24 sep 25   tekcapital plc - unaudited half yearly report tekcapital plc | tek | 10.0 0 0.0% | mkt cap: 23.5m    rns number : 5312a tekcapital plc 24 september 2025     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 18th 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 23rd 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 22nd 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 21st 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 15th 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. ·      10th 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. ·      15th 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:  tekcapital plc   via flagstaff clifford m. gross, ph.d.       sp angel corporate finance llp (nominated adviser and broker)  +44 (0) 20 3470 0470  richard morrison/charlie bouverat (corporate finance) abigail wayne / rob rees (corporate broking)      flagstaff strategic and investor communications             +44 (0) 20 7129 1474 tim thompson/andrea seymour/fergus mellon    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   notes six months ended 30 june 2025 six months ended 30 june 2024 year ended 31 december  2024    unaudited unaudited audited    us$ us$ us$   portfolio return and revenue     changes in fair value on financial assets at fair value though profit or loss 6 5,695,035 20,500,240 20,016,771 revenue from services   139,140 254,397 425,986 interest from financial assets at fair value through profit and loss   336,858 334,412                       743,205 other income   - 123 -     6,171,033 21,089,172 21,185,962 administrative expenses and other expenses      cost of sales   - (143,710)           (147,203) operating expenses   (744,841) (1,482,460) (1,879,773) operating profit and profit before tax  5,426,192 19,463,002 19,158,986  income tax expense   (800) (1,674)               (2,961) profit after tax for the period/year  5,425,392 19,461,328       19,156,025         other comprehensive income/(loss)      translation of foreign operations   (213,965) 59,051           (589,195) total other comprehensive income/(loss)   (213,965) 59,051                              (589,195)                                  total comprehensive income for the period/year   5,211,427 19,520,379                 18,566,830          earnings per share 5    basic earnings per share  0.03 0.10                                       0.10 diluted earnings per share   0.03 0.10                                        0.10                           consolidated statement of financial position   at 30 june 2025   notes as at 30 june 2025 as at 30  june 2024 as at 31 december 2024    unaudited unaudited audited    us$ us$ us$      assets     non-current assets     intangible assets  - - - financial assets at fair value through profit and loss 6 75,898,812 69,481,993 69,201,744 property, plant and equipment   6,820 14,271 7,152    76,905,632 69,496,264                 69,208,896 current assets      trade and other receivables   703,157 552,188 644,365 cash and cash equivalents   1,310,032 315,960 786,290    2,013,189 868,148 1,430,655       total assets   77,918,821 70,364,412 70,639,551       liabilities      current liabilities      trade and other payables   474,842 334,302 548,725 deferred revenue   22,758 211,206 22,844 total liabilities   497,600 545,508 571,569        net assets   77,421,221 69,818,904 70,067,982   equity attributable to owners of the parent      ordinary shares  1,263,747 1,074,357                 1,142,071 share premium  34,301,138 31,214,052                 32,297,956 retained earnings   41,756,573 36,568,521 36,314,227 translation reserve   171,932 1,034,143 385,897 other reserve   (72,169) (72,169) (72,169) total equity   77,421,221 69,818,904 70,067,982         net asset per share   0.33 0.35 0.33       consolidated statement of changes in equity for the six months ended 30 june 2025    attributable to equity holders of the parent company   ordinary share translation other retained total group note shares premium reserve reserve earnings equity     us$ us$ us$ us$ us$ us$         balance as at 31 december 2023  973,329 28,937,011 975,092 (72,169)                     17,073,617 47,886,880         profit for the period  - - - - 19,461,328 19,461,328 other comprehensive income  - - 59,051 - - 59,051 total comprehensive income for the period - - 59,051 - 19,461,328 19,520,379 transactions with owners, recorded directly in equity        share issue  101,028 2,424,668 - - - 2,525,696 cost of share issue  - (147,627) - - - (147,627) share based payments  - - - - 33,576 33,576 total transactions with owners  101,028 2,277,041 - - 33,576 2,411,645 at 30 june 2024 (unaudited)   1,074,357 31,214,052              1,034,143 (72,169) 36,568,521 69,818,904         balance as at 31 december 2024               1,142,071                32,297,956                  385,897          (72,169)                                                                         70,067,982 profit for the period  - - - - 5,425,392 5,425,392 other comprehensive