Results for the year ended 31 March 2025
- shaynetan
- Sep 12
- 14 min read
GSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce the Company's audited results for the year ended 31 March 2025 ("FY25").
The Company's full FY25 annual report and financial statements may be accessed here: http://www.rns-pdf.londonstockexchange.com/rns/0394Z_1-2025-9-11.pdf and will shortly be available to view on the on the National Storage Mechanism (NSM) and the Company's website.
Operational Highlights
Completed the full integration of the Bake Cryptocurrency Platform, following the acquisition of the business and assets of Cake Pte. Ltd. and Cake DeFi UAB (together "CAKE"). The acquisition was in line with the Company's strategy to expand and enhance the international presence and capabilities of its GS20 Exchange platform.
The Group continued to make significant progress with its GS Money strategy of developing a borderless Neobanking platform providing next-generation digital money solutions particularly in the areas of money remittance and digital asset exchanges services.
Plan to expand European footprint through agreement to acquire MetaPay SP. Z.O.O in Poland, increasing reach across the EU payments market.
Financial Highlights
Net operating income for the year of US$2.96 million (FY24: US$1.55 million), an increase of 91%.
Net loss for the year of US$2.29 million (FY24: US$1.22 million loss) as the Company continued to invest in developing its GS Money solutions.
Successfully completed £3.75 million of equity fundraising to accelerate the Group's GS Money strategy organically and via acquisition.
As of 31 March 2025, the Company had US$4.21 million in cash and cash equivalents (31 March 2024: US$2.61 million).
Net assets as at 31 March 2025 increased significantly to US$8.44 million compared to US$5.34 million at 31 March 2024, following the acquisition of the business and assets of CAKE and the progress of the Group's businesses.
Post Period Highlights
Formally adopted 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 and integration of the Bake Cryptocurrency Platform.
Raised £1.925 million via a placing and retail offer to build the Company's Bitcoin treasury reserve.
Enquiries:
The Company
Tone Goh, Executive Chairman
+61 8 6189 8531
Financial Adviser
First Sentinel Corporate Finance
Brian Stockbridge / Gabrielle Cordeiro
+44 (0)20 3855 5551
Broker
CMC Markets
Douglas Crippen
+44 (0)20 3003 8632
Financial PR & Investor Relations
IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence Chandler
+44 20 (0) 3934 6630
CHAIRMAN'S STATEMENT
During the year GST continued its strategic focus, started in early 2021, on developing a borderless Neobanking platform providing next-generation digital money solutions, both organically and through complementary acquisitions. This is being undertaken under the Company's GS Money banner primarily through the Group's GS20 Exchange, Bake Cryptocurrency Platform and Angra Global businesses, based on three initial use-cases: international money transfers, borderless accounts, and private stablecoin.
In FY25 we completed a further significant acquisition, acquiring the business and assets of Cake Pte Ltd and Cake DeFi UAB (together "CAKE"). The acquisition comprised a leading cryptocurrency investment platform ("Bake"), with a particularly strong presence in the DACH region (Germany, Austria, and Switzerland). The acquisition has also added important additional capabilities and sources of revenue for the Group, which, given the timing of the acquisition on 1 January 2025, are not fully reflected in the FY25 financial statements, whilst most of the costs are.
I am pleased with the progress the Group has made during the year and further significant growth is expected to be seen in the current financial year as the various businesses progress and are fully consolidated into the Group.
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.
Angra Global enjoyed steady growth during the year, although volumes tend to be weighted towards the first half of the Company's fiscal year as a slowdown is experienced over the Christmas and Chinese New Year periods, particularly as many of Angra's customers are based in Asia.
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 was made during FY25 in connection with this application and we look forward to reporting further on this in due course.
Just before the end 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, and is considered to be easier to integrate within the Group and to provide a more appropriate route to maximising value than other acquisitions we have recently been considering.
Completion of the Metapay acquisition remains subject to the necessary regulatory approvals, a process that is ongoing, and completion is expected to occur later in 2025. 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. The GS20 Exchange has observed a steady increase in account openings and transaction volumes throughout the year, attracting interest from both high-net-worth individuals and corporate clients, reflecting the exchange's successful penetration into the competitive crypto asset market.
On 1 January 2025, the Company's wholly owned subsidiary GS Fintech UAB, which operates the Company's GS20 Exchange, 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 and was in line with the Company's strategy to expand and enhance the international presence of the Company's crypto asset exchange services.
Founded in 2019, CAKE currently had approximately 700,000 registered users, 100,000 funded users and 50,000 users holding approximately US$80 million of digital assets on the Bake platform prior to the Company's acquisition. It operates the bake.io website and related iOS and Android mobile applications which allow users to invest in a variety of digital and cryptocurrency assets using innovative investment strategies. The acquisition included the relevant source code and IT infrastructure required to operate Bake, including the bake.io domain name and related services, intellectual property rights, including trademarks and trade names 'Cake DeFi' and 'Bake', together with customer lists and assets.
