Transense’s FY26 trading update indicates revenue of not less than £4.6m and broadly breakeven adjusted PBT, below our £5.2m and £0.2m previous forecast respectively. This reflects the broader macro environment, with three key factors driving the shortfall: FX volatility impacting iTrack, softer demand among tyre majors within Translogik, and customers in feasibility studies moving more slowly through to larger NRE contracts in SAWsense. We revise our FY26E to align with the latest guidance and ....