income  - - (213,965) - - (213,965) total comprehensive income for the period - - (213,965) - 5,425,392 5,211,427 transactions with owners, recorded directly in equity        share issue  121,676 2,144,663 - - - 2,266,339 cost of share issue  - (141,481) - - - (141,481) share based payments  - - - - 16,954 16,954 total transactions with owners  121,676 2,003,182 - - 16,954 2,141,812 at 30 june 2025 (unaudited)  1,263,747 34,301,138                  171,932 (72,169) 41,756,573 77,421,221  share capital represents the amount subscribed for share capital at nominal value. share premium represents the amount subscribed for share capital in excess of nominal value and net of any directly attributable issue costs. translation reserve - foreign exchange differences recognised in other comprehensive income. other reserve - historic other reserve outside of share premium and translation reserve. retained earnings - cumulative net gains and losses recognised in the consolidated statement of comprehensive income, net of dividends paid.                                     consolidated statement of cash flows   for the six months ended 30 june 2025      period ended 30 june 2025 period ended june 2024 year ended 31 december 2024      us $ us $ us $   cash flows from operating activities        income after income tax   5,425,392 19,461,328    19,156,025   adjustments for         - depreciation   1,401 -                7,120     - amortisation   - 34,911             34,911     - share based payment expense   16,594 33,576             84,585     - management services income   (139,139) (189,949)         (326,144)    - interest from financial assets at fvtp&l   (336,859) (334,412)         (743,205)    - unrealised (gains)/losses on foreign exchange   (72,119) 29,873 (8,473)               - fair value (gain)/losses on financial assets at fvtp&l   (5,695,035) (20,500,240)     (20,016,772)    movement in working capital:         - movement in trade and other receivables   (58,792) 562,565         470,388   -  deferred revenue movement   (87) (6,186)             (194,548)     - movement in trade and other payables   (73,883) (182,854)           31,568    net cash outflows from operating activities   (932,168) (1,091,387)      (1,504,545)   cash flows from investing activities        additions to financial assets at fair value through profit and loss   (1,259,573) (2,288,574)      (3,200,305)   proceeds from disposals of financial assets at fair value through profit and loss   538,538 718,154           1,381,440    purchases of property, plant and equipment   (1,070) -              -   net cash outflows investing activities   (677,105) (1,570,420)      (1,818,865)   cash flows from financing activities        proceeds from issuance of ordinary shares       2,226,339 2,525,696        3,795,538    costs of raising finance   (141,481) (147,627)         (265,851)   net cash inflows from financing activities   2,124,584 2,378,069        3,529,687    net (decrease)/increase in cash and cash equivalents   515,584 (283,738)                206,277    cash and cash equivalents at beginning of year  786,290 620,248 620,248     exchange gains/(losses) on cash and cash equivalents 8,157 (20,550) (20,550)             (40,235) cash and cash equivalents at end of period/year   1,310,032 315,960           786,290                              notes to the financial information   1.    general information tekcapital plc is a company incorporated in england and wales and domiciled in the uk. the address of the registered office is 12 new fetter lane, london, united kingdom, ec4a 1jp. the company is a public limited company, which has been quoted on the aim market of the london stock exchange since 2014.   the principal accounting policies applied in the preparation of this consolidated financial information are set out below. these policies have been consistently applied to all the periods presented, unless otherwise stated.   2.    basis of preparation the financial information for the six months ended 30 june 2025 set out in this interim financial information is unaudited and does not constitute statutory financial statements. the interim condensed financial information has been presented in us dollars ("$") and is rounded to the nearest dollar.   3.    accounting policies 3.1 statement of compliance the accounting policies applied by the group and its subsidiaries in these unaudited half year results are consistent with those applied in the annual financial statements for the year ended 31 december 2024.     the financial statements of tekcapital plc group have been prepared in accordance with international financial reporting standards (ifrs) and ifrs interpretations committee (ifrs ic) as adopted by the united kingdom and the companies act 2006. the financial statements have been prepared under the historical cost convention.   the preparation of financial statements in conformity with ifrs requires the use of certain critical accounting estimates. it requires management to exercise its judgement in the process of applying the group's accounting policies. the areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4 of the fy 2024 accounts.   