Insig AI’s annual revenue on the rise

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Data science and machine learning solutions company AI Insig said on Monday that the group’s full-year revenue should improve in 2022.

Insig AI said the group’s revenue is expected to be at least £1.8m, made up of around £1.4m from its former Sport In Schools unit and £400,000 from the activities of Insig AI.

With the adoption of its new business strategy, Insig AI also said it expects revenue of £2.4m in 2023, £6.2m in 2024, £12.5m for the year ended 31 March 2025 and £19.0 million the following year.

Cash at 31 January was £1.1 million but is expected to fall to around £500,000 by 31 March, while a research and development tax refund of around £800,000 is expected to also be received once the company has published its audited accounts for the year. .

However, the AIM-listed company said additional working capital was needed to support the group in commercializing its suite of AI/machine learning and data tools. Additionally, given recent progress, Insig AI believes that in addition to meeting working capital needs, it should put “more emphasis on sales and marketing,” leading it to agree to terms. indicative for a convertible loan facility.

As of 09:05 GMT, shares of Insig AI were down 9.62% at 23.50p.

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