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t42 IoT Tracking Solutions PLC
(LSE:TRAC)
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Rating:42Neutral
Price Target:
2.50 p
▼(-32.43% Downside)
Action:Reiterated
Date:10/02/26
The score is held down primarily by balance-sheet strain (negative equity and leverage) and very weak technicals (price below key moving averages with negative MACD and extremely low RSI). Offsetting factors include a meaningful operational rebound and improved cash generation in 2024–2025, but continued net losses and funding risk keep the overall rating low.
Positive Factors
Revenue rebound
The sharp 2025 revenue acceleration indicates stronger commercial activity and expanding adoption of the company’s tracking solutions. If this improvement persists, a larger installed base could support recurring platform, connectivity, support, and service revenue over the next several quarters.
Negative Factors
Persistent net losses
Despite improved revenue and operating results, continued net losses show that the business has not yet established durable bottom-line profitability. Volatile earnings can restrict retained capital, weaken financing flexibility, and make it harder to fund growth without relying on outside sources.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The sharp 2025 revenue acceleration indicates stronger commercial activity and expanding adoption of the company’s tracking solutions. If this improvement persists, a larger installed base could support recurring platform, connectivity, support, and service revenue over the next several quarters.
Read all positive factors
t42 IoT Tracking Solutions PLC (TRAC) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.90M
Dividend YieldN/A
Average Volume (3M)229.53K
Price to Earnings (P/E)―
Beta (1Y)1.72
Revenue Growth41.72%
EPS Growth70.40%
CountryUK
Employees18
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding73,155,754
10 Day Avg. Volume373,399
30 Day Avg. Volume229,526
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)-0.63
Price to Sales (P/S)0.30
P/FCF Ratio4.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
t42 IoT Tracking Solutions PLC Business Overview & Revenue Model
Company Description
t42 IoT Tracking Solutions PLC, a technology firm formerly known as Starcom plc until November 2021, specializes in developing advanced automated systems. These solutions enable remote tracking, continuous monitoring, robust protection, and effici...
How the Company Makes Money
TRAC generates revenue primarily by selling and supporting tracking solutions that typically include (1) IoT/telematics hardware (tracking devices and related equipment), (2) recurring software/SaaS or platform fees for access to its tracking, fle...
t42 IoT Tracking Solutions PLC Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
24
Negative
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.23M | 4.16M | 4.00M | 4.04M | 4.21M |
| Gross Profit | 2.58M | 1.54M | 2.12M | 1.68M | 1.29M |
| EBITDA | 847.41K | -793.00K | 878.00K | -515.00K | -2.25M |
| Net Income | ― | -1.75M | -420.00K | -1.01M | -2.96M |
Balance Sheet | |||||
| Total Assets | 3.81M | 4.37M | 5.00M | 5.05M | 6.40M |
| Cash, Cash Equivalents and Short-Term Investments | 571.21K | 147.00K | 186.00K | 174.00K | 1.53M |
| Total Debt | 4.24M | 4.64M | 3.91M | 3.36M | 3.10M |
| Total Liabilities | 6.75M | 7.06M | 5.94M | 5.59M | 6.20M |
| Stockholders Equity | -2.94M | -2.68M | -939.00K | -538.00K | 193.00K |
Cash Flow | |||||
| Free Cash Flow | 431.88K | 592.00K | -349.00K | -1.44M | -714.00K |
| Operating Cash Flow | 432.89K | 602.00K | -199.00K | -951.00K | -382.00K |
| Investing Cash Flow | -1.02K | -152.00K | -4.00K | -460.00K | -336.00K |
| Financing Cash Flow | 1.02K | -489.00K | 214.00K | 51.00K | 1.99M |
t42 IoT Tracking Solutions PLC Technical Analysis
Negative
3.70
Price Trends
3.49
Negative
3.78
Negative
3.34
Negative
Market Momentum
-0.18
Positive
6.29
Positive
5.02
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:TRAC, the sentiment is Negative. The current price of 3.7 is above the 20-day moving average (MA) of 3.23, above the 50-day MA of 3.49, and above the 200-day MA of 3.34, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 6.29 is Positive, neither overbought nor oversold. The STOCH value of 5.02 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:TRAC.
t42 IoT Tracking Solutions PLC Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £109.02M | 17.07 | 19.61% | 4.53% | 10.31% | 21.25% | |
69 Neutral | £204.76M | 87.06 | 10.42% | ― | ― | ― | |
68 Neutral | £1.33B | 42.52 | 19.29% | ― | 70.72% | 238.42% | |
64 Neutral | £793.00M | 28.33 | 9.04% | 1.53% | 4.82% | 17.80% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | £312.30M | -8.78 | -24.38% | 3.68% | -2.68% | 47.33% | |
42 Neutral | £1.90M | -14.96 | 4.16% | ― | 41.72% | 70.40% |
* Technology Sector Average
GB:TRAC
t42 IoT Tracking Solutions PLC
2.60
0.65
33.33%
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t42 IoT Tracking Solutions PLC Corporate Events
Business Operations and StrategyFinancial Disclosures
T42 IoT Boosts Revenue on Lokies Surge as It Ramps Up IoT Expansion
Positive
Sep 30, 2026
T42 IoT Tracking Solutions reported a 51.4% jump in first-half 2026 revenue to $3.48m, driven by surging Lokies smart lock sales, alongside higher gross profit, doubled cash, and a materially improved working capital position helped by reducing ou...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.