Unaudited Half Yearly Report

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

                                                                                                                                                                                                     24 September 2025

Tekcapital plc

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

                Unaudited Half-yearly Report for the period ending 30 June 2025

                         Record Net Assets, Leaner Operations & IPO Momentum

Tekcapital plc (AIM: TEK), the UK intellectual property investment group focused on transforming university technologies into valuable products that can improve people's lives, is pleased to announce its results for the six-month period ended 30 June 2025.

Dr. Clifford M. Gross, Chairman of Tekcapital, commented:

"Tekcapital has delivered another period of progress, achieving record net assets of US$77.4m, an increase ~10% over the prior period, while significantly streamlining our cost base. The reduction in operating expenses by 50% underscores our commitment to operating efficiency and ensures that a greater proportion of returns accrue to shareholders in the future. Our strategy continues to validate itself: commercialising GenAI-centric technologies to enhance business efficiency and improve quality of life. This approach has not only delivered profitable growth for Tekcapital but has also positioned most of our portfolio companies to create lasting societal impact, from reducing sodium intake in more than 470 million servings with Microsalt®, accelerating the commercialisation of hundreds of new university discoveries with GenIP, enhancing pedestrian and workplace safety for thousands of individuals with Lucyd smart eyewear, and improving autonomous vehicle safety with Guident.

Guident has made notable commercial strides, from advancing its remote monitoring platform for autonomous vehicles to securing strategic contracts and expanding its leadership team. With its S-1 now publicly filed, Guident is well on its way to a potential NASDAQ listing. We believe this IPO has the potential to crystallise significant balance sheet value and facilitate future issuances of special dividends, whilst opening the door for a broader investor base to participate in its scale-up journey.

We are pleased with the performance of our portfolio companies, most of which have demonstrated increased revenues during the current period, and we remain very bullish in our belief that most will continue to grow from strength to strength. We are executing on our strategy, and this should result in increases in returns on invested capital as our portfolio companies continue to mature and achieve meaningful milestones, which we hope to see by the end of the year and in subsequent periods.  We have reached a transformational inflection point with nearly all of our portfolio companies listed, which is no small feat considering 90% of start-ups fail[1] and less than 1 in 2,000 receive VC funding[2] let alone complete an Initial Public Offering. Tekcapital is now more agile than ever before. Our enhanced liquidity creates numerous opportunities for new portfolio company development, value creation, and shareholder returns. We look forward with confidence, believing that our portfolio is well-placed to deliver strong returns and meaningful innovations that can improve the quality of life for the customers that we serve."

Financial highlights

·      Record Net Assets: US$77.4m (31 December 2024: US$70.1m), reflecting ~10% growth driven by portfolio appreciation and disciplined capital allocation.

·      NAV per Share: US$0.33 (31 December 2024: US$0.33), maintained despite macroeconomic volatility, underpinned by portfolio resilience.

·      Portfolio Valuation: US$68.8m (31 December 2024: US$61.5m)

·      Revenue: US$6.1m from services and portfolio returns (H1 2024: US$21.1m)

·      Operating Expenses: US$0.7m (H1 2024: US$1.5m), a 50% reduction, demonstrating disciplined cost management.

·      Profit After Tax: US$5.4m (H1 2024: US$19.5m), marking another profitable half-year result.

·      Fundraising: US$2.3m raised via share placements (H1 2024: US$2.5m), supporting Guident's IPO readiness and ongoing growth initiatives.

Operational highlights: Portfolio Companies

Please note: all of our portfolio companies were founded by Tekcapital plc.

Microsalt® plc ("Microsalt")  www.microsalt.co (AIM: SALT)

·      Announced record sales of bulk revenue sales in Q1 2025 exceeding its total bulk sales of 2024

·      Expanded sales of Microsalt® to Great Britain and Belgium, while increasing sales in existing markets in the US, Mexico and Canada

·      Launched Microsalt® Premium, its second major product line targeting the quick service and fast service restaurant (QSR/FSR) market with a focus on French fries.  The product has been very well received and is already in final consideration for rollout with a top international brand in 2026 as detailed by Microsalt in their H1 25 Trading update. 

·      Announced sales target of US$2,000,000 in FY 2025, which would represent almost tripling its FY 2024 revenue.

·      Announced receipt of volume projections from its major customer, indicating potential sales exceeding US$5m in 2026 and expanding to US$11m in 2027 for just one of its major product applications.

·      Completed a successful, oversubscribed fundraising of £2.3 million.

Tekcapital owns 62.94% ownership of Microsalt plc, valued at US$39.5m as of 30 June 2025.

Guident Ltd ("Guident")  www.guident.co

·      Announced submission of draft registration statement for proposed Initial Public Offering.