The acquisition of the Bake platform was a significant step for GST in strengthening the offering and scalability of the Company's crypto asset exchange services. In particular, the acquisition significantly expanded the exchange's user base and enhanced the exchange's technology stack, providing seamless clearing and settlement of cross-border crypto asset trades and related fiat currency payments.
The GS20 Exchange and Bake's crypto asset operations have been combined into one single operating entity, GS Fintech UAB, with the backend systems between Bake and the GS20 Exchange also being fully consolidated. In addition, key personnel from CAKE, the majority based in Singapore, have been integrated into the Group's digital assets operations.
The "GS20 Exchange" brand is currently undergoing a refresh and the frontend is being further developed into a fully-fledged high frequency exchange trading service. Following this, GS Fintech UAB will deliver a seamless, unified experience to its customers under a single, cohesive brand identity.
During the period Noewe UAB, a Lithuania-based professional services firm, was engaged to assist with aligning GS Fintech UAB's financial year-end reporting with the Group's 31 March year-end. Additionally, Noewe UAB is providing guidance on regulatory compliance expectations, which will be invaluable in ensuring regulatory adherence is maintained and supporting GS Fintech UAB's ongoing growth through the GS20 Exchange and Bake.
GS Fintech UAB is actively advancing its compliance framework in alignment with the European Union's MiCA regulations and continues to monitor regulatory developments with diligence. Our commitment to compliance and innovation remains steadfast as we navigate these changes and continue to explore opportunities within the evolving regulatory landscape. During the year, significant MiCA compliance costs, including legal fees, consultancy fees, and recruitment costs have been incurred to ensure the Group fully complies with licensing requirements. This has had an impact on the financial performance of the digital asset businesses during the year, but has ensured they are well positioned for the future and the anticipated growth.
Semnet
The Group acquired 66.66% of the share capital of Semnet Pte Ltd ("Semnet"), a cybersecurity company based in Singapore, just prior to the start of FY25 on 29 February 2024. Semnet is a cybersecurity business that is providing the Company with expertise and licences that are a critical component to the advancement of the Company's GS Money and B2B Neobanking operations. Semnet has been successfully integrated into the Group's operations and the Semnet team's experience and capabilities are adding significant value to the Group's operations, particularly through enhanced cybersecurity support, which is of particular importance to both the Company's developing global neobank ecosystem under Angra Global, and the GS20 Exchange and Bake cryptocurrency operations.
In addition to assisting Group companies, Semnet services a wide variety of external customers. The business traded in line with GST's expectations during FY25 and the management team has been strengthened during the year.
The opportunity is being taken to focus the business on those sectors that can deliver the best return, reflecting the changing cybersecurity landscape. A particular focus is on government projects, and during the year Semnet focused on building pipelines and undertaking a number of proof of concepts for government clients. These types of projects are typically longer and larger in scale than Semnet's private sector work.
Given the wider opportunities available to Semnet, GST, in conjunction with Semnet's minority shareholders, explored options for the future of the business. This culminated in the signing of a non-binding Memorandum of Understanding with Trident Global Capital Pte Ltd ("TGC"), outlining TGC's proposed role in guiding and assisting Semnet through strategic preparations for a potential listing on NASDAQ in the US. This was followed on 18 November 2025 by GST and TGC signing a legally binding Heads of Terms providing more detail concerning the assistance to be provided by TGC to the Company with regard to the potential listing, including, inter alia, TGC being responsible for the necessary transaction expenses of both parties. The parties also agreed that the proposed valuation ascribed to 100% of Semnet for the potential listing is US$54 million, of which GST's 67% ownership of Semnet would be valued at US$36 million subject to the potential listing being successfully completed.
Post period end on 18 July 2025, the Company announced that it had issued a notice of arbitration to Choo Seet EE and Zheng Kang Wen Mervyn (the "Sellers"), the sellers of Semnet 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 has been sent in accordance with the provisions of the SPA and sets out that the Company considers that the Sellers have 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, which if the arbitration is resolved in the Company's favour, is expected to result in a recovery of profits for Semnet.
The Company intends to follow the arbitration process and cannot comment any further on these issues at this stage, as to do so may prejudice the Company's position in the arbitration. Further updates will be announced as appropriate. In the meantime, the Company has paused the NASDAQ listing plans for Semnet until the arbitration is resolved.
Bitcoin Treasury Policy
Post period end, 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.
I and my GST Board colleagues believe that holding a significant proportion of the Company's cash resources in Bitcoin makes perfect sense given the Group's operations and the services it is providing to its clients. We are excited about the potential for Bitcoin to enhance shareholder value while reinforcing our leadership in the digital asset space.
The cash resources of the Company coupled with the net proceeds of the placing and the retail offer undertaken in July 2025 will enable the Company to acquire a significant Bitcoin holding. The Company has started to acquire Bitcoin as part of its initial implementation of the Treasury Policy 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.
