Results for the year ended 31 March 2026

GSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce the Company's audited results for the year ended 31 March 2026 ("FY26").

The Company's full FY26 annual report and financial statements will be available to view on the on the National Storage Mechanism (NSM) and the Company's website later today.

CHAIRMAN'S STATEMENT

The year ended 31 March 2026 ("FY26") was one of significant strategic progress for GSTechnologies Limited ("GST", "GSTechnologies", the "Company" or together with its subsidiaries the "Group"), albeit against a backdrop of financial results that did not reflect the long-term potential of the business.

Throughout the year we remained focused on executing the strategy we first set out in 2021 of building a next-generation financial technology group centred on cross-border payments, blockchain infrastructure and digital asset services. During FY26 we continued to invest in the technology, regulatory capabilities and operating infrastructure necessary to support that vision, whilst also adapting the Group to an increasingly dynamic regulatory and commercial environment.

The financial results for the year reflect this period of transition. Revenue reduced to US$1.45 million (FY25 US$2.82 million) and the Group recorded a net loss for the year of US$5.46 million (FY25 US$2.31 million). Whilst these results are clearly disappointing, they should be viewed in the context of a year in which considerable investment was made in strengthening the Group's long-term foundations. They also reflect a number of factors that make comparisons with the previous year less straightforward, including changes in accounting presentation within our payment business, differing reporting periods in certain subsidiaries, investment in regulatory compliance, the continued integration of recently acquired businesses and the repositioning of parts of our digital asset operations in response to the evolving European regulatory landscape.

The Board has deliberately prioritised long-term value creation over short-term financial performance. During the year we continued integrating the businesses acquired over the previous two years, strengthened our regulatory infrastructure, expanded our technology capabilities and further developed the Group's proprietary software platforms. Whilst these initiatives have inevitably impacted near-term profitability, they have also created a much stronger platform from which the Group can pursue sustainable future growth.

Our strategic objective remains unchanged. We are building an integrated financial technology ecosystem under the GS Money banner that brings together regulated cross-border payments, foreign exchange, blockchain technology, digital assets and proprietary software into a single platform capable of serving businesses operating in an increasingly digital global economy. Increasingly, we also see artificial intelligence becoming a key component of that ecosystem. During the year our development teams began incorporating AI into the Group's product roadmap with the objective of creating intelligent financial services capable of automating increasingly complex payment and compliance processes while enhancing the customer experience. Post year end, on 9 July 2026, we announced a proposed strategic investment in Sodales AI Pte. Ltd. ("Sodales AI"), a Singapore-based artificial intelligence company established to develop and commercialise an enterprise-scale Agentic Artificial Intelligence Operating System ("Agentic OS").  Under the investment agreement, Sodales AI will assist with the design, development and deployment of an agentic AI neobanking platform for GST and its subsidiary, Angra. The platform is intended to integrate autonomous AI agents with the Group's payment infrastructure, blockchain technology, stable token ecosystem and intelligent compliance processes, supporting the continued evolution of GST's digital financial services platform.

Rather than pursuing disconnected initiatives, we are bringing together the capabilities we have assembled over recent years into a unified platform that we believe will differentiate GST within the rapidly evolving fintech sector. Our payment infrastructure, blockchain technology, stablecoin capability, digital asset expertise and AI development are complementary components of a single long-term strategy.

The pace of technological change within financial services continues to accelerate. The convergence of digital payments, blockchain infrastructure, stablecoins and artificial intelligence is creating opportunities for businesses capable of operating across these disciplines while maintaining the regulatory standards expected of financial institutions. We believe GST is increasingly well positioned to participate in this transformation.

Against this backdrop, we continued to make important operational progress across each of our principal businesses during the year, whilst also strengthening the Group's financial position and, following the year end, we announced a US$10 million unsecured credit facility to support the next phase of our development.

Foreign Exchange and Payment Services - Angra Global

Angra Global remains a cornerstone of the Group's strategy to build a borderless financial services platform. Through its UK Financial Conduct Authority ("FCA") Authorised Payment Institution ("API") licence and Canadian Money Services Business ("MSB") licence, Angra provides regulated foreign exchange and international payment services to business customers operating across multiple jurisdictions.

