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Analyses on Alarum Techno (4)
- March 19, 2026March 19, 2026
- Follow-up
Alarum: The Balance Sheet Is Cleaner, but the Equity Overhang Still Weighs
O.R.B. no longer weighs on Alarum’s balance sheet, but the value accessible to shareholders still sits under a dilution layer: part of the cleanup was paid in shares, 9.0 million options and RSUs were still open at the end of 2025, more grant capacity remains, and the shelf is s…
- Follow-up
Alarum: AI Pushed Revenue, but Working Capital Swallowed the Cash
Alarum ended 2025 with fast growth driven by new demand, but the cash from that growth was absorbed mainly by trade receivables while prepayments, suppliers, and other offsets barely financed the gap.
- Follow-up
Alarum: NRR Broke Just as AI Accelerated the Top Line
Alarum ended 2025 with real top-line acceleration, but that acceleration rested on large new customers while the older revenue base weakened and concentration increased.
Alarum 2025: AI Accelerated Revenue, but Cash Got Stuck and Margins Thinned
Alarum proved in 2025 that there is strong demand for its newer data collection products, but it has not yet proved that this demand is diversified, profitable and cash-backed.
