The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as imported into the laws of England and Wales by virtue of the European Union (Withdrawal) Act 2018 (as amended) and certain other enacting measures ("UK MAR"). With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

28 May 2026

MicroSalt PLC

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

Final Results for the year ended 31 December 2025

MicroSalt Plc (AIM: SALT), a leading manufacturer of full-flavour natural salt with approximately 50% less sodium, is pleased to announce its final results for the year ended 31 December 2025 ("FY25").

During 2025, MicroSalt made significant progress in the commercialisation of its revolutionary low-sodium salt technology across North America, Canada, and Mexico. The Company secured recurring purchase orders for its bulk products across multiple food categories, while continuing to invest in R&D initiatives to further expand product applications and capabilities.

A key milestone was achieved in late 2025 with the establishment of recurring revenue streams tied to one of the world's most iconic international snack brands, in partnership with a leading global food and beverage company and a major international seasoning and flavour supplier.

Financial highlights:

·      Revenue of US$2.1 million during the year (FY24: US$0.75 million), an increase of US$1.4 million, primarily from higher B2B sales volumes.

·      Net loss reduced to US$3.2 million (FY24: US$5.8 million), primarily as a result of increased revenue, improved operational efficiencies and reduced administrative expenses.

·      Successfully strengthened the balance sheet with two equity fundraises during the year, raising in aggregate US$5.6 million. This has allowed for inventory build and continued R&D expenditure along with continuing sales and marketing efforts.

Business highlights:

·      Repeat purchase orders totaling US$1.16 million were received from Customer 1, the Mexican division of one of the world's largest beverage and snack food companies, alongside an additional US$189k from its Canadian business unit and US$191k from its US operations. These recurring monthly deliveries demonstrate growing demand and are expected to increase further throughout 2026 and beyond. MicroSalt also secured repeat purchase orders totaling US$245k from the North American business unit of this leading global beverage and snack food company. These initial orders support a broader North American rollout planned for late 2026, with projected volumes expected to grow to approximately US$2.6 million in 2026 and US$8 million in 2027.

·      Strong momentum continued with the world's largest spice and seasoning company, which placed repeat orders totaling US$54k for its Canadian division. Since volumes commenced in Q3 25, demand has continued to accelerate rapidly, with encouraging opportunities for MicroSalt adoption across additional international markets.

·      Signed a 48-month Joint Development Agreement ("JDA") with Customer 3, one of the world's largest beverage and snack food companies, that that has allowed for a significant increase of MicroSalt exposure internally and has led to important long-term development opportunities worldwide.

·      Selected for inclusion in two new frozen pizza products with a major food manufacturer, with launches targeted for retail distribution across the US in mid-2026. This represents a major development for MicroSalt into a new category.

·      R&D initiatives continued to drive the expansion of the MicroSalt product portfolio through the development of new carriers and customised formulations designed to broaden application opportunities across multiple food categories. These innovations are helping to simplify and accelerate customer reformulation efforts, supporting faster commercial adoption.

·      During 2025, successfully participated in 830 million servings of healthier food, demonstrating increased commercial adoption of our technology and reinforcing our commitment to lowering sodium worldwide.

Post-period end highlights

·      Sales through April 2026 totalled US$1.0 million which is an increase of US$.3 million over the same period 2025, despite being impacted by severe weather during February that temporarily limited some shipment movements.

·      Continued expansion with the addition of a strong regional seasoning company in the UK placing two initial orders for use with UK based food manufacturers.

·      Rollout of MicroSalt Fibre as its next iteration. Fibre has become an increasingly important nutrient as GLP1 diets can be fibre deficient, allowing MicroSalt to have an enhanced impact on the nutritional properties of product by adding fibre, in addition to reducing sodium consumption.

·      Continued pipeline strengthening with significant volume customer prospects at advanced stages with a range of national and multi-national companies with scope for MicroSalt to be nominated as a supplier on larger product lines once established with these key customers.