The business continued to demonstrate the resilience of its underlying operations during FY26, processing customer transactions with an aggregate value of more than US$110 million during the year. This level of activity reflects the continuing demand for efficient, technology-enabled cross-border payment services and provides a solid operational foundation upon which to build the wider GS Money ecosystem.

Underlying revenue generated by Angra during the year amounted to approximately US$682,000. However, it should be noted that the revenue reported within the Group's financial statements is not directly comparable with the prior year. During FY26 the accounting presentation of safeguarded customer funds was revised to reflect the appropriate accounting treatment, with customer monies now recognised as liabilities rather than revenue. Consequently, comparisons between FY26 and FY25 reported revenues do not represent a like-for-like measure of the underlying trading activity of the business. Importantly, the level of customer transaction activity remained robust and demonstrates the strength of the platform and its customer relationships.

Alongside continuing investment in the technology supporting Angra's payment infrastructure, the business has also expanded its commercial focus. During the year we commenced a targeted programme of engagement with more than 2,000 UK Small Payment Institutions ("SPIs"), a market that we believe presents significant opportunities for collaboration, client acquisition and increased transaction volumes. We have been encouraged by the early response to this initiative and believe it represents an attractive route to accelerating the growth of the business.

Operationally, the focus during the year extended beyond transaction volumes. Considerable investment was made in strengthening Angra's technology platform, enhancing operational resilience and expanding the regulatory infrastructure required to support future growth. As with many fintech businesses operating in an increasingly regulated environment, these investments have increased short-term operating costs, but are essential to establishing a scalable, long-term business capable of serving a broader international customer base.

The continued development of the Angra platform is also central to the Group's wider GS Money strategy. Rather than operating as a standalone payment business, Angra is increasingly becoming the regulated payments engine through which the Group intends to integrate foreign exchange, blockchain infrastructure, stablecoin technology and artificial intelligence into a unified financial services platform. By bringing these capabilities together, we believe GST can offer customers a more comprehensive and differentiated solution than businesses operating within only one part of the financial services value chain.

A significant milestone was achieved during the year with the completion, on 23 January 2026, of the acquisition of Metapay SP z.o.o. ("Metapay"), a regulated Polish payment institution, now renamed Angra SP z.o.o. The acquisition broadens the Group's regulatory footprint within the European Union and provides an important platform from which to expand our payment and foreign exchange services across Europe. Metapay has subsequently been integrated into the Group's Angra operations and forms an important component of our long-term European growth strategy.

Looking ahead, we continue to see significant opportunities within international payments. The market remains fragmented, particularly amongst small and medium-sized businesses that require fast, reliable and competitively priced cross-border payment solutions. Supported by continued investment in technology, regulatory capability and customer acquisition, we believe Angra Global is well positioned to become a major contributor to the Group's future growth and a key component of the broader GS Money ecosystem.

Digital Assets - GS20 Exchange, Bake and GS Money Ecosystem

Digital assets remain an important component of the Group's long-term strategy. However, during FY26 our focus evolved from developing individual cryptocurrency products towards building the broader digital infrastructure that will underpin the Group's next phase of growth.

Throughout the year we continued integrating the Bake cryptocurrency platform acquired in the previous financial year with the Group's existing digital asset operations. Significant progress was made in consolidating technology, operational processes and development resources, creating a more efficient operating structure while allowing management to focus increasingly on developing a unified digital financial services platform rather than a collection of individual products.

The operating environment also changed significantly during the year as the European Union implemented the Markets in Crypto-Assets ("MiCA") regulatory framework. The introduction of MiCA represents an important milestone in the development of the European digital asset market and is expected to increase both regulatory certainty and institutional participation over the coming years.

Against this backdrop, the Group invested substantially in strengthening its legal, regulatory and compliance capabilities to ensure our digital asset strategy remains aligned with the evolving regulatory landscape. This included work undertaken to secure a MiCA regulatory licence and secure a foothold in the European digital asset market. Whilst these investments increased operating costs during the year, the Board believes they represent an essential investment in building a sustainable, scalable and fully compliant digital asset business.

