Interim Results for the six months ended 30 September 2025

GSTechnologies Limited (LSE: GST), the fintech company, announces the Company's unaudited interim results for the six months ended 30 September 2025 ("H1 26" or the "Period").

Highlights

• Further significant progress for the Group, both with the foreign exchange and payments business, and the digital asset business, particularly the Bake platform following its integration into the Group.

• Formal adoption of a Bitcoin treasury reserve policy to hold a significant proportion of the Company's cash in Bitcoin, reflecting confidence in Bitcoin's ability to reduce counterparty and exchange rate risk, enhance shareholder value, and align with the Group's GS Money strategy.

• Raised £1.925 million via a placing and retail offer to build the Company's Bitcoin treasury reserve.

• Revenue for the Period reduced to US$1.40 million (H1 25 US$2.23 million). However, this was a near doubling of the revenue achieved in H2 25 (US$0.73 million), reflecting the growth of the Group's digital assets businesses and the absence of non-recurring revenue in the comparative period.

• Net loss for the Period increased to US$437k (H1 25: US$69k loss) as the Group continues to invest in developing its GS Money solutions across both foreign exchange and payment services (Angra Global), and digital assets (GS20 Exchange and Bake).

• As of 30 September 2025, the Company had US$3.91 million in cash and cash equivalents (30 September 2024: US$2.91 million), including the Company's Bitcoin holding valued at approximately US$1.01 million.

• Net assets as at 30 September 2025 increased significantly to US$10.13 million compared to US$7.13 million at 30 September 2024.
  

Chairman's Statement

I am pleased to present on behalf of the board of directors of GST (the "Board") the interim report of the Company for the six months ended 30 September 2025.

Operational review

Foreign Exchange and Payment Services - Angra Global

Angra Global operates under the AngraFX and Angra Global brand names and is a UK Financial Conduct Authority ("FCA") approved Authorised Payment Institution ("API"), as well as holding a Canadian Money Services Business ("MSB") licence.

Angra Global provides a multi-currency e-wallet service, currently covering Sterling, Euro, US Dollar, Canadian Dollar, Chinese Yuan Renminbi and US Dollar Tether Token transactions.  This service enables Angra customers to securely store their funds within Angra Global business accounts and facilitate seamless foreign exchange conversions and fund transfers through Angra's established and reliable banking partnerships, akin to a conventional business bank account, utilising technology developed by the Group's subsidiary in Singapore, GS Fintech Pte Ltd.  Additionally, the MSB licence enables Angra to issue Sterling local accounts and Euro SEPA IBAN accounts to its clients, thereby providing a comprehensive one-stop business banking solution.

During the Period Angra continued to refine its processes and ensure that the focus is only on business where an appropriate margin can be achieved.  This has led to a short-term reduction in revenue, but Angra has now successfully transitioned from an 'old fashioned' fully manual banking system to a more technologically advanced system, positioning it very well for its planned growth and expansion.

To drive future growth Angra has hired a new business development manager. He has more than 20 years of experience in the remittance business and will, in particular, be tasked with expanding Angra's South American business. In this regard, Angra in process of establishing a Brazilian branch that the Company expects to be operational in Q1 2026.

Angra Limited in the UK is currently applying for an FCA Electronic Money Institution ("EMI") licence which will enable it to substantially increase its market offerings and services, including the ability to issue electronic money and provide payment services such as digital wallets and prepaid cards. Significant investment continued during the Period in connection with this application which continues to progress.

Just before the start of the Period, the Company entered into a legally binding sale and purchase agreement to acquire 100% of Metapay SP. Z.O.O ("Metapay"), a company incorporated in Poland.  Metapay holds a Small Payment Institution (SPI) licence and is registered under the Polish Act on Payment Services with MIP260/2025 status. The acquisition of Metapay is in line with GST's strategy to enhance its footprint in domestic and cross border payment services across Europe. Completion of the Metapay acquisition remains subject to the necessary regulatory approvals, a process that is ongoing, and completion is now expected to occur in Q1 2026.  Post-completion, it is the Company's intention that Metapay will be renamed as Angra Limited Z.O.O. and, coupled with the grant of the EMI licence, is expected to facilitate a material expansion in both the service offerings and geographical reach of Angra Global.

In addition, further complementary acquisitions are being investigated to accelerate Angra Global's growth and provide additional licences and infrastructure internationally.