Rick Guiney, CEO of MicroSalt, commented:

"MicroSalt's strong progress is clearly demonstrated by the significant revenue growth achieved during 2025, momentum that we expect to accelerate further throughout 2026, 2027, and beyond. The successful reformulation work completed with several of the world's leading snack food brands provides the Company with increasing confidence in long-term revenue and commercial expansion.

Reflecting the rollout plans already underway, we are updating our FY 2026 sales guidance to US$4.5 million. This adjustment is driven solely by the anticipated timing of production associated with the 2027 launch schedule and does not reflect any change in the strength of the underlying demand outlook, customer commitments, or the 2027 revenue projections.

We are extremely encouraged by the continued growth of the MicroSalt product range and its expanding acceptance within the global food manufacturing community. Our growth trajectory is being demonstrated through increasing sales volumes, a growing number of product applications, expanding geographic reach, and broadening R&D initiatives designed to unlock even greater commercial opportunities.

In addition, continued regulatory focus and consumer demand for lower-sodium food solutions are acting as powerful catalysts for growth, positioning MicroSalt to capitalise on significant opportunities both in the US and internationally over the short and long term."

For more information, please visit www.microsaltinc.com, follow on X @MicroSaltPLC or contact:

Notes to Editors

MicroSalt® produces a patented full-flavour, low-sodium salt for food manufacturers and consumers.

MicroSalt is a major potential disruptor in the food market, thanks to its micron sized particles which deliver the same sense of saltiness to a wide range of foods but with approximately 50% less sodium. Excess sodium consumption is a significant contributor to cardiovascular disease and MicroSalt's solution meets the rising demand for healthier alternatives to traditional salt. The WHO has set a target for reducing global sodium intake by 30% by 2025, which it estimates will save 7 million lives by 2030.

Each year, cardiovascular disease costs the UK £19 billion - if the average salt intake was reduced by one gram per day, it has been estimated that 4,147 lives and £288 million would be saved each year in the UK. As a nation, the UK consumes 183 million kilograms of salt each year, and 70% of the typical person's sodium intake is hidden in processed foods.

Operational since 2018, MicroSalt uses a patent-protected technology which helps create high barriers to entry within the reduced-sodium salt market.

The Directors believe that MicroSalt is well positioned to capture growth in the low sodium market, which is expected to grow exponentially, and that there is also scope to enter the larger salt market.

Chair's statement

I am delighted to announce, on behalf of the Board, MicroSalt's full year results for 2025. This was a transformational year for the Company as we secured large, recurring purchase orders for our bulk products and successfully completed the R&D for our new patent-pending product, MicroSalt Premium, designed specifically for the Quick Service Restaurants ("QSR") and Fast Service Restaurants ("FSR") sales channels. These milestones position MicroSalt strongly for accelerated commercial growth in the years ahead.

Strategy

At MicroSalt we are focused on commercialising new technologies that deliver full-flavour, low-sodium salt solutions for food manufacturers and consumers. The team has developed a patented process for producing micron-sized salt crystals that provide the taste consumers expect, with approximately half the sodium across a wide range of food applications.

These innovations arrive at an important time as the market increasingly responds to consumer demand for products that combine great taste with healthier nutritional profiles. Our products are now supporting both the reformulation of well-established products with proven commercial success, and the development of entirely new offerings. In several markets where sodium reduction initiatives have been in place for many years, MicroSalt is increasingly recognised as an effective and exciting new tool to help reinvigorate these efforts.

Board and Governance

As a Board, we remain committed to maintaining the highest standards of corporate governance and ensuring open and effective communication with shareholders. We continue to focus on executing the Company's long-term growth strategy while operating in a sustainable and socially responsible manner, supported by strong governance oversight from the Board of Directors.

Directors' responsibilities

The Directors' statement under Section 172 is included in the Annual Report and Financial statements for the year ended 31 December 2025.

Outlook

We are highly encouraged by the strong momentum heading into 2026, a year in which we expect continued growth in recurring commercial volume purchase orders for our bulk products. We have already received advance orders from Customer 3, along with additional confirmation that the 2027 rollout remains on track for an in-store launch in January 2027.