4.    going concern the 2025 interim financial information has been prepared on a going concern basis.   the group and company meet its day to day working capital requirements through its service offerings, monetisation of quoted equity stakes and monies raised through issues of equity.   the group's forecasts and projections indicate that the group and company have sufficient cash reserves to operate within the level of its current funds. the group has no third party debt facilities.    the directors have prepared detailed cash flow projections for the period to 30 september 2025 ("going concern assessment period"). the cash flow projections have been subjected to sensitivity analysis which demonstrates that the group and company will maintain a positive cash balance through the going concern assessment period.   the directors have also considered the geo-political environment, including rising inflation, and whilst the impact on the group is currently deemed minimal, the directors remain vigilant. on this basis, the directors have therefore concluded that it is appropriate to prepare this financial information on a going concern basis.     5.    earnings per share basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.   diluted earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the sum of weighted average number of (1) ordinary shares outstanding during the period and (2) ordinary shares to be issued assuming exercise of outstanding stock options with intrinsic value above $0 at 30 june 2025:   six months ended 30 june 2025 six months ended 30 june 2024 year ended 31 december 2024  us$ us$ us$     profit attributable to equity holders of the company    5,425,392    19,461,328 19,156,025     weighted average number of ordinary shares in issue:        basic 203,948,875 191,604,646 196,539,893 diluted 204,048,875 196,071,312 196,639,893     basic profit per share (us$) 0.03 0.10 0.10 diluted profit per share (us$) 0.03 0.10 0.10     6.    financial assets at fair value through profit or loss   the group's financial assets at fair value through profit and loss as of 30 june 2025 consist of equity investments of us$68,816,957 (31 december 2024: us$61,454,673) and convertible loan notes of us$7,081,855 (31 december 2024: us$7,747,072) totaling us$75,898,812 (31 december 2024: us$69,201,744).   equity investments           30 june 2024   31 december 2024 additions/(disposals) foreign* exchange movements fair value gain/(loss) 30 june 2025                                                                    us$   us$ us$ us$ us$ us$   guident limited 18,083,264  18,083,264 2,282,356 - 2,557,544 22,923,164   lucyd limited 2,568,597  1,297,275 - - (747,230)        550,045   belluscura plc 2,162,351  970,362 - 91,789 (976,029) 86,122   microsalt plc 38,890,073  36,928,090 (583,537) 2,965,271 228,239 39,538,063   smart food tek limited 38,422  38,422 - - - 38,422   genip limited 191,564  4,137,260 - 332,216 1,211,666 5,681,141   total balance                    61,934,271        61,454,673 1,698,819  3,389,276 2,274,190 68,816,957         convertible loan notes     group 31 dec 2024 additions disposal foreign* exchange movements fair value change 30 june 2025   us $ us $ us $ us $ us $ us $ innovative eyewear, inc - - - - - - guident corp 5,000,000 1,735,571 (2,282,356) 73,738 - 4,526,952 microsalt plc 2,747,072 - (150,000) (42,169) - 2,554,903  total balance  7,747,072 1,735,571 (2,432,356) 31,569 - 7,081,856     *foreign exchange movements are included within changes in fair value on financial assets at fair value though profit or loss in the consolidated statement of comprehensive income.   7.    related party transactions the group has generally taken advantage of the exemption in ias 24 "related parties" not to disclose transactions with group companies. during the period the group did not employ any services of non-group companies meeting the definition of related parties.   8.    interim results the interim results for the six months ended 30 june 2025 will not be sent to shareholders but will be available from the company's website at http://tekcapital.com/   general risk factors and forward-looking statements this report is directed only at relevant persons and must not be acted on or relied upon by persons who are not relevant persons. any other person who receives this report should not rely or act upon it. by accepting this report the recipient is deemed to represent and warrant that: (i) they are a person who falls within the above descrip-tion of persons entitled to receive the report; (ii) they have read, agreed and will comply with the contents of this notice. the tekcapital securities mentioned herein have not been and will not be, registered under the u.s. securities act of 1933, as amended (the "securities act"), or under any u.s. state securities laws, and may not be offered or sold in the united states of america or its territories or possessions (the "united states") unless they are registered under the securities act or pursuant to an exemption from or in a transaction not subject to the registration requirements of the securities act. this report is not being made available to persons in australia, canada, japan, the republic of ireland, the republic of south africa or any other jurisdiction in which it may be unlawful to do so, and it should not be delivered or distributed, directly or indirectly, into or within any such jurisdictions. investors must rely on their own examination of the legal, taxation, financial and other consequences of an investment in the com-pany, including the merits of investing and the risks involved. prospective investors should not treat the contents of this report as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers concerning any acquisition of shares in the company. certain of the information contained in this report has been obtained from published sources prepared by other parties. certain other information has been extracted from unpublished sources prepared by other parties which have been made available to the company. the company has not carried out an independent investigation to verify the accuracy and completeness of such third-party information. no responsibility is accepted by the company or any of its directors, officers, em-ployees or agents for the accuracy or completeness of such information. all statements of opinion and/or belief contained in this report and all views expressed represent the directors' own current as-sessment and interpretation of information available to them as at the date of this report. in addition, this report contains certain "forward-looking statements", including but not limited to, the statements regarding the company's overall objectives and strategic plans, timetables and capital expenditures. forward-looking statements express, as at the date of this report, the company's plans, estimates, valuations, forecasts, projections, opinions, expectations or beliefs as to future events, results or performance. forward-looking statements involve a number of risks and uncertainties, many of which are beyond the company's control, and there can be no assurance that such statements will prove to be accurate. no assurance is given that such forward looking statements or views are correct or that the objectives of the company will be achieved. further, valuations of company's portfolio investments and net asset value can and will fluctuate over time due to a wide variety of factors both company specific and macro-economic. changes in net asset values can have a significant impact on revenue and earnings of the company and its future prospects. as a result, the reader is cautioned not to place reliance on these statements or views and no responsibility is accepted by the company or any of its directors, officers, employees or agents in respect thereof. the company does not undertake to update any forward-looking statement or other information that is contained in this report. neither the company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the information contained in this report or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this report. neither the issue of this report nor any part of its contents is to be taken as any form of contract, commitment or recommendation on the part of the company or the directors of the company. in no circumstances will the company be responsible for any costs, losses or expenses incurred in connection with any appraisal, analysis or investigation of the company. this report should not be considered a recommendation by the company or any of its affiliates in relation to any prospective acquisition or disposition of shares in the company. no undertaking, report, warranty or other assurance, express or implied, is made or given by or on behalf of the company or any of its affiliates, any of its directors, of-ficers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this report and no responsibility or liability is accepted for any such errors or omissions. intellectual property risk factors tekcapital's mission is to create valuable products from university intellectual property that can improve people's lives.  therefore, our ability to compete in the market may be negatively affected if our portfolio companies lose some or all of their intellectual property rights, if patent rights that they rely on are invalidated, or if they are unable to obtain other intellectual property rights. our success will depend on the ability of our portfolio companies to obtain and protect patents on their technology and products, to protect their trade secrets, and for them to maintain their rights to licensed intellectual property or technologies. their patent applications or those of our licensors may not result in the issue of patents in the united states or other countries. their patents or those of their licensors may not afford meaningful protection for our technology and products. others may challenge their patents or