Cirmaker Technology logo

Cirmaker Technology: Building Wealth on Solid Ground

Financing and investing in high-yield property projects across Ireland and the world, turning vision into consistent performance

Updated: Oct 28, 2025
Financials & Real Estate

Bull & Bear Case

An overview of the main reasons to invest and the key risks involved.

Bull Case

Distress-to-Value Assets

Deep pipeline and proven restructuring methods create recurring income.

Housing with Policy Tailwinds of Opportunity

Strong demand and government support ensure rapid sales and low risk.

Venture Capital, Reimagined

Opportunistic bets diversify earnings and enhance platform value.

Bear Case

Execution Complexity

Managing global projects and legal restructures could strain a lean team.

Funding Dependence

Growth model hinges on sustained capital raises and OTC investor interest.

Regulatory Delays

Timing of Reg A approvals or uplisting could hinder expansion plans.

Executive Summary

Cirmaker Technology Corporation (CRKT) is a real estate development and investment firm listed on the OTC markets, newly revitalized under CEO Tomas Brennan and his team. The company specializes in distressed asset acquisitions, property developments, and early-stage ventures with operations across Ireland, the UK, and emerging markets in Latin America and Southeast Asia.

The investment case thrives on a flywheel model that converts distressed property and debt situations into recurring income and asset revaluation gains. With an initial focus on the Irish housing crisis, Cirmaker is scaling through regulated capital raises and strategic acquisitions. The firm is determined to become a hybrid of real estate operator and venture allocator, aspiring to a NYSE uplisting in 3-5 years

Investment Thesis

Overview of buy and sell case of the business.

Why Invest?

Key pieces of information about the business that you need to know about.

Distress-to-Value Assets

Cirmaker's strategy begins where most investors hesitate: distressed, liens,, undervalued property. Through legal restructuring and SPV-backed conversions, it turns financial chaos into valuable cash flow. Its approach includes debt-to-equity deals, leasebacks, and bulk acquisitions. With a pipeline of 500+ deals, it’s not just buying low, it's engineering value recovery. Cirmaker’s model stands apart by turning distressed assets into stabilized yield engines through a process-oriented approach to legal clean-up, financial restructuring, and lease engineering. This layered value recovery, combined with disciplined capital deployment, enhances both downside protection and upside potential for investors.

Housing with Policy Tailwinds of Opportunity

Ireland's acute housing shortage is a crisis with a huge opportunity. Cirmaker is developing and acquiring over 1,000 homes with unit margins targeted at ~30%. Projects align with local schemes like "Repair to Lease" and government incentives for first-time buyers, enabling both social impact and predictable long-term cash flow. The model benefits from demand fundamentals, urban population growth, millennial family formation, and constrained supply, as well as policy alignment with local authorities. Through a focus on middle-income housing and partnership with local councils, Cirmaker is embedding itself in a critical and politically supported market segment.

Venture Capital, Reimagined

Up to 15% of Cirmaker's capital is directed to ventures that amplify its core capabilities or offer outsized return potential. These include modular housing startups, fintech payment systems, and even agricultural plays like rubber plantations. The unifying theme: long-tail assets that compound value without high capital burn. Importantly, these ventures are not distractions but complements, each project enhances or feeds into the core engine, whether via supply chain efficiencies, added margin layers, or geographic leverage. Cirmaker is positioning itself not just as a landlord but a platform, creating an ecosystem of synergistic ventures.

Catalysts

The key events that could drive investment opportunities and shift markets.

Near term
  • Irish SPV Acquisition: Finalization and integration of the $5M Irish real estate SPV acquisition with 75% debt write-off. This transaction brings eight income-generating homes and twelve more in development under Cirmaker's control, giving immediate NAV uplift and income visibility.

  • Shareholder Consolidation: Launch of investor webinars and share swap offers to consolidate Moralltach (MLG) ownership. This is aimed at aligning legacy investors, simplifying the shareholder base, and increasing market liquidity through more concentrated control.

Medium term
  • Housing Capital Deployment: Deployment of Reg A Tier 1 raise ($20M) to initiate development of 1,000+ Irish homes. The capital will enable phased construction, working capital flexibility, and marketing momentum, converting land into homes and homes into revenue.

  • Geographic Expansion: Expansion into Latin America and Southeast Asia through strategic SPVs and JV partners. These markets are less crowded and offer higher margins with lower land costs, allowing Cirmaker to replicate its Irish housing model internationally.

Long term
  • NYSE Uplisting and Reg A Tier 2: Execution of Reg A Tier 2 raise ($75M) and uplist to NYSE by 2028/29. This move would mark a transition from microcap to institutional-grade investment, unlocking new pools of capital and valuation multiple re-rating.

  • Flywheel Reinvestment: Value compounding through repeated flywheel cycles across real estate, debt, and ventures. As the model scales, Cirmaker aims to reinvest profits and equity gains into new markets, enhancing compounding effects and growing its asset-backed base sustainably.

Key Risks

Key pieces of information about the business risks that you need to know about.

