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Light Science Technologies Holdings plc

("LSTH", "Light Science", the "Company" or the "Group")

Final Results

Analyst Briefing & Investor Presentation

Notice of AGM

Light Science Technologies Holdings plc (AIM: LST), the innovative technology and manufacturing business providing real-world solutions targeting issues including global food security and fire safety, announces its audited results for the year ended 30 November 2025 (the "Period").

Financial Highlights

·      Revenue of £8.6m (2024: £12.0m)

o  Reflecting reshaping of the portfolio and the anticipated reduction in lower-margin Contract Electronics Manufacturing ("CEM") activity

·      Gross margin increased by 11.5% to 33.8% (2024: 30.3%)

o  As a result of continued shift to higher value opportunities

·      Loss before tax of £0.89m (2024: £0.03m)

o  Driven by timing effects in Passive Fire Protection ("PFP") contract conversion and the expected reduction in CEM's servicing of the pest control market

·      Group cash at 30 November 2025 was £0.7m (30 November 2024: £1.2m)

Operational Highlights

·      PFP division positioned for accelerated conversion of sales pipeline

o  Continued education of key stakeholders, including the Building Safety Regulator ("BSR"), on the benefits of Injectaclad

o  Increasing number of BSR applications on which Injectaclad is now being specified

o  Recent regulatory progress underpins expectations of a significantly improved H2 of FY2026

·      AgTech ("AGT") division continued to develop its product suite and relationships

o  Upgraded customers' control systems and associated infrastructure in over 30 commercial glasshouses in the UK

o  Engaged a new sales executive to support scaling of the sensorGROW product suite

o  Strengthened sensorGROW IP position, following grant of a patent for its environmental sensor

·      CEM division focused on de-risking high customer concentration and on entry into higher margin markets including defence, medical and healthcare opportunities

o  Increased operational efficiencies and diversified customer mix

o  More onshoring back to the UK expected as a result of global uncertainties and supply and logistics issues

Post-Period End Highlights

·      Raised £6.6m to fund acquisitions of RLUK Injection Ltd ("RLUK"), the remaining minority interest in UK Circuits and Electronics Solutions Limited  ("UK Circuits") and the remaining units of the Manchester property (announced on 11 March 2026)

·      RLUK incorporates Injectaclad Ltd ("Injectaclad") facilitating scalability of PFP division, increasing access to fire remediation projects and providing a new revenue stream as the solution patent holder and materials supplier to installers

o  Enhancing the Group's control over a critical asset and ability to scale revenue and further improve gross margins

o  A key part of the Group's strategy to become the market leader in the remediation of building cavity fire barriers

o  Recently published BSR Strategic Plan highlights the need to cut delays and expediate cladding remediation schemes

·      UK Circuits minority and property acquisitions

o  Giving the Group full control of the CEM division and eliminating rental costs

o  The Manchester property will also become a northern base for PFP distribution and training

·      AGT secured an additional university contract in Wales and extended its contract with Nottingham Trent University ("NTU"), adding £0.44m in new revenues for the current period

Outlook

·      The enlarged Group is strongly positioned to capture a greater share of value chain, and for accelerated growth, targeting higher margin larger contracts and increasing recurring revenues

·      Strategically placed for improved conversion, enhanced sales and a stronger performance in FY2026 as H2 growth opportunities underpin confidence, with management anticipating a strong second-half revenue delivery in PFP

Online Analyst Briefing: 10.00am, today

An online briefing for analysts will be held at 10.00am today.  Analysts interested in attending should contact Walbrook PR on [email protected] or 020 7933 8780.

Investor Presentation: 11.00am on Monday 27 April

Management will provide a live online presentation and host an investor Q&A session via the Investor Meet Company platform on the results and the Company's future prospects, at 11.00am on Monday 27 April. Investors can sign up for free and register to meet Light Science via the following link: 

https://www.investormeetcompany.com/light-science-technologies-holdings-plc/register-investor

Questions can be submitted pre-event via the platform or by emailing [email protected], or in real time during the presentation via the "Ask a Question" function.

Posting of Annual Report & Accounts and Notice of AGM

The Company will be posting its annual report & accounts, together with notice of AGM, to shareholders later today, with this document now available on its website.

The annual general meeting is to be held at 10 am on Friday, 22 May 2026 at Ednaston Park Business Centre, Painters Lane, Ednaston, Ashbourne, DE6 3FA.