The Group was ultimately not granted a MiCA licence in Lithuania and that impacted our immediate ability to access the EU digital asset market.  Therefore, as part of a continuing strategic review, we concluded that the Group's long-term objectives would be better served by simplifying its European digital asset structure. Customer operations, together with the associated assets and liabilities previously operated through GS Fintech UAB in Lithuania, have been transferred to Finferno Spółka Z Ograniczoną Odpowiedzialnością ("Finferno"), a Polish-registered Virtual Asset Service Provider ("VASP"), with the Group entering into a legal binding agreement to acquire Finferno on 29 December 2025. Formal completion of the Finferno acquisition continues to be progressed. This transition enables the Group to pursue future digital asset activities through a regulatory structure that is better aligned with our long-term strategic objectives and the opportunities presented by the evolving European regulatory framework.

Whilst the failure to gain a MiCA licence reduced short-term revenues from our digital asset activities and required significant management attention during the year, we believe they have established a much stronger foundation upon which to develop the business going forward.

More importantly, our ambitions now extend well beyond operating a cryptocurrency exchange. In light of recent regulatory changes, the Group is exploring alternative ways to take advantage of the complementary technologies that the Group has assembled and integrate them into a single ecosystem capable of delivering a new generation of financial services.

We do not view blockchain, cross-border payments, stablecoins and artificial intelligence as separate opportunities. Rather, we believe they represent complementary technologies which, when brought together, have the potential to transform the way businesses and consumers move, manage and safeguard money internationally. Much of the technology required to deliver that vision already exists within the Group. Our focus is therefore on integrating these capabilities into a unified platform, rather than developing a series of disconnected products.

This vision is now being developed through GS Money, which is becoming the central platform around which the Group's payment services, blockchain infrastructure, digital asset capabilities and proprietary software development are being brought together. We believe this integrated approach differentiates GST from many fintech businesses that operate within only one segment of the financial services market.

The Group's blockchain infrastructure already provides the technological foundation for much of our payment architecture. Building upon this capability, we are progressing the development of proprietary stablecoin functionality that we believe will enhance the efficiency, transparency and programmability of international payments. Operating alongside our regulated payment infrastructure, we believe this will provide customers with faster and more flexible methods of transferring value across borders whilst maintaining the high standards of governance, security and regulatory compliance expected within regulated financial markets.

Artificial intelligence represents the next stage in that evolution. During the year our software development teams commenced work on integrating intelligent AI capabilities throughout the GS Money platform. Initially, these technologies are expected to enhance areas such as customer onboarding, compliance monitoring, transaction processing and operational efficiency. Over time, however, we believe AI will become increasingly embedded throughout our products and services, delivering more intelligent financial management, predictive decision-making and greater automation for our customers.

The combination of regulated payment services, proprietary blockchain technology, digital asset infrastructure, stablecoin capability and artificial intelligence represents what we believe is a distinctive strategic position within the fintech sector. Whilst many businesses operate successfully in one or two of these disciplines, relatively few are seeking to combine them into a single integrated financial services platform. We believe this convergence represents a significant long-term opportunity for GST and one that will increasingly define the Group's strategic direction.

FY26 was therefore a year of integration, regulatory preparation and technology development rather than one of immediate financial returns. Although this investment affected short-term profitability, the Board believes the progress made during the year has significantly strengthened the Group's competitive position and provides a robust platform from which to accelerate commercial growth over the coming years.

Semnet

Semnet remains an important component of the Group's technology portfolio, providing cybersecurity, enterprise infrastructure and managed technology services to commercial and government customers across Southeast Asia. In addition to serving external customers, Semnet contributes valuable cybersecurity expertise that supports the resilience and security of the Group's wider fintech platform.

Revenue for the year amounted to approximately US$783,000. Comparisons with the prior year should, however, be interpreted with caution. The comparative figures relate to an 18-month reporting period following the alignment of Semnet's financial year-end with that of the Group, whereas the current financial year covers a normal twelve-month period. In addition, the business experienced a reduction in hardware sales following the loss of several significant overseas customers during the year. Accordingly, the reduction in reported revenue reflects both the differing reporting periods and changes in the composition of the customer base.