Digital Assets - GS20 Exchange and Bake

The Group's GS Fintech UAB business is a holder of a Crypto Currency Exchange Licence, registered in Lithuania, and launched the Company's GS20 crypto asset exchange in November 2022. On 1 January 2025, GS Fintech UAB acquired the business and assets from Cake Pte Ltd and Cake DeFi UAB (together "CAKE") for an undisclosed cash consideration. The acquisition comprised a leading cryptocurrency investment platform, Bake. The acquisition of the Bake platform was a significant step for GST and the GS20 Exchange and Bake's crypto asset operations have now been combined into one single operating entity, GS Fintech UAB, with the backend systems between Bake and the GS20 Exchange also being fully consolidated. 

GS Fintech UAB continues to actively advance its compliance framework in alignment with the European Union's MiCA regulations and appointed Lithuania-based Agne Penikienė as CEO of GS Fintech UAB, together with forming a new management board, in the Period. In September 2025 a MiCA license application was submitted to the Bank of Lithuania. Post submission, the Company has responded to follow-up questions, primarily focused on GST and its corporate ownership structure, and we are optimistic the licence will be granted in due course.

Various enhancements have been made to the product and service offering to the Group's digital asset customers. This has included the launch of a savings product enabling users to grow their crypto holdings and earn real-time rewards. This has gained significant traction since launch, with strong adoption across the active user base.

The Group has also been adding to its offering via partnerships. This has included Circle Alliance Membership, where Bake joined the Penikienėle Alliance, bringing fully MiCA-compliant USDC and EURC stablecoins to the Group's 800,000+ users and further strengthening our regulated stablecoin offering. In addition, in partnership with licensed EMI, Nuvei UAB, direct SEPA EUR deposits and withdrawals have been successfully rolled out to every Bake wallet, alongside 24/7 buying and selling of cryptocurrencies for Euro.

I am pleased with the progress that our Digital Asset operations have made in the Period and I believe they are well positioned for significant further growth in 2026.

Semnet

The Group acquired 66.66% of the share capital of Semnet Pte Ltd ("Semnet"), a cybersecurity company based in Singapore, on 29 February 2024. Semnet is a cybersecurity business that is providing the Company with expertise and licences as well as servicing a wide variety of external customers.

The business performance was disappointing in the period and on 18 July 2025, the Company announced that it had issued a notice of arbitration to the sellers of Semnet, Choo Seet EE and Zheng Kang Wen Mervyn (the "Sellers"), as set out in the Sale and Purchase Agreement dated 5 December 2023, pursuant to which the Company acquired 66.66% of the issued share capital of Semnet (the "SPA").  The notice of arbitration was sent in accordance with the provisions of the SPA and set out that the Company considered that the Sellers acted in breach of their non-compete undertakings owed to the Company and also acted in breach of their express obligations owned to Semnet as employees.

A mediation hearing was held in early December 2025 and a formal settlement agreement between the Sellers and the Company is expected to be entered into in late December 2025 or early January 2026. It is currently expected by the GST Board that this will see the return to the Company US$800,000 of cash consideration, the 58,844,713 consideration shares issued to the Sellers and a payment in Singapore Dollars equating to approximately US$300,000 to cover the Company's operational costs. Further updates will be announced as appropriate.

Bitcoin Treasury Policy

On 25 June 2025, the Company announced the formal adoption of a Bitcoin treasury reserve policy (the "Treasury Policy"). The Treasury Policy allows for a significant proportion of the cash resources of the Company, as determined by the GST Directors from time to time, to be held in Bitcoin. The GST Directors believe Bitcoin offers liquidity comparable to cash while serving as a reliable store of value.

The adoption of the Treasury Policy reflects the GST Directors' confidence in Bitcoin's ability to reduce counterparty and exchange rate risk, while potentially enhancing shareholder value beyond the Group's core operations. The Treasury Policy also aligns seamlessly with the Company's GS Money strategy and its operation of the Bake Cryptocurrency Platform. As a fintech company specialising in digital asset services, GST is well-positioned to integrate Bitcoin into its corporate treasury, strengthening its competitive edge in the rapidly evolving blockchain economy.

As announced on 17 September 2025, the Company currently holds approximately 8.8 Bitcoin in its treasury, acquired at an average purchase price of US$113,592.94 per Bitcoin, for an aggregate cost of US$999,617.90. This initial Bitcoin purchase was undertaken at a level the Board believed was prudent. However, at this time the market was starting to show clear signs of needing a consolidation and further purchases were paused. As at 16 December 2025 the Bitcoin price was approximately US$87,000.