Simon Deacon, CEO of LSTH, commented: "This was a transitional period for the Group with a focus on creating a platform for high-margin growth across all of our divisions. We rebalanced the sales mix, with PFP and AGT providing the most significant scope for growth, while we further de-risked the CEM division, which is now well positioned to enter Defence, Medical and Healthcare markets.

"The post period end acquisitions will be transformational for the Group, significantly enhancing our profile and ability to generate scale and further grow margins as we target mid-term revenues of c.£50m. We believe that our solutions will become ever more prominent as both legislation - with the recently published BSR Strategic Plan highlighting the need to expedite schemes -  and global issues set to underpin increased demand. Having successfully completed the £6.6 million fund raise and acquisitions we are well placed for a strong second half of the current financial year as we fully integrate Injectaclad into the Group, which will support growth for the years to come.

"I'd like to thank the current and new investors for their support in the next exciting phase of our development."

For additional information please contact:

Notes to Editors:

About Light Science Technologies Holdings plc (www.lightsciencetechnologiesholdings.com)

Light Science Technologies Holdings plc ("LSTH") operates through three divisions: Passive fire protection ("PFP"); AgTech ("AGT") and contract electronics manufacturing ("CEM"). The Company is involved in the design, manufacturing, and installation of products and customized solutions spanning various industry sectors, with a focus on addressing global challenges related to food security, climate change, and fire protection, the Group is committed to developing robust solutions in these rapidly growing market sectors.

As both an installer and supplier of the fire resistant graphite barrier system Injectclad, the PFP division is strongly positioned to capture a growing proportion of the fire remediation market as the Buildings Safety Regulator ("BSR") backlog unblocks, enabling accelerated conversion of the Company's strong sales pipeline. The Injectaclad system is a solution for the retrospective installation of cavity fire barriers in buildings using a pumped system, thereby avoiding the need for full-scale façade removal. It addresses a significant problem in the UK's built environment, where thousands of buildings require remediation to meet fire safety standards. For more information please visit Cavity Fire Barrier Remediation System | Injectaclad Ltd

The Group's tailored AgTech solutions encompass control systems, grow lights, sensor technology, venting, and irrigation systems, catering to both UK and global customers. Key markets include indoor, vertical, glasshouses, polytunnels, and more recently wider applications in broadacre farming. Driving factors comprise global food and water shortages, a growing population, government policies promoting sustainable growth methods, heightened scrutiny of food production's impact on climate change, and a shift away from processed foods. Key markets span Eastern Europe, the Americas, Australasia, and select locations in the Middle East, with the Company expanding routes to market via low-cost, low risk distribution agreements globally. For more information please visit: Sustainable grow lights and sensor technology - Light Science Technologies

The CEM division excels in designing, procuring, and manufacturing high-quality electronic products, with a specialisation in Printed Circuit Boards. These products find application across diverse sectors such as audio, automotive, electronics, gas detection, lighting, pest control, telecommunications and AgTech. For more information please visit: Home | UK Circuits

The Group is strongly positioned across a range of high growth sectors with proven technologies and solutions. It is increasingly focused on high margin opportunities that will drive cash generation. Furthermore, it is positioned for accelerated growth, targeting larger contracts and increasing recurring revenues - as both legislation and global issues look set to underpin demand for its products, driving the Company towards sustained profitable growth.

Chairman's statement

FY2025 has been a year of disciplined execution and strategic repositioning for Light Science. While Group revenues reduced to £8.63m (2024: £12.04m), this reflected the deliberate reshaping of our portfolio and the anticipated reduction in lower-margin CEM activity. Importantly, the Group delivered a further improvement in gross margin to 33.8% (2024: 30.3%), demonstrating the continued success of our shift towards higher-value opportunities and our ongoing drive to operational efficiencies.

Although the Group recorded a loss before tax of £0.89m (2024: £0.03m), this was driven by timing effects in PFP contract conversion and the expected reduction in CEM's servicing of the pest control market.

Across the Group, we have sharpened our strategic focus. The PFP division continues to build momentum, supported by a growing sales pipeline and increasing industry recognition of the benefits of Injectaclad as a highly effective and durable solution for remediating building cavity fire barriers. With recent signs of regulatory blockages beginning to release, we expect significantly improved conversion rates in the second half of FY2026.

In the AGT division, we have taken decisive action to preserve a lean cost base until larger orders in the pipeline begin to convert, ensuring the division remains efficient and ready to scale.

In the CEM division, we are progressing towards defence, medical and healthcare accreditations, which will open access to higher-margin markets and reduce historical customer concentration.