While the precise timing of full 2026 production volumes is still being finalised, we are updating our FY26 sales guidance to US$4.5 million. This adjustment reflects the anticipated production timing associated with the 2027 launch schedule, rather than any change in the underlying demand outlook. Importantly, we expect our monthly revenue run rate toward the end of 2026 to reflect the benefits of the full rollout, with continued acceleration anticipated throughout 2027. Based on the strength of current customer commitments and rollout plans, we continue to reaffirm our 2027 sales estimate of US$15 million.

Alongside the expanding application of MicroSalt across additional product lines for Customers 1 and 2, the Group has multiple significant product placement opportunities progressing at advanced stages with a range of national and multinational companies. The scale and nature of these customer relationships provide meaningful long-term potential, as approval on one product line can lead to expansion across multiple products and categories.

We also recognise the important role that leading brands play in driving innovation and shaping consumer expectations within their categories. In this regard, the breadth and diversity of our product application pipeline provide strong validation of the growing market interest in our technology and solutions.

Additionally, we announced the launched of MicroSalt Fibre, another important innovation in low-sodium technology. This advancement enables manufacturers to further reduce sodium while simultaneously adding functional nutritional benefits to end products, creating additional value for both customers and consumers.

We also anticipate additional growth of our MicroSalt products as a result of our continued groundbreaking research and development efforts, all targeted to accelerate the potential application of MicroSalt across numerous other sales channels. Included in this are methods for encapsulation and suspended MicroSalt in the delivery of bulk lipids.

Looking ahead, we believe the combination of our expanding commercial traction, differentiated intellectual property portfolio, and growing customer pipeline positions MicroSalt exceptionally well to capitalise on the increasing global demand for healthier food solutions. We remain confident that our technology platform, operational progress, and innovation roadmap will continue to create substantial long-term value for shareholders.

Key performance indicators

FY25 revenue increased significantly to US$2.1m (FY24: US$0.75m), reflecting strong momentum driven by a substantial acceleration in B2B sales beginning in Q4 24 and continuing throughout 2025. The net loss improved to US$3.2m (FY24: US$5.8m), underscoring the Company's disciplined investment strategy and progress toward scale. During the year, the Company made strategic investments in targeted R&D, including the successful testing of tapioca, gum arabic, potato starch and various fibres as alternative carriers, further strengthening its innovation pipeline. In addition, the successful launch of MicroSalt Premium in January 2025 and continued commercial efforts to build brand awareness within the B2B segment position the Company well for future growth.

I would like to take this opportunity to thank our longer-term shareholders for their ongoing support, and to welcome all our new shareholders. I would also like to thank our employees, suppliers, customers, and everyone who has, and continues to support our mission, our vision and the business.

Judith Batchelar

Chair

Chief Executive Officer's statement

Introduction

The Company's mission is to reduce excess sodium consumption, a major contributor to hypertension and heart disease, by delivering a full-flavour salt with approximately 50% less sodium than traditional salt for both food manufacturers and consumers.

To achieve this, the Group has developed a patent protected and scalable manufacturing process, producing a salt crystal that is approximately 100 times smaller than traditional salt. Due to its micron sized particles, MicroSalt demonstrates improved adhesion to food compared with traditional salt crystals and dissolves much faster on the tongue, delivering the same salty taste experience while using approximately half the amount of sodium.

In 2025, we continued to generate recurring revenues with one of the world's leading food and beverage companies across multiple countries, including Mexico, the United States, and Canada, as well as with a leading international seasoning and flavour supplier. At the same time, we continued to strengthen and expand our active B2B pipeline for future growth while introducing a groundbreaking product innovation that is already creating meaningful additional revenue opportunities for 2026.