·      Announced its entrance into robotics market through its contract with Boca Raton Innovation Campus for deployment of Guident's Autonomous Surveillance & Inspection Robots known as WatchBot.

·      Announced its Michigan State University collaboration with ADASTEC Corp. Guident achieved an historic milestone in autonomous mobility by successfully teleoperating a SAE Level 4 autonomous electric bus on the campus of MSU to demonstrate its use to address AV edge cases. The vehicle, automated on the production line with ADASTEC's SAE Level 4 automated driving software platform coupled with an integrated sensor suite, was remotely driven in near real-time from Guident's Remote Monitor and Control Center (RMCC) located 1,200 miles away in Boca Raton, Florida.

Tekcapital owns ~70% of the shares of Guident Corp (on a fully diluted basis), valued at US$22.9m as of 30 June 2025. These shares are held in Tekcapital's wholly owned portfolio company, Guident Limited.

Guident operated shuttle in West Palm Beach, Florida

Photo courtesy of Guident Corp.

Innovative Eyewear Inc ("Lucyd")  www.lucyd.co  (NASDAQ: LUCY)

·      Announced the launch of Reebok Smart Eyewear. The product's cross-category appeal has generated significant interest from both sporting goods retailers and consumer electronics chains, reflecting its unique position at the intersection of fashion, technology, and athletic performance. This versatility positions Reebok Smart Eyewear for potential success across diverse retail environments, from premium optical shops to high-end electronics stores.

·      Grew its sales for the six-month period ended 30 June 2025 by 49%, while maintaining flat G&A and sales and marketing expenses. Additionally, Lucyd Armor, the Company's smart safety eyewear launched in October 2024, has been selling very well.

·      Announced a partnership deal with Eye Recommend, expanding their smart eyewear across 600+ independent optometry stores in Canada.

·      Innovative Eyewear Inc announced a new powerful multi-language translation feature for the Company's Lucyd app for both iOS and Android.

Tekcapital owns approximately 5.7% of shares in Innovative Eyewear, Inc. valued at US$0.6m as of 30 June 2025. These shares are held via Tekcapital's wholly owned portfolio company, Lucyd Limited.

Reebok smart eyewear Powered by Lucyd^(R)

Photo courtesy of Innovative Eyewear Inc.

GenIP plc ("GenIP")  https://genip.ai/  (AIM: GNIP)

·      GenIP plc announced it secured a significant contract worth US$0.35m with a new, research organisation client based in Saudi Arabia (the "Client"). The contract covers the delivery of 400 GenAI analytical assessments and additional technology commercialisation consulting services.

·      GenIP announced the launch of its 'Competitive Intelligence Report' and secured its first client for the product, a 'Big Four' accountancy firm.

·      Since the launch of its GenAI services in September 2024, they have secured Invention Evaluator orders worth over US$981k.

As of 30 June 2025, Tekcapital owned 63.08% of GenIP plc, valued at US$5.7m.

Belluscura® plc ("Belluscura") www.belluscura.com  (AIM: BELL)

·      Announced continued growth of demand for X-PLOR with a record sales month of US$0.52m in April 2025.

·      Belluscura announced that it is facing working capital constraints affecting its ability to meet the demand for its products, the company announced a strategic review update as it seeks to evaluate a range of options to potentially strengthen its capital position. There is no assurance that the company will be able to raise the capital required for its continued successful operation.

Tekcapital owns 2.1% of shares of Belluscura plc, valued at US$0.1m as of 30 June 2025.

Post period end highlights:

·      On 18^th September 2025 Guident CORP announced the public filing of its S1 Registration Statement as it seeks to consummate an IPO and list on the NASDAQ.

·      On 19 August 2025, Guident CORP announced appointment of Michael Tessler to its Board of Director. As the former CEO of BroadSoft, Michael Tessler grew the company from inception to become a global leader in Unified Communications as a Service, with over 2,000 employees serving customers in more than 80 countries, culminating in its acquisition by Cisco Systems for $1.9 billion.

·      On 28 August 2025 Guident CORP announced it had received ISO/IEC 27001:2022 Certification, Strengthening Commitment to Cybersecurity and Data Protection

·      On 23^rd July 2025, Guident CORP announced a contract with Coastal Waste & Recycling Inc., a leading provider of waste and recycling services with locations throughout Florida, Georgia and South Carolina. Under this agreement, Guident will deploy its innovative WatchBot solution to Coastal Waste & Recycling operations, delivering cutting-edge technology designed to conduct AI-driven inspections, and generate real-time safety alerts.

·      On 13 August 2025, Guident CORP announced it has signed an agreement with the City of Boca Raton, Florida, to deploy an autonomous shuttle-based public transportation service in October 2025.