Alongside these commercial challenges, the year was significantly affected by the continuing legal proceedings arising from the Group's acquisition of Semnet. As previously announced, the Company initially commenced arbitration against the sellers of Semnet for alleged breaches of their contractual obligations under the Sale and Purchase Agreement, including non-compete undertakings and obligations owed to the business. Although mediation was undertaken with a view to achieving a commercial settlement, no agreement was ultimately reached.

Following the failure of those discussions, Semnet escalated the matter by issuing and serving a writ of summons against the sellers and a former senior manager, pursuing claims for alleged breaches of fiduciary and contractual duties, including breaches of the Sale and Purchase Agreement, which the Company believes have caused significant damage to the business. The claims currently seek approximately US$4.2 million in damages. More recently, the Singapore courts dismissed applications by the defendants seeking to stay the proceedings, allowing the Company's claims to continue.

The Board has been clear throughout this process that it will take all appropriate steps to protect the interests of Semnet and GST's shareholders. Whilst the proceedings have inevitably required considerable management time and attention during the year, we remain committed to pursuing the Company's legal rights vigorously. As the matter remains before the Singapore courts, it would be inappropriate to comment further on the substance or likely outcome of the litigation beyond the information already announced publicly.

At the same time, management has remained focused on rebuilding and repositioning the business. Efforts during the year have concentrated on reducing Semnet's historical reliance on lower-margin hardware sales and increasing its emphasis on higher-value cybersecurity, enterprise infrastructure and managed services, where we believe the business possesses strong technical expertise and more attractive long-term growth prospects.

Cybersecurity remains fundamental to every modern financial institution. As GST continues integrating its payment services, blockchain infrastructure and digital asset capabilities through the GS Money ecosystem, we believe Semnet's expertise will become increasingly valuable, not only as a standalone commercial business but also as an integral part of the secure technology infrastructure supporting the Group's wider fintech strategy.

Whilst FY26 was undoubtedly a challenging year for Semnet, the Board believes the business retains considerable technical capability and an experienced team. We remain confident that, as the litigation progresses and the operational repositioning of the business continues, Semnet will be well placed to make an increasingly valuable strategic and financial contribution to the Group.

Bitcoin Treasury Policy

One of the most significant strategic developments during the year was the formal adoption of the Group's Bitcoin Treasury Policy on 25 June 2025. The policy reflects the Board's belief that Bitcoin has an increasingly important role to play as a long-term treasury reserve asset for companies operating within the digital asset and blockchain sectors and is a natural extension of GST's broader fintech strategy.

As a business developing regulated payment services, blockchain infrastructure, digital asset technology and, increasingly, stablecoin and artificial intelligence solutions, we believe it is appropriate that our treasury strategy should reflect the markets in which we operate. The Board considers Bitcoin to be a highly liquid digital asset with characteristics that differentiate it from traditional cash holdings, including its finite supply, global accessibility and increasing institutional acceptance. We therefore believe that holding a proportion of the Company's treasury reserves in Bitcoin aligns both with our long-term strategic objectives and with the services we are developing for our customers.

To support the implementation of the Treasury Policy, the Company completed a fundraising during the year, enabling the Board to commence the phased establishment of a Bitcoin treasury. In September 2025 we announced that the Company had acquired approximately 8.8 Bitcoin at an average purchase price of approximately US$113,593 per Bitcoin, representing an initial investment of approximately US$1.0 million against the Board's previously announced allocation of up to US$2.0 million.

The initial acquisition was undertaken during a period in which Bitcoin was trading close to its then all-time high. Whilst some may question the timing of those purchases, it is important to recognise that the Board adopted the Treasury Policy with a long-term investment horizon, rather than seeking to trade short-term market movements. Consistent with that disciplined approach, we also recognised that market conditions had become increasingly extended and took the decision to pause further purchases whilst awaiting more favourable market opportunities. By the time of the publication of our interim results in December 2025, the Bitcoin price had retraced to approximately US$87,000, demonstrating the volatility that is characteristic of this emerging asset class.

