the people and behaviors behind open-source projects to detect early warning signs, giving users critical foresight into emerging risks and vulnerabilities. Ranger's commercial launch marks a significant validation of Ranger's technical maturity and operational value, reinforcing its readiness for mission-critical use. With this strong foundation, Ranger is well positioned for broader adoption by further U.S. Government agencies and commercial rollout into enterprise sectors where securing the software supply chain is an urgent and growing priority. As the global dependence on open-source software continues to grow, so does the critical need to safeguard its integrity. Ranger is purpose built to address this challenge and offers Narf a clear opportunity to scale its presence across government agencies and enterprise markets and establish itself as a leader in the fast-evolving field of software supply chain security. Narf launches Ranger, an advanced early warning platform for open-source software security. Monitors and analyzes team and repository dynamics, and anomalies in open-source activity to uncover risks and threats, not just the code itself. Targeting government agencies with critical needs, followed by enterprise clients in high-risk sectors, with plans to integrate into broader threat intelligence ecosystems. A SaaS revenue model to include licensing, API integration, and future partnerships with threat intelligence providers building a scalable path to recurring, high-margin revenues. The global software supply chain security market is forecast to grow at a CAGR of 12.5% from 2024 to 2030, surpassing $5 billion by 2030. As reliance on open-source software grows, so too does the scale of potential vulnerabilities. Ranger tackles this challenge head-on by providing early, actionable intelligence, not just on the code itself, but on the team behaviors and repository dynamics that often signal a breach before it happens. This makes it a unique and valuable tool for today's cyber environment and places Narf at the forefront of a fast-moving cybersecurity frontier, delivering a solution with real commercial relevance, growing demand, and long-term strategic value. New Risk • Feb 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. 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 (-US$1.6m free cash flow). Negative equity (-US$1.5m). Market cap is less than US$10m (UK£5.09m market cap, or US$6.44m). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Revenue is less than US$5m (US$4.1m revenue). New Risk • Jan 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£8.06m (US$9.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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 (-US$1.6m free cash flow). Negative equity (-US$1.5m). Market cap is less than US$10m (UK£8.06m market cap, or US$9.98m). Minor Risk Revenue is less than US$5m (US$4.1m revenue). Reported Earnings • Jan 02
First half 2025 earnings released: US$0.001 loss per share (vs US$0.001 loss in 1H 2024) First half 2025 results: US$0.001 loss per share (in line with 1H 2024). Revenue: US$988.5k (down 62% from 1H 2024). Net loss: US$1.87m (loss widened 83% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. New Risk • Nov 18
New major risk - Revenue and earnings growth Earnings have declined by 2.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$239k). Earnings have declined by 2.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (UK£11.0m market cap, or US$13.9m). Tillkännagivande • Sep 06
Narf Industries Plc, Annual General Meeting, Oct 04, 2024 Narf Industries Plc, Annual General Meeting, Oct 04, 2024. Location: the offices of tennyson securities, 65 petty france, sw1h 9eu, london United Kingdom Board Change • Aug 07
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non Executive Director Bud Hawk was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 02
Full year 2024 earnings released: US$0.001 loss per share (vs US$0.006 loss in FY 2023) Full year 2024 results: US$0.001 loss per share (improved from US$0.006 loss in FY 2023). Revenue: US$6.06m (up 93% from FY 2023). Net loss: US$1.16m (loss narrowed 89% from FY 2023). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Tillkännagivande • Jan 30
Narf Industries Plc, Annual General Meeting, Feb 22, 2024 Narf Industries Plc, Annual General Meeting, Feb 22, 2024, at 10:00 Coordinated Universal Time. Location: the offices of Tennyson Securities, 65 Petty France, London SW1H 9EU London United Kingdom Reported Earnings • Jan 29
Full year 2023 earnings released Full year 2023 results: Revenue: US$4.94m (up 94% from FY 2022). Net loss: US$1.45m (loss narrowed 92% from FY 2022). Reported Earnings • Sep 29
First half 2023 earnings released: EPS: US$0 (vs US$0.013 loss in 1H 2022) First half 2023 results: EPS: US$0 (improved from US$0.013 loss in 1H 2022). Revenue: US$2.58m (up 83% from 1H 2022). Net loss: US$156.2k (loss narrowed 99% from 1H 2022). Tillkännagivande • Sep 27
Narf Industries Plc Maintains Revenue Guidance for the Year 2023 Narf Industries Plc maintained revenue guidance for the year 2023. For the year, the company expects revenue will be at least $5.8 million. Board Change • Jul 14
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director & Company Secretary Rory Heier was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 30
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director & Company Secretary Rory Heier was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Sep 29
Narf Industries plc Provides Revenue Guidance for Year Ended 31 December 2022, 2023 and 2024 Narf Industries Plc provided revenue guidance for year ended 31 December 2022, 2023 and 2024. The last reported annual revenue for Narf was USD 2.7 million. Narf is expecting to grow to USD 4.4 million for this year ended 31 December 2022. By year ended 31 December 2023 with the impact of TIGR and the new DoD contracts company are expecting to generate revenues of approximately USD 9 million of which the company has around 80% visibility. The company plan to increase headcount, in particular within the TIGR integration team, which will help drive to goal to reach revenues of over USD 20 million by year ended 31 December 2024. Tillkännagivande • Jul 06
Cyba Plc, Annual General Meeting, Jul 28, 2022 Cyba Plc, Annual General Meeting, Jul 28, 2022, at 10:00 Coordinated Universal Time. Location: The Clubhouse, 8 St James's Square London United Kingdom Tillkännagivande • Jun 21
Cyba plc Announces Executive Changes Steve Bassi, who is currently a Non-Executive Director of the Cyba Plc and CEO of the NARF Industries Group, has been formally appointed as Chief Executive Officer. Robert Mitchell will remain as Executive Chairman and Rory Heier and John Herring will continue as Directors. Further senior appointments consistent with NARF's business focus will be announced in due course. Tillkännagivande • Jun 22
Narf Industries LLC and Narf Industries PR LLC entered into a binding heads of agreement to acquire Cyba Plc (LSE:CYBA) for $25.6 million in a reverse merger transaction. Narf Industries LLC and Narf Industries PR LLC entered into a binding heads of agreement to acquire Cyba Plc (LSE:CYBA) for $25.6 million in a reverse merger transaction on June 21, 2021. The transaction is subject to completion of the necessary due diligence. Peter Krens of Tennyson Securities acted as financial advisor to Cyba. 
