16 April 2026

NARF INDUSTRIES PLC

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

Trading Update and New US$2.5 Million Contract

Revenue growth and strengthened FY27 visibility; initial Ranger.ai contract

Narf Industries plc (LSE: NARF), a U.S.-based cybersecurity group specialising in advanced threat intelligence and resilient software security, is pleased to provide a trading update for the year ended 31 March 2026 (FY26).

HIGHLIGHTS

●     Unaudited FY26 revenue of approximately $4.2 million (FY25: $3.0 million)

●     Approximately $5.3 million in FY27 revenue to come from contracted backlog

●     New government contract award exceeding $2.5 million (post period end)

●     Rebranding of Ranger.ai to UPxi.ai (Upstream Extended Intelligence)

●     Initial UPxi contract secured via a partner with a major systems integrator (low six figures), with follow-on phases planned to expand scope and value

John Herring, Executive Chairman of Narf Industries plc, commented: "This has been a year of improved financial performance driven by new government-funded research and development contracts, while we continue to invest significantly in transitioning that work into product solutions, specifically UPxi. We remain focused on securing a consistent stream of high-value government research contracts while accelerating the path to commercialisation."

DETAILS

Financial performance

The Group delivered a strong trading performance for the year ended 31 March 2026, with unaudited revenue of approximately $4.2 million, representing a significant increase compared to $3.0 million in the prior year. Growth has been driven primarily by continued momentum within the Group's Government Research and Development (GR&D) activities.

The Group has also strengthened its forward revenue visibility, with approximately $5.3 million of 26/27 revenue in place across several contracts. This reflects both new contract awards and the extension of existing programme activity.

The Company continues to manage its growth within existing financial resources. The CEO loan facility stood at approximately $2.96 million (excluding interest) at the period end, and no external capital was raised during the period.

Strategic and operational progress

During the period, the Group completed the rebranding of Ranger.ai to UPxi, reflecting its evolution into an Agentic AI platform focused on upstream intelligence for open source software, enabling early detection of cybersecurity risk at source before downstream impact. This repositioning marks an important step in the Group's transition from project-based delivery to a more scalable, platform-led model.

GR&D programmes continue to act as both a core revenue engine and a strategic foundation for the Group. Projects are increasingly aligned with the development of UPxi, creating a pathway from government-funded research to repeatable commercial software solutions.

The Group has made initial progress in executing its commercial strategy. A low six-figure, four-month first-phase UPxi contract has been secured through a partner aligned with a major systems integrator, providing an entry point into broader opportunities, with follow-on phases expected to expand scope and value. The Group is also advancing related partner activities, including with Platform One / Iron Bank, supporting the development of longer-term, recurring programme opportunities.

Engagement with major application security companies, including at the RSA Conference, a leading global cybersecurity industry event, has indicated strong demand for UPxi and supports the development of a partner-led distribution model.

Post period end, the Group secured a new R&D contract award from a U.S. government customer exceeding $2.5 million. While further details remain subject to contractual restrictions, the award represents validation of the Group's capabilities in software supply chain security and is expected to contribute to future revenues.

Outlook

The Board remains confident in the Group's strategy and its ability to convert its growing pipeline into sustained revenue growth. Improved visibility from contracted revenues provides a strong foundation for the current financial year.

Continued progress in commercial partnerships and the development of the UPxi platform are expected to support the Group's transition towards a scalable and repeatable revenue model.

ENDS

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.