Trading update & Expression of interest in funding

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014. It forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this information is considered to be in the public domain.

21 October 2026

Candessa AI plc

("Candessa AI" or the "Company")

Trading update and Expression of interest in funding

Candessa AI plc (AIM: CAS), a leading provider of AI-led data infrastructure and machine learning solutions, is pleased to provide a trading update for the six months to 30 September 2026.

Unaudited revenue for the six months to 30 September 2026 was £540k, which represents a 63% increase from the previous six months. Revenue for the year to 31 March 2026 stood at £769k. For the year to 31 March 2027, the Company is forecasting sales to more than double: representing top line growth of close to 350% over three years. At such levels, the Company is expecting to achieve operating profitability. This will depend upon continuing successful conversion of trials of central bank datasets and closing contracts that are already under discussion.

Unaudited net cash as at 30 September 2026 together with an R&D tax credit expected imminently total approximately £300k.

The Company has access to AI investment opportunities where Candessa could provide its expertise, as well as further investment into digital assets. Should the Company wish to capitalise on these potentially high growth opportunities, it will require investment capital. 

The Board has received an expression of interest in funding from its Chief Executive, Richard Bernstein, who has approached the Board with an offer of a significant equity investment. Richard Bernstein has expressed his willingness to invest up to £600,000 at a premium to the current share price. The Board is evaluating this proposal and is mindful of both the upside potential of such investments, as well as the additional financial flexibility that such investment would bring. The Board will make a further announcement in due course. Should such investment be made, this will represent a related party transaction under AIM Rule 13 and will therefore require a fair and reasonableness assessment by the independent directors of the Company. These independent directors have indicated they expect to support giving such fair and reasonableness opinion.

Richard Bernstein, Chief Executive of Candessa AI, commented:

"In the first half, we delivered strong revenue growth over the previous six months. The Company now has visibility of exciting and high growth complimentary investment opportunities. In order for the Company to capitalise on such opportunities, I have expressed an interest in making a significant equity investment at a premium to the current share price."

For further information, please visit www.candessa.com or contact: