olivLaw · European equity research
R8 Capital Investments PLC MODE.L
United Kingdom · London Stock Exchange · ISIN GB00BKX8NT01 · Vertical: Listed companies from United Kingdom
R8 Capital Investments PLC is a holding company listed on the London Stock Exchange that has ceased its crypto-related trading operations and now operates as a cash shell. The current question is whether the subscription and a possible reverse take-over complete before cash runs out, as the company has no alternative plans and substantial doubt about going concern is flagged.
At the close of 05 Nov 2026, R8 Capital Investments PLC (MODE.L) stock was 0.00 GBP (−14.29% on the day), with beta -3.03, 52-week range 0.00–0.01 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.7
- weak (30–45)
- Bollinger (20, 2)
- 0.00 – 0.00
- in the lower half of the band · %B 0.01 · band width 37.3%
- SMA 50 / 200
- 0.00 / 0.01
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −35.7% | −0.6% | −35.1 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | +800.0% | +4.3% | +795.7 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | +5.8% |
| 3 years | unavailable | +49.8% | unavailable | +26.3% |
| 5 years | −71.9% | +42.8% | −114.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 68.0 k | 133.0 k |
| Revenue YoY | unavailable | +95.6% |
| Net income | -942.0 k | 1.7 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -1,385.3% | 1,255.6% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 32.0 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- -1.7 m GBP
- Total assets
- 64.0 k GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 1,730.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 68.0 k | 133.0 k | esef· 07 Jul 2026verified |
| Cost of revenue | 0 | 0 | esef· 07 Jul 2026verified |
| Gross profit | 68.0 k | 133.0 k | esef· 07 Jul 2026verified |
| Operating income | -818.0 k | -163.0 k | esef· 07 Jul 2026verified |
| Interest expense | 124.0 k | 31.0 k | esef· 07 Jul 2026verified |
| Pre-tax income | -942.0 k | 1.7 m | esef· 07 Jul 2026verified |
| Income tax | 0 | 0 | esef· 07 Jul 2026verified |
| Net income | -942.0 k | 1.7 m | esef· 07 Jul 2026verified |
Balance sheet · GBP
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1,255.6% | 100 (vs peers) | 50% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.3x | 0 (on a fixed band) | 50% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
R8 CAPITAL INVESTMENTS PLC (MODE.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 133.0 k GBP in 2025; YoY growth 95.6%; net margin 1,255.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 1,255.6%
What contradicts it
- Interest coverage: -5.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for MODE.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
R8 Capital Investments PLC is a holding company listed on the London Stock Exchange that has ceased its crypto-related trading operations and now operates as a cash shell. The current question is whether the subscription and a possible reverse take-over complete before cash runs out, as the company has no alternative plans and substantial doubt about going concern is flagged.
SWOT
Strengths
- The company has an LSE listing and an established governance calendar, which could facilitate a reverse take-over transaction.
- Operating costs are small because there are no employees and directors work from home.
- Deregistration from the FCA removes residual crypto-related obligations from the cost structure.
Weaknesses
- The company has no trading revenue and depends on outside funding to continue.
- The report flags material uncertainty about going concern if the transaction does not complete.
- The board does not meet LSE diversity requirements and has not appointed a senior independent director.
Opportunities
- If the subscription completes, the company could meet the capital needs of a reverse take-over.
- The creditor settlement could significantly reduce liabilities if implemented as planned.
- The transaction in diligence could give the company a new target if it completes.
Threats
- If the subscription does not complete, cash could run out by July 2026.
- Creditor settlements could be invalidated if the transaction does not go ahead.
- A later reverse take-over would require additional funding, whose availability is uncertain.
Risks
- Going concernhigh
The report flags a material uncertainty that may cast significant doubt on going concern if the subscription does not complete.
- Transaction fundinghigh
The Heads of Terms are not legally binding for the subscription, and completion depends on conditions precedent and shareholder approval.
- Creditor arrangementsmedium
The settlement with exceptional creditors is conditional on completing the subscription, and failure could affect the arrangements.
- Reverse take-over strategymedium
The main strategic risk is identifying and completing an acquisition or reverse merger within the timeframe required by the LSE.
