Catenai (LSE:CTAI), a small AIM-quoted company that combines IT services with investments in early-stage technology businesses, has been busy in 2026. Its investee Alludium launched a no-code artificial intelligence platform in March, the company reported full-year results for 2025 showing a net loss, and it has been chasing repayment of a Loan to another investee, Klarian.

What the company does

Catenai provides IT services and holds stakes in technology companies. One service contract, with Charlton Athletic Community Trust, was renewed for a further twelve months in an announcement on 20 April 2026. LSE:CTAI's main Investment themes are Alludium Ltd, which develops what it calls a no-code AI Agent Operating System, and Klarian Ltd, which sells a virtual sensor product called Vesta aimed at the energy sector. Mindflair, another AIM-quoted investor, also reported a small holding in Catenai in its own annual results.

Alludium moves to customers

Alludium launched its public commercial platform on 10 March 2026. On 19 March 2026 Catenai announced that Alludium had secured its first paying customers following an initial seven-day trial period, and management presented on the subject to investors that morning through Investor Meet Company. Catenai also announced a further investment in Alludium and related warrants, and later items covered certifications achieved by the platform and the launch of a Venture Capital vertical.

Full-year results

For the year ended 31 December 2025, the final results showed Revenue of £71,350, down from £131,500 in 2024, and a net loss of £496,401 against £128,714 a year earlier. Net Assets rose to £2,462,040 from £404,568 after a fundraising of £2,521,404. The results noted a further £250,000 invested in Alludium after the year end.

The Klarian loan

Catenai provided Klarian with an unsecured convertible loan note Facility of £450,000, first announced on 25 April 2024. In its 20 April 2026 update, it said Klarian would repay £699,160 due under the loan and related fees by 15 May 2026, with fees of 3% per month accruing on the outstanding balance until repayment. LSE:CTAI stated there was no certainty that Klarian would repay in full. Klarian said its commercial pipeline exceeded £5 million and that it was close to agreeing a statement of work with a global technology solutions provider serving energy and natural resources customers, with which it already has a memorandum of understanding.

Sector and index context

Catenai (LSE:CTAI) is a micro-cap on the FTSE AIM All Share Index, a part of the market where portfolio-style companies can swing sharply on news from a single investee. The AI agent market is crowded with well-funded competitors, so early customer wins carry significance but are not proof of scale.

Key risks

Revenue from the core services Business is small, and the company relies on funding from share issues and the success of a handful of unlisted holdings. Valuing those holdings is difficult, repayment from Klarian was uncertain at the date of the update, and further fundraisings could dilute shareholders. Alludium's early customers are a first step, not a track record.

What to watch next

Investors will look for confirmation of the Klarian repayment, a signed statement of work and the planned webinar with its chief executive, and for evidence that Alludium converts trials into recurring revenue. Interim results later in the year should show how far the 2025 fundraising has been deployed.