The Board has adopted the revaluation model for the subsequent measurement of the Group's Bitcoin treasury asset. This approach most appropriately reflects the economic substance and intended use of the Bitcoin treasury reserve, while providing shareholders and other stakeholders with more relevant and transparent financial information by reflecting the prevailing market values of the Company's Bitcoin treasury holdings.

The Board's conviction in Bitcoin as a strategic treasury reserve asset has not changed. We recognise that price volatility is an inherent feature of Bitcoin and that periods of significant appreciation are frequently followed by periods of consolidation. Our policy is therefore not based upon attempting to predict short-term price movements, but upon our belief that Bitcoin will continue to mature as a globally recognised digital store of value and an increasingly important component of the evolving financial system. This long-term perspective remains consistent with the Group's wider strategy of investing in technologies that we believe will underpin the future of international financial services.

Our Treasury Policy should also be viewed in the broader context of the Group's GS Money strategy. As we continue integrating regulated payments, blockchain technology, digital assets, stablecoins and artificial intelligence into a unified financial services platform, we believe that maintaining a carefully managed Bitcoin treasury reinforces both the credibility of our digital asset strategy and our understanding of the markets in which we operate.

The Board will continue to review the level of the Company's Bitcoin holdings in light of prevailing market conditions, operational cash requirements and wider capital allocation priorities. We remain committed to a disciplined and measured approach that balances prudent treasury management with the long-term opportunities we believe Bitcoin presents for the Company and its shareholders.

Funding

The Board has continued to adopt a prudent approach to capital management, ensuring that the Company has access to sufficient financial resources to execute its strategic objectives whilst seeking to minimise unnecessary dilution for shareholders. As the Group continues to invest in the development of its GS Money ecosystem, regulatory infrastructure, technology platforms and strategic growth initiatives, access to new capital has been necessary for our long-term strategy.

On 7 July 2025, the Company announced a placing of 145,833,333 new ordinary shares at an issue price of 1.20 pence per share, raising gross proceeds of £1.75 million. In addition, the Company launched a retail offer to existing shareholders at the same issue price. Following strong shareholder support, the retail offer resulted in the issue of a further 14,583,333 new ordinary shares, raising gross proceeds of £175,000. Accordingly, the fundraising raised aggregate gross proceeds of £1.925 million through the issue of 160,416,666 new ordinary shares.

The proceeds of this fundraising were principally applied towards the implementation of the Company's Bitcoin Treasury Policy, whilst also providing additional working capital to support the continued development of the Group's GS Money strategy, including investment in its payment infrastructure, blockchain technology, digital asset capabilities and software development. The Board was particularly pleased to provide existing shareholders with the opportunity to participate in the fundraising through the retail offer, reflecting our continued commitment to shareholder engagement wherever practicable.

Subsequent to the financial year end, the Company announced that it had secured a US$10 million unsecured term loan facility with Clarivan Group Kommanditbolag. The facility represents an important milestone in the evolution of the Group's capital structure and provides significant additional financial flexibility as we continue to execute our long-term growth strategy. The facility is available to support working capital requirements, strategic acquisitions and the continued expansion of the Group's technology platforms and regulated financial services businesses. It is unsecured, bears interest only on drawn amounts at 5 per cent. per annum, and has a maturity date of 31 July 2030.

Unlike equity capital, the facility enables the Company to pursue appropriate growth opportunities without immediate shareholder dilution. The Board believes that broadening the Group's sources of finance beyond the equity markets is an important stage in the Company's development and reflects growing confidence in GST's strategy and long-term prospects.

Board and People

The progress made by the Group during FY26 reflects the dedication, professionalism and expertise of our employees across the business. Although the financial performance for the year fell short of our expectations, considerable work was undertaken behind the scenes to strengthen the foundations of the Group and position GST for its next stage of development.

Our teams have continued to integrate the businesses acquired over recent years whilst simultaneously developing new technology platforms, strengthening regulatory compliance, supporting our customers and navigating an increasingly complex operating environment. The progress made across our payment operations, digital asset activities, software development and cybersecurity businesses is a testament to their commitment and resilience.