Following the year end, the Group announced a transformational set of plans, including a successful £6.6m fundraising and the acquisitions of RLUK Injection Ltd ("RLUK Injection") and the remaining 10% minority interest in the CEM division's UK Circuits and Electronics Solutions Limited ("UK Circuits"), together with the associated property.

The acquisition of RLUK Injection secures the intellectual property and supply chain behind Injectaclad, enhancing the Group's control over a critical asset within the PFP division and materially improving our ability to scale in a market with substantial medium-term demand.

Consolidating full ownership of UK Circuits and acquiring the Manchester property further strengthens the Group's operational base and supports our strategy to expand into higher margin defence, medical and healthcare markets.

The Board believes these developments create a robust platform for sustained high-margin growth, reduce reliance on third parties and materially enhance the Group's medium-term prospects.

Dr Graham Cooley

Non-Executive Chairman

23 April 2026

Chief Executive's report

FY2025 was a transitional year for the Group, with progress made in strengthening margins, building substantial pipelines and repositioning the business for higher‑quality growth. While external factors impacted short‑term revenues, strategic actions taken during and after the period leave the Group well positioned for improved conversion and stronger performance in FY2026.

Commercial, Operational and Financial Highlights

The PFP division delivered £1.38m (2024: £1.78m) of revenue during the year with gross margins of 51.7% (2024: 53.3%). Contract conversion was significantly slower than anticipated due to delays in project application approvals at the Building Safety Regulator ("BSR"). The government has responded by moving, at the end of January 2026, responsibility for the BSR from the Health and Safety Executive, to become a standalone, arm's-length body within the Ministry of Housing Communities and Local Government ("MHCLG"). During the year, the PFP division's quoted pipeline grew significantly from approximately £9m at the start of the financial year to approximately £20m currently. Recent regulatory progress provides us with confidence that we will see accelerated conversion within the division in the second half of FY2026.

The AGT division delivered £0.97m (2024: £0.78m) of revenue during the year with a 43.0% (2024: 49.9%) gross margin. Focus has been split between upgrading customers' control systems and associated infrastructure in over 30 commercial glasshouses in the UK, and expanding international partnerships for our nurturGROW and sensorGROW product solutions. We have continued development of our sensor technology and software platform, to facilitate expansion through resellers, lowering the costs of market entry and providing opportunities to scale the business rapidly. The AGT division remains lean while we await conversion of the substantial quoted pipeline, currently worth over £34m. With a strengthened IP position, following grant of a patent for its environmental sensor, sensorGROW (as announced on 2 June 2025) and growing international interest resulting from increasing concerns over global food security driven by the current geopolitical and economic uncertainties around the world, AGT remains a key long-term growth engine for the Group.

The CEM division delivered £6.31m (2024: £9.51m) revenue during the year with gross margins of 28.4% (2024: 24.3%). CEM revenue reduced as a direct result of its largest customer in the pest control market bringing one of its products to end-of-life, as anticipated. Gross margin improved though, driven by operational efficiencies and a more diversified customer mix. Customer concentration within the CEM division, and the Group, reduced during the year from 49.2% to 30.4% of Group revenue, lowering overall risk exposure. Our priority for the short-term is to gain defence, medical and healthcare accreditations, enabling us access to higher-value markets and long-term contracts. We will continue to focus on a higher-margin customer mix and, as was experienced during the COVID pandemic, we expect to see more onshoring back to the UK as a result of global uncertainties and supply and logistics issues around the world.

Strategic Growth and Market Opportunity

Our focus for FY2025 was to shape the Group for growth, with a strong emphasis on the PFP division. While awaiting the backlog of project applications at the BSR to be released, we have continued educating key stakeholders, including the BSR, on the benefits of Injectaclad as an optimal solution for remediating cavity fire barriers, versus the substantially more expensive and disruptive alternative of removing building façades. During the year, we have run continuing professional development and training sessions for stakeholders, including the BSR, underpinning their understanding of the Injectaclad solution, particularly given the increasing number of BSR applications on which Injectaclad is now being specified. We plan to increase the number of Injectaclad CPD sessions during 2026 and continue to expand awareness and education throughout the industry.

There are estimated to be over 40,000 buildings in the UK alone potentially requiring remediation work, with an addressable market estimated to be worth over £4bn^[1]. To date, approximately 150 buildings have been completed using the patented Injectaclad solution, providing a very solid experience base on which to scale.

The post-year-end acquisition of RLUK Injection, owner of the patented Injectaclad system, brings the entire value chain of the PFP division under the Group's control, significantly strengthening the Group's strategic position and materially enhancing our ability to scale revenue and improve already strong gross margins.