·      On 22^nd September 2025 Belluscura announced the resignation of two directors and the reduction of its U.S. staff by 15 employees whilst it continues to seek additional funding. Belluscura previously announced a temporary suspension of trading on AIM pending publication of Company's annual audited accounts.

·      On 21^st July 2025 Innovative Eyewear announced that its groundbreaking Reebok athletic smartglasses will be available today on the Reebok mobile app, to be followed by Reebok.com on 1 August 2025. The Reebok.com website is a go-to hub for athletic apparel and accessories, receiving approximately 570,000 monthly organic visitors.

·      On 15^th August 2025, Innovative Eyewear reported net revenue for the quarter ended June 30, 2025 was US$579,230, an increase of 88% from the quarter ended June 30, 2024. On a year-to-date basis, net revenue for the six months ending June 30, 2025 was US$1,033,731, an increase of 49% from the comparable period in 2024.

·      10^th September 2025 Innovative Eyewear announced a powerful new translation feature update to the Company's Lucyd app for iOS and Android.

·      25 July 2025 GenIP announced that its cash balance increased to US$1,077k at 30 June 2025 (31 December 2024: US$972k) driven by record orders and effective cost controls. In the first half of 2025, they secured US$488k in new orders, including material contract wins in Asia.

·      15^th September 2025 GenIP announced it had been appointed official technology transfer services provider to a Chilean GreenTech Innovation Platform as part of its strategic partnership with the Universidad Autónoma de Chile. This GreenTech Innovation Platform is used by over 400 members who have the potential to be GenIP clients.

Guident operated shuttle in Boca Raton, Florida

Operations start October 2025

Photo courtesy of Guident Corp.

Chairman's statement

Tekcapital brings innovations from laboratory to market. We commercialise university intellectual property, a process known as technology transfer. In H1 2025, our key portfolio companies continued to make significant progress and we are bullish on their future performance.

We continue to believe that when you couple commercialisation ready, compelling university IP with strong senior management, you increase the probability that vibrant companies will emerge, net assets will grow, returns on invested capital are likely to increase over time and exits, if they occur, should happen faster. When we realise material exits, the Group's goal is to distribute a portion of the proceeds as a special dividend to our shareholders. 

A common theme across our portfolio companies is that we believe they have proprietary intellectual property, capable management, address large markets and if successful over the long-term, can improve the quality of life for the customers they serve. The Company's key investments include:

Microsalt plc (www.microsalt.co)

MicroSalt® manufactures a new patented salt that tastes great, can be used just about everywhere traditional salt is used, yet delivers full flavour with approximately half the sodium of regular salt.

Investment Rationale: The food industry is focused on developing and providing better-for-you products that taste good but enable reduced sodium consumption. The reason for this is that excess sodium consumption contributes to cardiovascular disease, a leading cause of premature death globally. According to the WHO, "Almost all populations are consuming too much sodium. The global average sodium intake of adults is ~ 4300 mg/day sodium (equivalent to 10.78 g/day salt). This is more than double the World Health Organization recommendation for adults of less than 2000 mg/day sodium (equivalent to < 5 g/day salt). The primary health effect associated with diets high in sodium is raised blood pressure, increasing the risk of cardiovascular diseases, gastric cancer, obesity, osteoporosis, Meniere's disease, and kidney disease. An estimated 1.89 million deaths each year are associated with consuming too much sodium. Reducing sodium intake is one of the most cost-effective measures to improve health and reduce the burden of non-communicable diseases: for every US$1 invested in scaling up sodium reduction interventions, there will be a return of at least US$12."[3]

Image Courtesy of Microsalt plc

Lucyd Ltd (www.lucyd.co)

LUCYD and its U.S. subsidiary Innovative Eyewear Inc. is seeking to UPGRADE YOUR EYEWEAR® by producing designer eyewear with smart features at affordable prices. Their designer frames help you stay connected safely and ergonomically to your digital life.

Investment Rationale: Pedestrian fatalities are at a 40 year high[4]. This is due primarily because drivers and pedestrians alike are distracted with their smartphones. Approximately 2/3 of the population wear corrective lenses[5]. Bluetooth technology has evolved, enabling it to be incorporated into traditionally-sized designer eyewear. This enables eyeglass wearers to remain connected to their digital lives, such as when taking calls and listening to music, while maintaining situational awareness. Individuals can keep their phones in their pockets and no earbuds are required, as the eyeglass frames contain miniature speakers and microphones. Much as the smart watch business has begun to eclipse the traditional watch business, we believe smart eyewear will follow suit.

Armor the world's first smart safety glasses, Powered by Lucyd®

Photo courtesy Innovative Eyewear Inc.

