Trading Update, Board Change and Notice of Results

Nexteq PLC

24 July 2026

24 July 2026

Nexteq plc

("Nexteq, the "Company" or the "Group")

H1 FY26 Trading Update, Board Change and Notice of Results

Nexteq plc (AIM: NXQ), a leading technology solutions provider to customers in selected industrial markets, today provides an update on trading for the six months ended 30 June 2026 and announces a change to the Board.

Trading

Further to the announcement on 21 May 2026, H1 trading was in line with management's revised expectations and the outlook for FY26 remains unchanged*.  

Group H1 revenue for the six-month period is expected to be c. $26.7m (H1 2025: $40.7m). This reflects a robust performance in the displays division, trading under the Densitron brand, with revenue anticipated to be c. $13.9m (H1 2025: $13.8m), in line with expectations. As previously announced, the land-based gaming division, trading under the Quixant brand, continues to face difficult trading conditions, with revenue anticipated to be c. $12.7m (H1 2025: $26.9m).

Within Quixant, customer demand continues to be affected by uncertainty in the North American land-based gaming market, driven by tariff-related headwinds, significant increases in memory and other critical component costs, and the immediate impact of a major customer consolidation. Quixant's performance was also impacted by lower customer volume requirements from other customers rather than customer losses, therefore, the Board believes that volumes can recover through 2027 as market conditions improve, underpinned by a continued focus on excellent customer service.

The Group continues to focus on diversification in product range, and across multiple industry verticals and is making excellent progress in delivering new wins through its LaunchPad software, and its unique HMI solutions as part of the Group's 'more than the display' strategy.

Gross margin % is at expected levels, given the challenging backdrop of significantly increased memory and other critical component costs, and with Densitron margins continuing to improve in line with the new strategy.  The Board and Executive team have remained focussed on rigorous cost management to mitigate impacts on profitability.

The Group's cash position at 30 June 2026 was $10.7m (30 June 2025: $28.5m). The year-on-year reduction primarily reflects strategic investment in critical components to optimise cost and lead times, returns to shareholders of $8.5m in H1, and lower H1 trading levels. The Board expects the cash balance to improve in H2, supported by the Group's normal second-half revenue weighting and the unwind of strategic inventory positions.

Outlook

H2 2026 revenue is expected to significantly exceed H1, in line with the traditional revenue pattern of the Group, with full year outcome remaining in line with recent market communication.  Focus remains on rigorous cost management, but also in the development and execution of exciting new products and solutions across both brands.  As the land-based gaming market continues to be challenging in North America, the Group's strategy to focus on diversification will yield anticipated results, with confidence of new-name client wins in the second half, leading to a return to growth in 2027.

Board Change

Nexteq today also announces that Nicholas Jarmany, Non-Executive Deputy Chair, will retire from the Board with effect from 31 August 2026. Nick co-founded the business with 2 persons in 2005 and served as Chief Executive Officer until 2018, when he became Deputy Chair.

During his leadership, Nick helped guide the Company through significant technological and market developments, drawing on more than four decades of experience in the technology sector. He played a central role in building the business from inception through to its successful public listing in 2013 and subsequent growth. His deep understanding of the Group, entrepreneurial approach and commitment to its people have helped shape Nexteq's culture and long-term success, leaving a lasting legacy across the organisation. Nick will remain a significant shareholder in the Company.

Following Nick's retirement, the Board will comprise six directors, with two Executive Directors and four Non-Executive Directors, three of whom are independent Non-Executive Directors.

Notice of Results

The Board expects to announce its results for the six months ended 30 June 2026 on 9 September 2026.

Duncan Faithfull, CEO of Nexteq, commented: "H1 2026 has been challenging as previously announced.  The key for Nexteq as we move through H2 2026 is to focus on the swift onboarding of our new customer wins; to execute on our new product roadmap which is tremendously exciting; and progress our diversification of revenue strategy to drive a healthy, growing and increasingly profitable business.  We are committed to focussing on what we can control, and to work with our excellent team of people in the business to deliver our plan.

I would also like to thank Nick for his counsel, support and dedication to the business. Having worked closely with him for 6 years, including 1 ½ years as CEO, it has been a privilege to learn from his experience and entrepreneurial spirit."

Carol Thompson, Chair of Nexteq, commented: "On behalf of the Board, I would like to thank Nick for his exceptional contribution to Nexteq as a founder, Chief Executive Officer and Deputy Chair. Nick has always had a keen eye for opportunity and a strong commitment to innovation, helping to guide the business through significant change and growth. Beyond commercial success, he has been a passionate advocate for the Company and its people, helping to create the strong sense of openness, collaboration and inclusion that remains such an important part of Nexteq today. We are delighted that he will remain a supportive shareholder of the business, and we wish him every happiness in his retirement."

Nick Jarmany, outgoing Deputy Chair, commented: "Nexteq has been a huge part of my life for many years, and I am enormously proud of what we have built. After many rewarding years with the Company, I believe now is the right time to step down from the Board. We have a clear strategy, a strong leadership team and are making encouraging progress in diversifying the business and developing new avenues for growth. I am confident that Nexteq is well positioned for the future and look forward to continuing to support the Company as a shareholder."

*FY26 consensus market expectations at the date of this announcement are $73.0m revenue, $2.8m adjusted EBITDA and $0.0m adjusted profit before tax.

Nexteq PLC Duncan Faithfull, Chief Executive Officer Matt Staight, Chief Financial Officer	Telephone: +44 (0)20 3597 6800
Nominated Adviser and Broker: Cavendish Capital Markets Ltd Matt Goode / Edward Whiley / Andrea Callaghan (Corporate Finance) Harriet Ward (Corporate Broking)		Telephone: +44 (0)20 7220 0500
Financial PR: Alma Strategic Communications Hilary Buchanan / Emma Thompson	Telephone: +44 (0)20 3405 0205

About Nexteq

Nexteq (AIM: NXQ) is a strategic technology solutions provider to customers in selected industrial markets. Its innovative technology enables the manufacturers of global electronic equipment to outsource the design, development and supply of non-core aspects of their product offering. By outsourcing elements of their technology stack to Nexteq, customers can focus their product development effort on the most critical drivers of their business' success.

Our solutions are delivered through a global sales team and leverage the Group's electronic hardware, software, display and mechanical engineering expertise. Our Taiwan operation is at the heart of Asian supply networks and facilitates cost effective manufacturing and strategic supply chain management.

The Group operates in six countries and services over 500 customers across 47 countries.

Nexteq operates two distinct brands: Quixant, a specialised computer platforms provider, and Densitron, leaders in human machine interface technology, each with dedicated sales, account management and product innovation teams. Founded in 2005, and later floating on the London Stock Exchange's AIM stock market as Quixant plc, the Group rebranded to Nexteq in 2023.

Further information on Nexteq and its divisions can be found atwww.nexteqplc.com.

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