The GST Board continues to believe that allocating a significant portion of the Company's cash reserves to Bitcoin aligns with the Group's operational focus and the services provided within the cryptocurrency ecosystem. We firmly believe in Bitcoin's role as a digital store of value and its alignment with GST's long-term financial objectives. In time the Company intends to add significantly to its Bitcoin holding and has allocated an initial US$2 million for the purchase of Bitcoin, to be added to the Company's treasury at strategic intervals, as determined by the GST Board. Additional Bitcoin purchases over and above the initial US$2 million allocation will be dependent on the day-to-day cash needs of the Company.

Funding

In order to build the Company's Bitcoin treasury reserve, in July 2025 the Company raised gross proceeds of £1,925,000 through a placing and retail offer of 160,416,666 Ordinary Shares at a price of 1.20 pence per share.

The Board is mindful of dilution for existing shareholders, and the Company will only undertake further fundraising activities if the Board believes additional capital is required to achieve the Company's strategic goals.

Summary

The first half of the financial year was another one of significant progress for the Group, both with the foreign exchange and payments business and the digital asset business, particularly the Bake Cryptocurrency Platform.  In addition, the adoption of a Bitcoin treasury policy perfectly aligns with the Group's operational focus and the services we provide within the cryptocurrency ecosystem.  Whilst we would have liked to have built the Group's Bitcoin holding faster, I believe the Board's cautious approach was vindicated by the downward movement of the Bitcoin price experienced post Period end.  However, we have every intention of using the proceeds of the placing and retail offer undertaken earlier in the year to significantly increase the Bitcoin holding, but only when the GST Board believes it is prudent to do so.

In the second half of the financial year we are looking to grow revenues from all the Group's businesses and further strengthen the Group's regulatory position. We will also continue to explore further complementary value enhancing acquisition opportunities that can assist with accelerating the development of the Group.

I believe GST is extremely well positioned for the future and I look forward to providing regular updates on the Group's progress.

Tone Kay Kim GOH  Chairman

Financial Review

The Group's interim financial statements represent a full six-month contribution from all subsidiaries.

Income Analysis

Whilst revenue for the Period reduced to US$1.40 million (H1 25 US$2.23 million), this was a near doubling of the revenue achieved in H2 25 of US$0.73 million, reflecting particularly the growth of the Group's digital assets businesses. The H1 25 prior year comparative included one-off revenue from Semnet and business streams that have been discontinued at Angra.

Whilst the Group continues to invest in the development of its businesses, losses continue. The net loss for the Period of US$0.437 million compared to a net loss of US$0.67 million in H1 25. The Board is confident that the investments made are laying strong foundations for profitable future growth.

Balance Sheet Analysis

The Group cash position, including the Group's Bitcoin holding valued at approximately US$1.01 million, improved to US$3.91 million as at 30 September 2025 (30 September 2024 US$2.91 million). The increase in cash reserves are reflective of the fundraise undertaken to raise gross proceeds of £1.925 million in July 2025.

Net assets as at 30 September 2025 increased significantly to US$10.13 million compared to US$7.13 million at 30 September 2024 following the increase in cash resources and the progress of the Group's businesses.

Summary

The financial performance for the Period shows marked improvement compared to the prior period. The Group's net loss is being managed and the investments made, coupled with the strengthened cash position and increased net assets, suggest that the Group is on the right path.  The Group continues to focus on achieving profitability, whilst investing for the future.

Director's Responsibilities Statement

We confirm that to the best of our knowledge:

(a) the unaudited condensed interim financial statements for the Period have been prepared in accordance with IAS 34 'Interim Financial Reporting';

(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events and their impact during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

(c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). Download full set Interim Results here:

GST-Interim-Results-FY2025-H1-30-September-2025.pdf

Download PDF • 5.10MB

Enquiries:

The Company

Tone Goh, Executive Chairman

+61 8 6189 8531

Financial Adviser

First Sentinel Corporate Finance

+44 (0)20 3855 5551  

Brian Stockbridge / Gabrielle Cordeiro

Broker

CMC Markets

+44 (0)20 3003 8632

Douglas Crippen

Financial PR & Investor Relations

IFC Advisory Limited

Tim Metcalfe / Graham Herring / Florence Staton

+44 (0)20 3934 6632