Guident Ltd (www.guident.co)

Guident Ltd seeks to improve the safety and efficiency of autonomous vehicles and land-based inspection robots with a software platform that enables the remote monitoring and control of these vehicles to rapidly resolve any mishaps.

Investment Rationale: Vehicles of all types are rapidly becoming electric and autonomous. The 2024  Autonomous Vehicle ("AV") market size was US$68 billion and is anticipated to grow to US$214 billion by 2030.[6] While AVs are projected to be significantly safer than traditional vehicles, there will still be disengagements or mishaps, and in most instances, there will be no vehicle operator present to help resolve these problems. Guident's remote monitoring and control centre addresses this and can monitor vehicles and if necessary, provide additional support such as calling a first responder, take over control of the vehicle to move it out of harm's way and provide real-time communication with passengers or pedestrians as appropriate. We believe that this extra safety layer will become standard in most jurisdictions where autonomous vehicles operate.

Belluscura plc (www.belluscura.com) 

Respiratory medical device company that has developed an improved portable oxygen concentrator (POC) to provide on-the-go supplemental O₂. The company's products are the first FDA cleared devices that enable the user to upgrade the filter cartridge to provide a greater flow of oxygen as a patient's disease progresses, thereby obviating the need to purchase a new POC.

Belluscura Xplore portable oxygen concentrator

Photo courtesy of Belluscura plc

Investment Rationale: Approximately 300m individuals suffer from COPD. Many of these patients require supplemental oxygen to perform activities of daily living. According to the WHO, COPD is the third leading cause of death in the world, causing 3.23 million premature deaths per year.[7] As there is no cure for COPD, over time patients require greater amounts of oxygen, and if they use a portable oxygen concentrator, this means they must replace their devices with devices with greater capacity as their disease progresses.  With Belluscura's new patented device, users can exchange the filter cartridges to enable higher capacity oxygen flow without having to change the device they are using. Like upgrading memory on a laptop. The result is the potential to reduce the cost and increase the availability of oxygen therapy for patients who need POC's.

Whilst our investment thesis remains unchanged from prior periods, we note that the company faces challenges in accessing the capital it needs to meet product demand and support operations. The recent U.S. tariffs have further accentuated these difficulties.  In our view the company's products are amongst a class of world-leading POC's and if they can secure sufficient financing, they should do very well. Irrespective of whether the Company is able to achieve its finance goals or their future performance, to date we have monitised our initial investment over the last few years and generated a cumulative return approximately 20% on our investment. Additionally, we currently hold approximately 2.3% of their outstanding issued share capital.

GenIP plc (www.GenIP.ai)

GenIP uses generative artificial intelligence aimed at empowering companies to better evaluate and commercialise technological discoveries through its services.

Investment Rationale: The GenAI market is currently experiencing exponential growth. The Generative AI in Analytics Market size is expected to be worth around US$ 7 billion by 2033 from US$ 625 million from 2023, growing at a CAGR of 28 % during the forecast period from 2024 to 2033.[8]

The surge in demand for predictive analysis and new advanced technologies is a key factor for generative artificial intelligence in the analytics market. Analytics is all about data analysis. We believe the incorporation of GenAI large language models into these services will help companies, research institutions and venture funds mitigate adverse selection, improve returns on invested capital and more efficiently deploy capital to produce useful businesses that can become financially successful and contribute to the quality of life of the customers they serve.

Financial performance

In the first half of 2025 we reported continued growth in our Net Assets, reaching a record level of US$77.4m. Our Net income after tax reached US$5.4m, representing another profitable reporting period for the Group. We are also pleased to report further reduction in our operating expenses for comparable period, with a 50% decrease of our administrative expenses to US$0.7m in H1 2025 compared to US$1.5m for H1 2024.

Fundraisings

In H1 2025, we closed share placements totaling US$2.3m. Proceeds were used primarily to accelerate the commercial progress and IPO readiness of Guident and working capital.

Whilst the Company is progressing very well, please note that our net asset values and revenues will fluctuate from period to period, sometimes significantly, due to individual portfolio company performance, valuations and changes in market conditions as well as macro-economic financial conditions including the recent tariffs and other economic or geo-political events. We continue to be grateful for the patience and support of our shareholders and we are sincerely appreciative of our dedicated, and incredibly hardworking team without whom none of the results reported herein would be possible. We've cut costs, streamlined operations, and doubled down on what we do best: spotting university innovations with real commercial firepower and turning them into market leaders. We thank our shareholders for their patience and our team for their relentless drive. Together, we're building lasting value, with a sharper, leaner Tekcapital ready to seize the next wave of opportunity.

Dr Clifford M Gross

Chairman and CEO

24 September 2025

For further information, please contact: 

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed discoveries that can enhance people's lives. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.

LEI: 213800GOJTOV19FIFZ85

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 June 2025