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Thalassa Holdings

THAL.L
18
Oil & Gas Equipment & Services · Energy
Price
23.50 GBp
+0.00 (+0.00%)
Market Cap
3.9M GBp
Exchange
London Stock Exchange
Winston Score
18
Winston is worried
Weak fundamentals across most pillars.
Data as of Jul 26, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+109.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 7.9M (2021) → 16.7M (2025)

Thalassa Holdings Ltd. is holding company, which operates in business through its wholly owned subsidiaries, WGP Group, and Autonomous Robotics. WGP Group focuses on marine geophysical services in production enhancement, exploration and surveying. Autonomous Robotics is an autonomous underwater vehicles research and development company. The company was founded by Charles Duncan Soukup on September 26, 2007 and is headquartered in Road Town, British Virgin Islands.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+101.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+56.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Runway

~3 years

$6M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$6M cash & investments at current burn rate

Revenue accelerating

Thalassa Holdings grew revenue 101% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
-840.3%
Thin — -840.3% gross margin
Operating Margin
-3314.4%
Losing money on operations — -3314.4%
ROCE
-2.1%
Weak — -2.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
N/A
Data not available
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-1830.0%
Burning cash (-1830.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.00
Conservative — low debt load (0.00)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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