Fund Raising
In order to accelerate the implementation of the Group's GS Money strategy, including via acquisition, the Company has undertaken fundraising activities as the Board has deemed appropriate to facilitate the maximisation of overall shareholder value.
In April 2024 the Company raised gross proceeds of £1.25 million through a placing of 119,047,619 new ordinary shares of no par value in the capital of the Company ("Ordinary Shares") at a price of 1.05 pence per Ordinary share.
In January 2025, the Company raised gross proceeds of £2.50 million through a placing of 105,263,157 new Ordinary Shares and retail offer of 26,315,789 new Ordinary Shares at a price of 1.90 pence per Ordinary Share.
Post period end, in July 2025, the Company raised gross proceeds of £1.925 million through a placing of 145,833,333 new Ordinary Shares and retail offer of 14,583,333 new Ordinary Shares at a price of 1.20 pence per Ordinary Share to further build the Company's Bitcoin treasury reserve in accordance with the Treasury Policy implemented by the Company.
The Board remains 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. In addition, the Company will seek to include a retail offer to allow existing shareholders to participate in any equity fundraise where practical.
Board and People
I would like to take this opportunity to thank all of the GST Board and team for their hard work and dedication throughout the year.
At the end of 2024 we welcomed 12 key personnel from CAKE into the Group's digital assets operations, ensuring seamless continuity in areas such as finance and treasury, software and engineering, and legal and compliance. The majority of the CAKE employees are based in Singapore and they have provided a valuable addition to the Group.
Summary
GST is a focused, 'pure play', fintech group with solid operational platforms focussed on foreign exchange and payment services, and digital assets services, coupled with a cybersecurity business, on which to build and continue to roll out our GS Money solutions.
Whilst GST has experienced significant revenue growth during the year, the period was one of ensuring the Group is very well positioned for the future, which does come at a short-term cost and have an impact on immediate revenues. In particular, the acquisition of the business and assets of CAKE and the integration of the GS20 Exchange with the Bake cryptocurrency platform was a transformational step.
Whilst these investments and the significant development of our businesses has come at a cost, I believe it is one that will deliver a substantial future return. The Group is very well positioned in both money remittance and digital asset exchanges services, with attractive offerings that are gaining significant market traction. However, we do not intend to slow our expansion plans. Ongoing licence applications to expand our market presence and geographical coverage will add further capabilities, and the completing the acquisition of Metapay will greatly assist our European penetration. We will also continue to explore further value enhancing acquisition opportunities as they are presented. I am also excited by the additional opportunity to generate shareholder value through the Group's new Bitcoin focused Treasury Policy while reinforcing our leadership in the digital asset space.
I would like to take this opportunity to thank all stakeholders, including the Group's staff, customers and GST shareholders for their continuing support.
GST is making significant advances and I look forward to reporting on our further progress in the coming months.
On behalf of the Board
Tone Goh
Executive Chairman
FINANCIAL REVIEW
The Group's financial statements include full 12-month contributions from the Group's main operating subsidiaries; Angra Limited, Angra Global Limited, GS Fintech UAB and Semnet Pte Ltd. Only the business and assets of CAKE were acquired, so no further entity was required to be consolidated.
Income Analysis
The Group's income during the year was solely derived from the Group's 'fintech' and cybersecurity businesses, with revenue increasing by 91% for the 12-months ended 31 March 2025 to US$2.96 million (2024: US$1.55 million), reflecting the increasing commercial traction gained by these businesses. The second half performance was impacted by the acquisition of the business and assets of CAKE, where additional transitional expenses were incurred and the digital assets business repositioned as the Bake platform was fully integrated with the Company's GS20 Exchange.
The Group's operating loss before tax for the financial year increased slightly to US$2.31 million, compared to the operating loss incurred in previous financial year of US$1.22 million as the Company continued to invest in developing its GS Money solutions. In particular, net operating expenses increased significantly in FY25, from US$2.54 million in FY24 to US$5.16 million in FY25. This reflected increased employee and office costs as the Group expanded, including through the full year contribution from Semnet and key hires, including the CAKE team. There was also a significant increase in cost of goods sold from US$0.38 million in FY24 to US$1.05 million in FY25, reflecting the nature of the Semnet business.
Balance Sheet Analysis
Net assets as at 31 March 2025 amounted to US$8.44 million (31 March 2024: US$5.34 million).
As at 31 March 2025, the Group had available cash of US$4.21 million (31 March 2024: US$2.61 million), with gross proceeds of £1.925 million (approximately US$2.60 million) being raised post period end in July 2025.
The Directors believe that the Group is in a stable financial position and has the financial resources to enable it to expand and grow its current operations and meet all its current liabilities, together with the ability to access further capital should an appropriate need arise.
Post period end, on 25 June 2025, the Company announced the formal adoption of a Bitcoin treasury reserve 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 and it is the Director's intention that a substantial proportion of the Company's cash balance will be held in Bitcoin, which they believe offers liquidity comparable to cash while serving as a reliable store of value. You may read our full year financial report below:
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