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6 March 2025

NARF INDUSTRIES PLC

("Narf", the "Company", or the "Group")

New US$6.8 Million Multi-Phase Contract with US Government Agency DARPA

Transforming cybersecurity testing & addressing real-world challenges

Narf Industries plc (LSE: NARF), a leading cybersecurity group specializing in advanced threat intelligence and software system security, is pleased to announce its U.S. subsidiary, Narf Industries LLC, signed a US$6.8 million multi-phase contract with the U.S. Government's Defense Advanced Research Projects Agency ("DARPA"). This three year contract, under DARPA's Intelligent Generation of Tools for Security ("INGOTS") programme, aims to identify and address high-severity, chainable vulnerabilities before they can be exploited by attackers.

Highlights

·    Three year, US$6.8 million multi-phase contract commencing 31 January 2025.

·    The Company expects to recognise circa US$2.6 million of revenue for the first phase of the contract in its financial year ending 31 March 2026.

·    Three future phases are scheduled to commence on 31 January 2026 and 2027 and are valued at $1.67 million, $1.24 million, and $1.3 million, respectively.

·    Revenue for the future phases is expected to be recognised in the Company's financial year following the completion of each stage.

·    Progression to future phases is subject to programme and budgetary requirements and successful milestones being achieved.

·    This contract will support the development of Narf's advanced system that simulates multi-step cyberattacks, helping customers identify and address vulnerabilities within their organisations.

·    The first phase will see Narf develop prototypes of its system for customer evaluation, paving the way for government and commercial opportunities as the technology matures.

Steve Bassi, President and CEO said: "We are delighted to be part of DARPA's pioneering INGOTS programme, reaffirming Narf's commitment to safeguarding critical systems against sophisticated and evolving cyber threats. This significant US$6.8 million multi-phase contract enables us to further develop our system that goes beyond merely identifying vulnerabilities but represents a fundamental shift in cybersecurity strategy. By simulating real-world attack tactics, our technology will empower organisations to anticipate and counter emerging threats, ensuring stronger protection for their assets and infrastructure."

Further information

With the increasing complexity of modern software ecosystems, securing digital infrastructure has become a paramount challenge. Vulnerabilities are no longer isolated to single systems, but often span interconnected platforms, operating systems, and devices. Attackers exploit these vulnerabilities by creating intricate attack chains, leveraging weaknesses across the software stack to breach defences.

To address these challenges and identify and fix high-severity, chainable vulnerabilities before attackers can exploit them, DARPA, a US Government agency, launched the INGOTS programme.

As part of this programme, DARPA has awarded Narf a contract to further develop its innovative system, which simulates real-world, multi-step attack chains in a controlled environment.

Narf expects to recognise approximately US$2.6 million in revenue from the contract in its financial year ending 31 March 2026. Three future stages are scheduled to commence on 31 January 2026 and 2027 and are valued at $1.67 million, $1.24 million, and $1.3 million, respectively. Revenue for the future stages is expected to be recognised in the Company's financial year following the completion of each stage. Progression to the subsequent stages is subject to programme and budgetary requirements and successful milestones being achieved.

By identifying weaknesses at every stage, Narf's system enables security teams to proactively address threats before they can be exploited. A key strength of the system is its adaptability. In today's rapidly evolving digital landscape, platforms such as Android undergo frequent updates, with vulnerabilities being patched and new ones emerging. Narf's system automatically adapts to these changes, detecting where attack chains are disrupted and seamlessly identifying alternative pathways to continue rigorous testing. This dynamic approach ensures continuous, up-to-date protection for critical software and systems.

During the first phase of the contract, Narf will develop early prototypes of its system for evaluation by potential customers. As the technology matures, it is expected to unlock opportunities with both government and commercial organisations.

ENDS

This material is based upon work supported by the Defense Advanced Research Projects Agency under Contract No. HR001125C0013. Any opinions, findings and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views of the Defense Advanced Research Projects Agency (DARPA).

For further information visit www.narfgroup.com or contact:

About NARF Industries plc

Narf Industries (LSE: NARF) is a U.S. based leading provider of cybersecurity research, solutions, and services to government entities. With a steadfast commitment to protecting national security and critical infrastructure, it offers comprehensive expertise in addressing the evolving cyber threats faced by its clients.