Execution Complexity

Cirmaker operates in multiple countries, legal systems, and asset types. Its model involves real estate development, legal restructuring, venture investing, and capital markets navigation—all of which require executional depth and expertise. Missteps could lead to cost overruns or diluted returns.

Funding Dependence

The company's current growth relies heavily on private placements and Regulation A offerings. While initial rounds have been successful, any downturn in OTC investor sentiment or delays in approvals could disrupt its capital pipeline and slow project timelines.

Regulatory Delays

Cirmaker's pathway to scale includes uplisting from OTC to NYSE and issuing Reg A Tier 1 and Tier 2 raises. These depend on SEC timelines, disclosures, and macro sentiment toward microcaps. Any delays here could put strategic milestones at risk.

Follow the Experts

Quickly navigate key insights from industry experts and leverage their knowledge and market intelligence.

Eoin Ó Broin TD profile

Eoin Ó Broin TD

Teachta Dála of Ireland

52K+ audience

Expert Insights

article

“Unless the government accelerates delivery of social and affordable homes, the housing crisis will continue.”

Micheál Martin profile

Micheál Martin

The prime minister of the Republic of Ireland.

209K+ audience

Expert Insights

x

“Housing is the number one issue for the Irish government.”

Anna Scaly profile

Anna Scaly

Partner, Head of Technology & Media, Fintech Lead at KPMG in Ireland

1K+ audience

Expert Insights

article

“A strong end to 2024 and a positive start to 2025 underscore the resilience of Ireland's innovation ecosystem amidst global funding pressures and show confidence is returning to the market.”

Investor Materials

Access the most recent investor updates published by the company.

Key Documents

Cirmaker Technology Corporation.pdf

Article

Shared with Dropbox

A n Overview Presentation on Cirmaker Technologies Corporation PLC for Private Placement Investors

PDF

Cirmaker Technology Announces Private Placement of Shares

PDF

Press Releases

CEO Tomas Brennan Reports Continued Open Market Purchases, Private Placements, and Further Asset Acquisitions Through Share Purchases

Article

Cirmaker Technology Appoints Atlanta Capital Partners, LLC for Investor Relations

PDF

Cirmaker Technology Completes Strategic Acquisition of Irish Property Holding Company

PDF

External Insights

A curated collection of third-party content relevant to the company and sector to help inform your investment decision.

Deep Dive

Fear Ireland’s shadow banks The Emerald Isle is ripe for a volatile market correction

Article

Streaming Income - A Podcast from Barings · Episode

Team

Meet the experienced professionals leading our organization

Tomas Brennan - undefined

Tomas Brennan

Don Morrison - undefined

Don Morrison

xx - undefined

xx

What the Pro's Are Asking

Here are the questions that professional investors are asking before making an investment decision.

Can Cirmaker handle the operational complexity of such a diverse model?

This is a key question. From debt workouts to modular housing to fintech, the business spans 3 mina areas. Management says the diversity is mitigated via SPVs and regional JVs, but it still requires deep talent and control systems. Investors are watching to see how the company can build a central backbone of project governance, financial control, and cultural cohesion across geographies. Success will build on how effectively Cirmaker can embed systems and leadership capacity that are scalable across regions without creating bottlenecks or decision fatigue.

How credible are the valuation targets and NAV growth assumptions?

The company forecasts significant asset revaluations post-restructuring, often based on comparable housing margins or legal resolutions. Investors want transparency into assumptions and third-party validations, particularly as deals move from paper to build. They also seek clarity on how valuation uplift will be recorded, via external appraisal, sales comps, or completed transaction data, and whether conservative or aggressive assumptions are being applied. A robust track record of revaluation through completed sales will go a long way in supporting future investor confidence.

What protections do shareholders have in venture projects?

With capital allocated to riskier early-stage ventures, investors seek clarity on governance, reporting, and exit mechanisms. The company's minority-style investments are said to limit downside, but detailed disclosures are still needed. Investors want to understand how Cirmaker evaluates and monitors these ventures, especially since they operate in unrelated sectors like fintech and agriculture. Will there be board representation, observer rights, liquidation preferences, or convertible structures? The more institutional these safeguards appear, the more comfort investors will feel.

How real is the NYSE ambition?

Many OTC firms talk uplisting; Cirmaker is determined. Investors are asking what concrete milestones (profitability, revenue thresholds, audit standards) are being hit to make this more than just aspirational. They also want to know the firm’s plan for investor relations, governance enhancements, and strategic communications. A timeline alone is not enough—investors are watching for signs of internal readiness, including PCAOB audit standards, S-1 filing preparation, and roadshow materials aimed at institutional players. With those, the NYSE ambition becomes very real.

How replicable is the Ireland housing model in other markets?

The Irish housing play benefits from government support and attractive margins. As the firm expands, investors want to know if similar unit economics and policy tailwinds exist in LATAM or Asia. They’re asking whether zoning, financing, and construction costs allow the same level of gross margin, and whether Cirmaker can find equivalent government schemes abroad. They also want to assess execution risk when working in new regulatory environments, especially around land title security, permitting processes, and buyer demand trends in those markets. Cirmaker feel their knowledge, experience and ability to adapt and replicate their model in other regions is very valuable.