- Governance risklow
The board has no independent directors and no senior independent director, which limits oversight.
Investment thesis
What would need to be true (bull case)
- If the subscription and the reverse take-over complete, the company could return to an operating business with reduced liabilities.
- Cost reduction and removal of FCA obligations could make the structure easier to adapt to a new activity.
- Creditor arrangements could significantly reduce liabilities if implemented as planned.
What would break the thesis
- If the subscription does not complete, the company has no alternative plan and its going concern status could be called into question.
- The company generates no revenue, and the board cannot guarantee that funding will be obtained on the planned timetable.
- A later reverse take-over would require further funding, and the current transaction remains in diligence without certainty of completion.
What to watch
- Completion of the subscription and shareholder approval for issuing new sharesJuly 2026
- Confirmation of creditor settlements with Redwood Bank and Troutman Pepper LockeJuly 2026
- Progress of the reverse take-over transaction in diligence2026
- Updated cash forecasts and working capital requirementnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
R8 Capital Investments PLC is a holding company whose operating activity has ended, according to its annual report for the year ended 31 December 2025 1. Subsidiaries including Mode Global Limited, JGOO Limited, Fibermode Limited, Greyfoxx Ltd and Fibere Limited have ceased operations, and Fibermode was deregistered from the FCA crypto assets register in May 2026 1. At 31 December 2025 the group held 32 thousand pounds in cash 1.
The company now runs as an LSE-listed cash shell with no trading revenue, aiming to identify an acquisition or reverse take-over 1. The board consists of a chairman and an executive director, and the audit committee is made up of the two directors 1.
The structure depends heavily on outside funding: the group estimates it needs about 450 thousand pounds of minimum working capital within the going concern period to 30 June 2027 1. Heads of Terms dated 29 April 2026 provide for a minimum subscription of 500 thousand pounds, subject to shareholder approval and other conditions 1.
Segments
Ceased crypto operations
Crypto-related activities, including the trading platform, crypto treasury and customer rewards, were stopped from January 2023 and entered wind-down 1.
Cash shell status
The only ongoing activity is the status of a listed company without operations, whose value depends on completing an acquisition or reverse take-over, for which a transaction is in diligence 1.
Market context
The report describes the market the business served as affected by the collapse of FTX and the lack of investor appetite for crypto-related businesses, which drove the 2023 decision to cease operations 1. The company no longer competes in a product market and is instead seeking a reverse take-over under LSE rules 1.
Funding context is increasingly important: if the subscription does not complete, the company has no alternative plans and its creditor settlements could be invalidated 1. A later reverse take-over would require further funding, whose amount and timing are uncertain 1.
Trends
- Crypto regulation winding downtailwind
The deregistration of Fibermode from the FCA register in May 2026 removes residual wind-down costs from the cost base, reducing regulatory exposure 1.
- Weak appetite for cryptoheadwind
Investors' lack of appetite for crypto-related businesses after the FTX collapse was the reason for ceasing operations and continues to limit options 1.
- Funding conditions for RTOmixed
The success of a reverse take-over depends on raising additional funds, and the board acknowledges that this process is uncertain in timing and amount 1.
- Reduction of exceptional liabilitiesmixed
The settlement with exceptional creditors, conditional on the subscription, could significantly reduce balance sheet liabilities but depends on completing the transaction 1.
Competitive position
The annual report does not name direct competitors because the company has no trading activity 1. The relevant competition is with other cash shells and reverse take-over vehicles pursuing the same targets or investors 1.
The company's competitive position depends on completing a transaction before cash runs out, and the board considers post-year-end progress to have materially reduced this risk 1.
- Other LSE-listed cash shells
The source does not name competitors; similar shells pursuing reverse mergers may compete for the same targets.
- Reverse take-over investors
New investors with whom Heads of Terms were signed are a competing pool of capital, though they are not named as competitors in the report.
- Crypto trading platforms
Former group activities competed with crypto asset platforms, but these activities have been ceased.
- Other reverse take-over vehicles
Companies seeking the same merger targets could compete for the same opportunities, as the company's strategy risk describes.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Jul 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / R8 Capital Investments PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.