25 November 2025

IntelliAM AI Plc

('IntelliAM' or the 'Company')

IntelliAM AI plc (AQSE: INT), the software company leveraging the power of AI and machine learning in the manufacturing industry, announces its unaudited interim results for the six months ended 30 September 2025 (the 'period').

Highlights

·    Expanded strategic partnerships, notably with SKF where the two parties have agreed to co-fund a development project to enhance SKF products with the IntelliAM AI platform and Hovis where the customer contract value has increased nine fold over the last year.

·    Co-hosted the AI Connected Summit with SKF, the world's largest bearing and lubrication company. The event attracted representatives from over 20% of the world's largest FMCG companies.

·    Group revenue increased 158% to £2.4 million (H1 2024: £0.93 million), representing 48% organic growth3 which illustrates the progress in signing new customers and advancing existing customers onto the IntelliAM platform.

·    Annual Recurring Revenue (ARR) grew to £1.18m (H1 2024: £0.15m and £0.81m at year end).

·    Adjusted EBITDA2 loss £460.5k vs. a loss of £36.4k in H1 24, reflecting the increase in headcount particularly on the software development and commercial side of the business.

·    Headcount across the Group was 64 at the end of the period (vs.46 at the end of H1 in the prior period).

·    Cash at end of the period stood at £785.8k (£3,281.3k at H1 24 and £1,967.2k at year end 31^st March 2025).

Operational highlights

·      Launch of IntelliAM interfaces manufactured by CTC (US Channel Partner)
New IntelliAM interfaces, manufactured by our US channel partner CTC, have been introduced to connect customer assets directly to the IntelliAM cloud. This removes legacy technology debt, reduces reliance on third-party sensor providers and supports customers on their AI adoption journey. The interfaces link to a web application that streamlines system set-up and enables AI-generated work orders with improved accuracy through a deeper understanding of operating context and machine configurations.

·      Enhanced reliability insights and platform user experience. New dashboards have been developed to deliver richer reliability insights, including configurable insight feeds that make the platform more intuitive and user friendly. Work has also commenced to connect machine learning outputs with OpenAI tools to provide advanced planning capabilities and enhanced workflow management for maintenance and operations teams.

·      Progress on wired systems and Decipher module ahead of H2 rollout
Wired monitoring systems have been successfully trialled in preparation for the H2 rollout of our Decipher module. Decipher enables the contextualisation of asset data and goes beyond traditional predictive maintenance techniques, allowing customers to manage critical assets with high process variability in a more advanced and proactive way.

·      Introduction of New Asset Page Capability (Tree-Structured View via UNS)
A new Asset Pages feature has been developed to consolidate all data associated with an asset into a single, unified view. Using a tree-structured hierarchy, the feature brings together asset metadata, telemetry, maintenance history, reliability insights, and configuration information in one place. The new interface provides a more intuitive navigation experience, enabling users to quickly understand asset relationships, drill into sub-components, and access all relevant operational and AI-generated insights from a centralised view. This forms a foundational step toward fully contextualised asset management across the IntelliAM platform.

Outlook

·    Having reviewed the progress made in the first 6 months, the Board remains comfortable with estimates provided to the market at year end. As expected revenues for the year will be second half weighted in part due new product availability and the pipeline opportunities from the Connected Summit.

·    Building on the operational developments outlined above, the Group has continued to invest in its commercial capabilities. A new commercial team has been established, including the appointment of a Vice President of Sales, a Commercial Manager and technical sales engineers. This team is focused on converting the growing pipeline and is fully geared towards delivering the anticipated second-half financial performance.

Chief Executive Officer, Tom Clayton, said:

"We are pleased with the strong progress made in the first half as we continue to execute against our strategic goals. The natural synergy between our consulting business and our platform business remains a key differentiator, with existing consulting customers progressing onto the IntelliAM platform and new customers being onboarded.

As our customer base grows, we are seeing customers invest more heavily in our AI solutions. Our Connected Summit event has contributed to an increased pipeline of opportunities for the second half and beyond. In addition, our partnership with SKF expands our addressable market beyond our traditional FMCG customer base and into new geographies. We expect this relationship to begin contributing in our next fiscal year.

We are fortunate to work with a high-calibre, blue-chip customer base that provides a strong launch pad to expand our AI vision in manufacturing. We remain differentiated in our ability to combine a high-performance AI platform with deep domain expertise, delivering tangible gains in productivity and efficiency across our customers' facilities."

Post-balance sheet update

After the Board approved these interim financial statements, the Company completed a placing of 227,272 new ordinary shares to raise £250,000 gross (~1.2% of issued share capital). Net proceeds of the Placing will be used to accelerate the delivery of the Co-Development partnership with SKF.  In addition, on 24 November 2025 the Company launched a retail offer via the Winterflood Retail Access Platform (WRAP), which has yet to close at the time of publication of these interim statements. These events occur after the date of authorisation and therefore do not affect the interim financial statements for the period ended 30 September 2025.

Chief Executive's statement

The first six months of our financial year has been exceptionally busy with R&D, operational, sales and marketing, and accounting workstreams

Throughout the period, management and staff have been working tirelessly to further the development of the IntelliAM machine learning platform and our customer relationships in the consulting side of the business.

Business Review

The consulting business had a strong H1 performance in line with management expectations.

This supports our land and expand strategy where we see customers adopting our platform in stages. Firstly through the enhancement of their condition based maintenance (reliability solutions) and the benefits from using a tailored OEE (productivity) dashboard. As IntelliAM becomes more deeply integrated into the efficiency and governing of the manufacturing process we see growth across manufacturing lines and sites.

Highlights in the first half

Through the period, IntelliAM signed some significant contracts. These included

·    A contract extension with Hovis that was a new customer in September 2024 and whose contract value increased ninefold through site expansion and investing further in the IntelliAM platform.

·    We signed a co-development partnership agreement with SKF, the world's largest bearing and lubrication company. The intent is to create commercial products that integrate the IntelliAM AI platform with SKF's industry-leading lubrication technology.

·    IntelliAM AI was named 'Manufacturing Tech Company of the Year' at the 2025 Business Tech Awards.

·    We made some prominent hires during the period, including a VP of sales to lead the commercial side of the business through its multi-year growth phase.

Costs

The primary cost in the business is headcount but we also saw a rise in marketing initiatives. At the end of the period, headcount was 64. We expect headcount costs to rise in H2 as we continue to hire and the average monthly payroll will naturally be higher in H2 than H1.

Outlook

With the outturn in H1 being in line with the Board's expectations, the Board remains confident in achieving targets set out at the year end, considering the expected acceleration in H2. Our confidence is based on a full half year of product availability, our pipeline from the Connected Summit with existing customers as well as expected new customer wins. Due to the strength of our existing customer base we have strong visibility into our pipeline.

(1) Annualised recurring revenue is monthly recurring revenue at the end of period multiplied by 12. This period ARR also includes an estimate for the recently signed Hovis deal.

(2)Adjusted EBITDA (Earnings before interest, tax, depreciation and amortisation) are stated excluding any costs related to the IPO and any stock based compensation in the period.

(3) On 4 July 2024, the Group completed the acquisition of 53 Degrees North Engineering Ltd ("53DN"). As a result, the Group's reported revenue for the half year ended 30 September 2024 includes only three months of trading with 53DN. For comparative purposes and to provide a clearer view of underlying performance, the organic revenue analysis presented assumes that 53DN was part of the Group for the whole comparative period (1 April 2024-30 September 2024). This approach allows for a more consistent year-on-year comparison of trading performance.