those of their licensors by proceedings such as interference, oppositions and re-examinations or in litigation seeking to establish the invalidity of their patents. in the event that one or more of their patents are challenged, a court may invalidate the patent(s) or determine that the patent(s) is not enforceable, which could harm their competitive position and ours. if one or more of our portfolio company patents are invalidated or found to be unenforceable, or if the scope of the claims in any of these patents is limited by a court decision, our portfolio companies could lose certain market exclusivity afforded by patents owned or in-licensed by us and potential competitors could more easily bring products to the market that directly compete with our own. the uncertainties and costs surrounding the prosecution of their patent applications and the cost of enforcement or defense of their issued patents could have a material adverse effect on our business and financial condition. to protect or enforce their patent rights, our portfolio companies may initiate interference proceedings, oppositions, re-examinations or litigation against others. however, these activities are expensive, take significant time and divert management's attention from other business concerns. they may not prevail in these activities. if they are not successful in these activities, the prevailing party may obtain superior rights to our claimed inventions and technology, which could adversely affect their ability of our portfolio companies to successfully market and commercialise their products and services. claims by other companies may infringe the intellectual property rights on which our portfolio companies rely, and if such rights are deemed to be invalid it could adversely affect our portfolio companies and ourselves as investors in these companies. from time to time, companies may assert patent, copyright and other intellectual proprietary rights against our portfolio company's products or technologies. these claims can result in the future in lawsuits being brought against our portfolio companies or their holding company. they and we may not prevail in any lawsuits alleging patent infringement given the complex technical issues and inherent uncertainties in intellectual property litigation. if any of our portfolio company products, technologies or activities, from which our portfolio companies derive or expect to derive a substantial portion of their revenues and were found to infringe on another company's intellectual property rights, they could be subject to an injunction that would force the removal of such product from the market or they could be required to redesign such product, which could be costly. they could also be ordered to pay damages or other compensation, including punitive damages and attorneys' fees to such other company. a negative outcome in any such litigation could also severely disrupt the sales of their marketed products to their customers, which in turn could harm their relationships with their customers, their market share and their product revenues. even if they are ultimately successful in defending any intellectual property litigation, such litigation is expensive and time consuming to address, will divert our management's attention from their business and may harm their reputation and ours.   several of our portfolio companies may be subject to complex and costly regulation and if government regulations are interpreted or enforced in a manner adverse to them, they may be subject to enforcement actions, penalties, exclusion, and other material limitations on their operations that could have a negative impact on their financial performance. all of the above-listed risks can have a material, negative affect on our net asset value, revenue, performance and the success of our business and the portfolio companies we have invested in.       - ends -  [1] https://www.llc.org/startup-failure-rate-statistics/#:~:text=90%20percent%20of%20startups%20fail,statistics%20dating%20back%20to%201994. [2] https://www.forbes.com/sites/dileeprao/2013/07/22/why-99-95-of-entrepreneurs-should-stop-wasting-time-seeking-venture-capital/?utm_source=chatgpt.com [3] https://www.who.int/news-room/fact-sheets/detail/salt-reduction   [4] https://www.npr.org/2023/06/26/1184034017/us-pedestrian-deaths-high-traffic-car [5] https://www.overnightglasses.com/eyewear-industry-statistics/#:~:text=these%201%20billion%20people%20include,across%20the%20globe%20wear%20glasses. [6] https://www.grandviewresearch.com/industry-analysis/autonomous-vehicles-market   [7] https://www.who.int/news-room/fact-sheets/detail/chronic-obstructive-pulmonary-disease-(copd)   5https://marketresearch.biz/report/generative-ai-in-analytics-market/   this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. for further information about how rns and the london stock exchange use the personal data you provide us, please see our privacy policy.   end   ir pknbqdbkbccb return to news summary

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