During the year, MicroSalt positively impacted more than 830 million servings of healthier food, demonstrating the increasing commercial adoption of our technology and reinforcing our commitment to supporting lower sodium consumption globally. Specifically, we focused on two key initiatives:

·      Working closely with existing and new B2B accounts to support the rollout of bulk MicroSalt across a growing number of product lines for international food manufacturers. This included expanding our presence within existing customer portfolios and increasing integration with seasoning and flavour manufacturers. Our go-to-market efforts continued to gain momentum across Asia, Australia, South Africa, the UK, Germany, Canada, Latin America, and South America, significantly strengthening our already substantial sales pipeline and contributing to increases in sales volumes. 

·      Completed R&D and final testing of our new patent pending product, MicroSalt Premium, designed specifically for the Quick Service Restaurant and Fast Service Restaurant channels. MicroSalt Premium expands our opportunity into foodservice applications including restaurants, hotels, hospitals, healthcare, and single-serve packaging, while also positioning the Company within broader lower-sodium initiatives across fast-food categories such as fries, bread, cheese, and chicken products. In the United States alone, over 4.5 billion pounds of French fries are consumed annually, including approximately 2 billion orders through the fast-food industry.    

Looking ahead, we believe the Company is exceptionally well positioned for continued growth, supported by increasing sales volumes, broader application opportunities, expanding sales channels, and a growing international footprint. Continued regulatory and consumer focus on lower sodium food products is acting as a significant catalyst for growth both in the United States and internationally, further strengthening the long-term opportunity for MicroSalt as an enabling ingredient solution.

Financial summary

The Company generated revenue of US$2.1 million during the year (FY24: US$0.75 million), representing an increase of US$1.4 million, while reducing its net loss to US$3.2 million (FY24: US$5.8 million). These results reflect the Company's continued success in driving higher B2B sales volumes, improving operational efficiencies, reducing administrative expenses, lowering issuance costs associated with fundraising activities, and continuing to optimise the cost of goods sold. Importantly, our sales mix improved to 89% B2B, consistent with our long-term strategic focus on higher-volume bulk ingredient sales.

Additionally, the Company successfully strengthened the balance sheet with fund raises at the beginning of the year, in February and at the end of the period in December, totaling US$5.6 million. This has allowed for inventory build and continued R&D expenditure along with sales and marketing efforts.

Inventories decreased to US$0.6 million (FY24: US$0.7 million), predominately due to a decrease in finished goods due to B2B orders received in the latter part of 2025.

Trade and other receivables remained the same US$0.9 million (FY24: US$0.9 million), predominately composed by US$0.5 million of trade receivables.

Trade and other payables decreased to US$1.2 million (FY24: US$1.3 million), predominately due to delayed payments in the prior year as part of cash management required at the time.

Borrowings also increased to US$2.9 million (FY24: US$2.7 million), predominately due to increases in the interest related to the convertible loan notes issued by Tekcapital Group to MicroSalt prior to the IPO, offset by a repayment of the loan for $0.2 million in June 2025.

Operations summary

A major focus during 2025 was advancing several larger-volume B2B opportunities with multinational Fast-Moving Consumer Goods companies and food manufacturers. A number of these opportunities successfully progressed through R&D, production, and consumer testing phases during the year.

In particular, the Group continued as an approved supplier to Customers 1 and 2, which, while separate entities, operate under the same corporate group. Customer 1, which holds approximately 80% of the Mexican snack food market, continued using MicroSalt across three established snack products, generating approximately US$1.7 million in revenues during the year. Customer 2 also provided non-binding annualised volume targets across multiple product categories and geographic markets, reflecting growing confidence in the scalability of our technology platform.

Additionally, the Company finalised a four-year JDA with Customer 3, alongside additional product rollouts expected to commence in the second half of 2026. This partnership includes a new "tech stack" approach that positions MicroSalt as a foundational ingredient component supporting future flavour innovation and product development initiatives.

Sales and marketing

MicroSalt attended several major food industry trade shows in both the United States and international markets, which remains a core component of the Company's sales and outreach strategy. In addition to major U.S. industry events, the Company participated in trade shows and customer events in the UK, Canada, and Mexico.

These events provide valuable opportunities for live demonstrations of MicroSalt's capabilities and direct engagement with both prospective and existing customers. As a result, the Company continues to maintain a highly active and diverse sales pipeline spanning multiple geographies and customer segments.