The year also required significant management focus as the Group advanced a number of strategic initiatives, including the further development of the GS Money ecosystem, the implementation of our Bitcoin Treasury Policy, the acquisition and integration of Metapay, and the ongoing repositioning of our digital asset operations in response to the evolving European regulatory framework. At the same time, management has continued to pursue the Company's legal rights in relation to the Semnet litigation whilst ensuring that the business remains focused on serving customers and delivering its long-term strategic objectives.

The Board remains committed to maintaining high standards of corporate governance, regulatory compliance and risk management as the Group continues to expand. As our businesses grow and the regulatory landscape continues to evolve, this will remain fundamental to the sustainable development of the Company.

On behalf of the Board, I would like to thank all of our employees for their hard work, commitment and professionalism throughout what has been a demanding, but strategically important, year. I would also like to thank my fellow Board members for their continued support, guidance and stewardship as we continue executing the Group's long-term strategy.

Summary

FY26 was a year of substantial strategic activity, but the Group's financial performance does not reflect the progress made across the business. Revenue reduced and losses increased as GST invested in technology, regulatory capability, business integration and the restructuring of certain operations. The Board recognises that these results are disappointing and that shareholders will ultimately judge the success of our strategy by its ability to deliver sustainable revenue growth, improved operating performance and long-term value creation. Nevertheless, we believe the work undertaken during the year has materially strengthened the foundations of the Group.

GST now combines regulated foreign exchange and cross-border payment services, European payment infrastructure, proprietary software development, blockchain technology, digital asset capabilities and cybersecurity expertise. These are not intended to operate indefinitely as separate or disconnected businesses. Our objective is to bring these capabilities together under the GS Money banner to create an integrated financial technology ecosystem capable of serving businesses and individuals operating across borders.

The Group's strategic direction is increasingly focused on the convergence of regulated payments, blockchain, stablecoins and artificial intelligence. We believe these technologies will become progressively more interconnected as financial services evolve. Cross-border payments will increasingly make use of blockchain-based settlement; stablecoins are likely to become an important means of moving value efficiently between jurisdictions; and artificial intelligence has the potential to automate increasingly complex financial, compliance and operational processes.

GST already owns or controls many of the technological and operational components required to participate in this development. Our priority is therefore not to pursue a series of unrelated initiatives, but to integrate the capabilities already assembled within the Group and ensure that they operate effectively as a whole.

Angra Global is expected to remain central to this strategy as the Group's regulated payments and foreign exchange platform. During the coming year, management will focus on increasing customer activity, expanding relationships with UK Small Payment Institutions and building upon the European presence established through the acquisition of Metapay. The Group will also continue to progress its regulatory objectives, recognising that appropriate permissions and strong compliance infrastructure are essential to sustainable growth in financial services.

Within digital assets, our focus will be on completing the operational changes arising from the transition away from the former Lithuanian structure and establishing a more suitable route to future European regulatory compliance. We will continue to develop the technology originally brought into the Group through GS20 and Bake, but increasingly as part of the broader GS Money ecosystem rather than as standalone exchange activities.

The Group's software development team in Singapore, in collaboration with Sodales AI, will continue advancing the integration of AI capabilities within GS Money. Our initial focus is expected to be on practical applications that improve efficiency, including customer onboarding, transaction monitoring, compliance processes and operational support. Over time, we believe these capabilities can be extended to support more sophisticated financial management and automated transaction execution.

Stablecoin functionality also remains an important element of our development roadmap. We believe that combining stablecoin infrastructure with regulated payment services and proprietary blockchain technology could provide customers with faster, more transparent and more flexible methods of transferring value internationally. Development will be progressed carefully and in accordance with the regulatory requirements applicable in the relevant jurisdictions.

Semnet faced a difficult year, both operationally and as a result of the ongoing litigation. The Board remains committed to protecting the Group's interests and pursuing the claims that have been announced. At the same time, management will continue rebuilding the underlying business and focusing its activities on areas where its cybersecurity, enterprise infrastructure and technology expertise can generate stronger and more sustainable returns.

