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9 May 2025

Belluscura plc

("Belluscura" or the "Company")

Trading update and commencement of strategic review

Belluscura plc (AIM: BELL), a UK medical device company focused on developing oxygen enrichment technology spanning broad industries and therapies, provides the following trading update and announces the commencement of a strategic review.

The Company confirms that, subject to any future regulatory changes, the US import tariff on its portable oxygen containers remains at zero. This continues to support Belluscura's cost structure and reinforces its ability to offer competitively priced products.

Despite challenges in late February and March in sourcing product, the Company experienced renewed demand for the X-PLOR during April, resulting in a record sales month of $0.52m.  Demand for the X-PLOR remains robust, reflecting the growing need for portable oxygen solutions globally.

The full commercial launch of the DISCOV-R remains on track and is expected towards the end of Q3. This product will further enhance Belluscura's offering of next-generation respiratory support devices.

Belluscura remains committed to achieving profitability. The principal constraint towards achieving this is access to sufficient working capital to fund bulk orders of completed goods, as bulk ordering is a key factor in significantly reducing the unit cost of goods sold.

To address this, the Company has initiated a strategic review, which will evaluate a range of options to substantially strengthen its capital position, including potential strategic investment, partnerships, alternative funding structures and other corporate initiatives. The review is aimed at supporting both the Company's short-term cash requirements and its longer-term growth and accelerating its path to sustainable profitability.

As at 30 April 2025, the Company's cash balance was $1.00m and its working capital bank debt balance stood at $0.79m.

There can be no certainty that the strategic review will result in any specific outcomes, and the Company will provide further updates as appropriate.

For the avoidance of doubt, the strategic review is not for the purposes of soliciting offers for the Company pursuant to the City Code on Takeovers and Mergers.

For further information please contact:

For further information, please visit https://ir.belluscura.com/