The Company also continued investing in brand awareness through social media campaigns, LinkedIn engagement, newsletters, and customer education initiatives designed to showcase MicroSalt's technology and commercial capabilities.

During 2025, the Company implemented an integrated sales and lead follow-up system designed to maximise industry engagement and awareness.

Additionally, the Company appointed Gracechurch Group as its London-based investor relations firm to further enhance investor communications and outreach efforts. During 2025, the Company issued 27 press releases supporting increased market visibility.

Intellectual property

The additional patent application relating to the manufacturing process of MicroSalt Premium has also been filed and remains pending.

No other changes to our IP library occurred in 2025.

Political/regulatory update

The World Health Organisation ("WHO") has extended its target for reducing global sodium intake by 30% from 2025 to 2030, with estimates suggesting this initiative could save approximately seven million lives by 2030. WHO research also indicates that every US$1 invested in sodium reduction may generate approximately US$12 in healthcare cost savings related to cardiovascular disease treatment. Governmental pressure continues to increase across the UK, the EU, and Latin America with new regulations in Canada for 2026 regulatory efforts. Renewed High Fat Salt and Sugar efforts on the UK continue to focus attention of lowering sodium. Of the G20 countries, the following have active sodium reduction policies in place and are therefore natural target geographies for MicroSalt.

The U.S. FDA has issued initial guidance regarding proposed front-of-pack labelling related to sodium, fat, and sugar content. The FDA has also updated dietary guidance with increased focus on protein consumption and sodium reduction while eliminating petroleum-based food colouring as an approved ingredient.

We believe these developments will encourage food manufacturers to further evaluate sodium content across product portfolios, particularly as front-of-pack disclosure increases transparency for consumers. In addition, local dieticians, healthcare systems, and purchasing authorities continue to pursue sodium reduction initiatives independent of formal mandates, further supporting industry-wide momentum toward healthier food solutions.

Current trading and outlook

While 2025 represented a pivotal year of strategic execution and commercial expansion for MicroSalt, we believe the opportunities ahead are even more compelling as global focus on healthier food solutions continues to accelerate. In the 15 months to the end of Q1 26 we have impacted 1,137,452,302 serving of healthier foods.

·      Q1 26 bulk sales reached a record US$710,000, including shipments into established markets such as Canada, Mexico, and the United States, as well as newly opened markets including the UK and Belgium. The Company expects that projected volume estimates provided by Customers 1 and 3 will contribute to increased volumes during Q3 26 and Q4 26. As the Company continues shifting toward higher-margin bulk ingredient sales, we expect additional margin improvements through scale efficiencies and to approach cash flow positive monthly performance sometime in Q4 26.

·      Activity across our pipeline of prospective and existing customers remains strong, supporting our confidence in continued growth into 2027 and beyond. This includes expanded visibility and opportunities associated with the recently executed four-year JDA with Customer 3.

·      The Company is also exploring the application of artificial intelligence ("AI") within quality control and product development processes to help reduce lead times, minimise production variability, and support customers in reformulating products as part of their sodium reduction initiatives.

·      We have continued to add to our sales staff to specifically address the opportunities for MicroSalt Premium within the QSR/FSR market.

·      Successfully launched MicroSalt Fibre. Fibre has become an increasing important nutrient as GLP1 diets can be fibre deficient, allowing MicroSalt to have an enhanced impact on the nutritional properties of product by adding fibre in addition to reducing sodium consumption.

The Group throughout 2025 and Q1 26 has continued to demonstrate strength across its operational structure, financing, intellectual property portfolio, market opportunity, and product acceptance, reinforcing our confidence in the Company's future growth potential and positioning as a leading supplier supporting the global shift toward lower sodium food solutions.

Finally, on behalf of the Board, I would like to express our sincere appreciation to all stakeholders who continue to support the business and contribute toward achieving our mission and long-term objectives.

Rick Guiney

Chief Executive Officer

Consolidated statement of profit or loss and other comprehensive income

Consolidated statement of financial position