Within the AGT division, our UK growth strategy has been to increase the visibility of our turnkey offering to the current customer base, through a number of media channels. The project win for Nottingham Trent University ("NTU"), worth approximately £0.60m (announced on 27 October 2025 and updated on 30 March 2026) sees all three of our Group divisions join forces to deliver an innovative research centre for our customer, showcasing to the market the multiple capabilities and synergies across the Group.

Internationally we have seen our lighting products delivered into Germany and Poland during the year. We have engaged a new sales executive to support scaling of the sensorGROW product range through global distribution partners, and to convert the associated recurring revenues. We have continued to manufacture the sensorGROW product in house, through our CEM division, ensuring control of the process and costs.

The market opportunity in sensors is estimated to be worth approximately £3.6 billion globally and growing at a compound annual growth rate of 11.3%^[2]. With the cost of fertiliser and other key inputs increasing globally, it has become more important than ever to manage resources usage with live data. Our system provides customers with control of these key inputs and gives them the tools to increase their crop yields.

Within the CEM division, we have focused on de-risking our customer base, particularly the high level of historic concentration from our largest customer in the pest control market. We have been re-positioning the business and working on gaining new customers in higher-value markets and towards the end of the year have successfully started servicing into a new market supplying digital signs for London transport.

Post year we acquired the remaining 10% shareholding in the CEM division's UK Circuits, along with the remaining two units of the Manchester property, giving the Group full control of the CEM division and eliminating rental costs. The site will also become a northern base for PFP distribution and training, supporting faster mobilisation and improved customer reach.

Central to our strategy is to gain the required accreditations to enter higher tiers of the defence, medical and healthcare markets: to this end, we have received defence industry specialist support to assist us in alignment of our procedures and processes. We have been working to a detailed framework to achieve readiness for the accreditations and our recent equity fundraise will be instrumental in providing the resources to continue our progression through the required gateways. Additionally, we have attended a number of defence shows during the year and have been establishing new contacts into a growing market with £31.7 billion spent directly with UK based businesses^[3]. With increased geopolitical tensions throughout the world and significantly heightened global volatility, we see the defence market as a key growth target for the CEM division.

Finally, we have brought our marketing function back in house during the financial year and have seen resulting improvements in communications with Group customers and stakeholders.

Financial Review

Income Statement

The PFP division recorded a decrease in year-on-year revenue from £1.78m in FY2024 to £1.38m in FY2025, being impacted significantly from project delays caused by the backlog of approval applications within the BSR. Encouragingly, gross margins held consistently strong above 50% year-on-year, achieving 51.7% for the year (2024: 53.3%).

The AGT division saw revenue growth of 24.4% year-on-year, increasing from £0.78m in FY2024 to £0.97m in FY2025, with a gross margin delivery of 43.0% (2024: 49.9%). The Board continued with its strategy of creating and developing global partnerships alongside growing its well-established UK business upgrading glasshouse control systems and associated infrastructure.

The CEM division saw a reduction in year-on-year revenue from £9.51m in FY2024 to £6.31m in FY2025, resulting directly from its largest customer in the pest control market bringing one of its products to end-of-life, as anticipated. Significantly, gross margin continued to improve, increasing year-on-year from 24.3% to 28.4%, driven by a strong commercial focus and continued operational efficiencies gained from investment in equipment and systems. The Board continues to take various actions aimed at maintaining and improving margin generation.

At a Group level, whilst revenues reduced by 28.3% to £8.63m (2024: £12.04m), gross margin increased to 33.8% (2024: 30.3%).

Despite increased employee and marketing costs to support the Group's growth strategy, the Board continued to maintain control over overhead costs, with administrative expenses increasing only 8.0% from £3.34m to £3.60m, in the backdrop of continued inflationary pressures.

Group loss before tax increased from £0.03m to £0.89m, reflecting the effect of reduced Group revenue, albeit at significantly stronger gross margin delivery.

Balance Sheet

The Group continued to invest in developing the AGT division's core product offering, leading to additions in the year of £0.10m in intangible development assets. Ongoing development costs relating to sensorGROW's extended functionality into nitrous oxide and plant rootzones were partly covered by UKRI grants, so a further £0.06m of grant income has been deferred within the year in respect of these intangible assets, and is accordingly shown separately within other payables. Due to the slower than originally anticipated revenue growth over the preceding few years and historic working capital support for Light Science Technologies Ltd in the AGT division, an impairment provision of £2.59m (2024: £0.09m) was recognised in the Company only accounts, the consolidated Group accounts are unaffected by this provision.

