Semiconductor wafer products supplier IQE (LON: IQE) gained positive momentum in the second half of 2025 due to defence business. There was also strong photonics demand and higher sales of wireless products. Revenues will be full year revenues of around £97m and EBITDA at least £2m due to operational gearing. HSBC has provided a waiver for the EBITDA covenant test. Cash was £15.6m at the end of 2025. There is a strong order book. The board is negotiating with potential buyers of all or part of the business. The share price gained 39% to 10.2p.
Nativo Resources (LON: NTVO) says the mapping and sampling campaign for the Bonanza gold project in Peru. The average grade was 10g/t gold. The gold mineralisation is hosted within narrow mesothermal veins. This is consistent with historical results. Two new potential mining sites have been identified. Assay results from underground workings are due to be released. The share price jumped 33.8% to 0.535p.
Futura Medical (LON: FUM) says results for the WSD4000 early feasibility study show that it has potential to deliver “a significant improvement in impaired sexual function in women. The improvement was 6.35 units over baseline on the Total Female Sexual Function index scale – the minimum clinically important difference is four units. This is an area where there is a lack of regulatory approved treatments. There were 12 women in the study, so it was not large. A phase 3 clinical study is being designed. There is a small in-clinic sham/placebo controlled sensory study and a 200 subject home user study both due to publish results in mid-2026. The share price rebounded 28% to 1.67p.
MicroSalt (LON: SALT) says 2025 revenues were slightly higher than the guidance of $2m. It is on course to generate revenues of $7m in 2026, which would be near to breakeven level. There are already orders underpinning this forecast. There is enough cash to fund this year’s growth. The share price improved 17.9% to 56p.
Cyber security company Corero Network Security (LON: CNS) says 2025 EBITDA was ahead of expectations. Revenues rose 4% to $25.5m instead of the anticipated dip and this meant that there was not a loss and instead it was positive EBITDA of $1m. Annualised recurring revenues are 23% higher at $23.9m. Net cash was $4m at the end of 2025. Zeus has maintained its 2026 EBITDA forecast of $1.4m and pre-tax loss of £1.3m. This will be reviewed when the full year figures are announced in March. The share price increased 17.5% to 11.75p.
FALLERS
Shareholders in Indus Gas (LON: INDI) have voted to leave AIM and ahead of that on 23 January the share price slipped 36.2% to 1.5p. JP Jenkins will provide a matched bargains facility.
Energy efficiency business Earnz (LON: EARN) says 2025 figures were in line with expectations with the two acquisitions made in 2024 trading ahead of initial expectations. Last year’s acquisition A&D Carbon Solutions has a growing order book. The share price fell 5.94% to 4.75p.
Shuka Minerals (LON: SKA) is still waiting for the £815,000 promised by Gathoni Muchai Investments, but it has received a payment instruction transfer for value. This will fund the acquisition of Leopard Exploration and Mining and the Kabwe zinc mine. The share price declined 4.35% to 5.5p.