The Bitcoin Treasury Policy introduced during the year remains part of the Group's broader digital asset strategy. The Board recognises that Bitcoin is volatile and that the Company's initial purchases were made during a period when the price was close to its then all-time high. The policy has, however, been adopted with a long-term perspective rather than as a short-term trading strategy. Future purchases, if any, will continue to be considered carefully in the context of market conditions, operating cash requirements and the Group's wider capital allocation priorities.

Following the year end, the US$10 million unsecured loan facility materially enhanced the Company's financial flexibility. The facility provides GST with access to additional capital to support technology development, working capital and potential strategic opportunities without the immediate dilution associated with an equity fundraising. The Board intends to deploy this capital selectively and does not view its availability as a reason to pursue expenditure or acquisitions that do not meet our strategic and financial criteria.

We will continue to evaluate complementary investments and acquisitions where they can accelerate regulatory access, add technology, extend geographic reach or strengthen the wider GS Money proposition. Any such opportunities will be assessed against their ability to enhance the integrated Group strategy and create value for shareholders.

The Board is conscious that the Group must now translate its strategic progress into improved commercial and financial performance. Our immediate priorities are therefore to increase transaction activity across Angra, complete the integration and repositioning of the digital asset operations, progress the development of GS Money, maintain control of costs and allocate capital to those initiatives offering the clearest path to sustainable returns.

GST remains a relatively small business operating within large and rapidly changing markets. Execution risk remains, particularly in relation to regulation, technology development and the conversion of new products and customer relationships into meaningful revenues. However, we believe the Group is now better equipped to address these challenges than at any previous point in its development.

The components we have assembled across payments, blockchain, digital assets, cybersecurity, stablecoins and artificial intelligence provide GST with a distinctive strategic position. Our task in the coming year is to bring those components together more fully, commercialise the resulting capabilities and demonstrate the value of the platform we have been building.

I would like to thank our employees, customers, commercial partners and advisers for their continued support. Importantly, I would also like to thank our shareholders for their patience and commitment as we have invested in the future of the Group.

The Board recognises that shareholders ultimately expect this investment to be reflected in the Company's financial performance and valuation. Whilst FY26 was principally a year of building, integration and repositioning, we believe the foundations are now substantially stronger and that GST is well placed to pursue the opportunities emerging across international payments, blockchain infrastructure, stablecoins, digital assets and artificial intelligence.

I look forward to reporting on our progress during the year ahead.

On behalf of the Board

Tone Goh

Executive Chairman

30 July 2026

Financial Review

The Group reported net revenue of US$1.455 million for the year ended 31 March 2026 (2025: US$2.817 million) and a loss before taxation of US$5.458 million (2025: US$2.313 million). The increase in the loss reflects continued investment in the Group's technology platform, regulatory capability, product development and strategic initiatives, together with lower reported revenues during the year.

The reported reduction in revenue is not directly comparable with the prior year. Within Angrafx, safeguarded customer funds are now presented as liabilities rather than revenue in accordance with the appropriate accounting treatment. In addition, the comparative performance of Semnet reflects an 18-month reporting period, whereas FY26 covers a normal 12-month period, together with lower hardware sales following the loss of several significant overseas customers. These factors materially affect the year-on-year comparison and should be considered when reviewing the Group's financial performance.

The Group's net assets at 31 March 2026 were US$5.48 million (31 March 2025: US$8.32 million), reflecting the loss recorded during the year, partially offset by the £1.925 million equity fundraising completed in July 2025.

Cash and cash equivalents at the year end were US$1.85 million (31 March 2025: US$4.21 million). The Board believes the Group remained appropriately funded to execute its strategy during the year and, following the subsequent announcement of the US$10 million unsecured loan facility, the Group has significantly enhanced financial flexibility to support its future growth plans while reducing reliance on future equity funding.

The Board believes the investment made during FY26 has strengthened the Group's strategic position. The focus during the coming year will be on converting those investments into increased commercial activity, revenue growth and an improved financial performance.

Enquiries:

The Company

Tone Goh, Executive Chairman

+65 6444 2988

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 20 (0) 3934 6632