Year-on-year inventory levels were broadly consistent at £0.74m (2024: £0.81m), with stockholding levels closely managed and predominantly allocated to specific customer orders.

Cash Flow

Cash and cash equivalents reduced to £0.72m as at 30 November 2025  (2024: £1.21m) with working capital facilities fully utilised (2024: £0.66m undrawn). Net debt increased to £0.95m (2024: £0.71m) and cash generated from operations for the full-year reduced to £0.52m (2024: £1.53m).

Outlook

Following the move of responsibility for the BSR at the end of January 2026, the regulator has recently published its Strategic Plan ("Plan") for 2026-2027^[4], which highlights the need to cut delays and expedite cladding remediation schemes, (as announced by the Company on 9 April 2026). The Plan sets out an ambition to deliver decisions on a significant proportion of remediation applications within a 12-week timeframe (for non-complex cases), alongside measures to improve application quality, increase transparency, and streamline engagement with industry participants. Notably, the regulator has also stated 'building control approval will no longer be a blocker to fixing homes'.  

The Company welcomes the BSR's clear acknowledgement of current delays within the building safety approvals process and its stated commitment to improving throughput and reducing bottlenecks, and anticipates a strong second-half revenue delivery, as conversion of the approximately £20m sales pipeline starts to take effect.

The AGT division has made a solid start to the new financial year, with the NTU project worth approximately £0.6m now well underway, and additionally we announced a new contract award on 30 March 2026 for a university in Wales, worth approximately £0.3m. Both contracts provide our turnkey AgTech products and solutions, with revenues expected to be wholly recognised in FY2026.

Whilst preserving a lean cost base within the AGT division, our focus is to continue building relationships in the UK, servicing the 100-plus AgTech customers who have purchased its products and solutions. Furthermore, we will continue branching out internationally with distributors for our sensorGROW hardware and software, and as more sensorGROW installations are implemented, increasing recurring revenues will be delivered for the Group. Food security is becoming ever increasingly important, with the cost of food production spiraling due to the heightening levels of global geopolitical instability and volatility. Our sensorGROW hardware and live monitoring system helps reduce these input costs for commercial indoor growers and broadacre farmers across the world, in a market estimated to be worth approximately £3.6 billion globally, growing at a compound annual growth rate of 11.3%^[5].

The CEM division has tracked in line with expectations for the new financial year to date and good progress has been made in preparation for the required accreditations, to enter higher tiers of the defence, medical and healthcare markets. As a result of increased global instability and geopolitical tensions, we see defence as a key growth market for the CEM division, with £31.7 billion spent last year in this sector, directly with UK based businesses^[6].

The Group recently completed a £6.6m fundraising alongside three strategic acquisitions that will materially reshape its operational footprint.

The 100% acquisition of RLUK Injection, owner of the patented Injectaclad system, brings the entire value chain of the PFP division under Group control. This secures supply, protects margin, and enables the Group to accelerate growth by integrating product development, installation, and distribution. We believe the acquisition of RLUK Injection, owner of the patented Injectaclad system, will be a key step forward in our strategy to become the market leader in the remediation of building cavity fire barriers, with over 40,000 buildings estimated to require work in the UK alone. Injectaclad's strong financial performance and extensive testing credentials provide a powerful platform to scale in the UK, with an addressable market estimated to be worth over £4bn^[7], and the potential to expand internationally.

Additionally, the remaining 10% shareholding in the CEM division's UK Circuits was acquired, along with the remaining two units of the Manchester property, giving the Group full control of the CEM division and eliminating rental costs. The site will also become a northern base for PFP distribution and training, supporting faster mobilisation and improved customer reach.

Given the heightened levels of global volatility, we will continue to steer the Group on a flexible and agile footing to best protect its financial position, whilst capitalising on opportunities. The Group's strengthened balance sheet and enlarged operational platform position us to pursue larger contracts, increase recurring revenues, and accelerate progress toward the Board's medium-term ambition of reaching £50m in Group revenues.

We will progress through FY2026 with a strengthened financial position, an expanded platform, and a clear strategy to deliver sustained profitable growth.

Simon Deacon

Chief Executive Officer

23 April 2026

Consolidated Statement of Comprehensive Income

For the year ended 30 November 2025

Consolidated Balance Sheet

Registered Number: 12398098

As at 30 November 2025

 Consolidated Statements of Changes in Equity

 For the year ended 30 November 2025