REG - Insig AI Plc - Interim results
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RNS Number : 7344K Insig AI Plc 09 December 2025
Insig AI plc / EPIC: INSG / Market: AIM
9 December 2025
INSIG AI PLC
("INSG" or the "Company")
Unaudited Interim Results for the Six Months ended 30 September 2025
Insig AI plc (AIM:INSG), a leading provider of AI-led analytics and machine
learning solutions company, is pleased to announce its unaudited interim
results for the six months ended 30 September 2025 ("H1-25") and to provide an
update on the Company's progress post the half year end.
Highlights
· Operating loss of £1.1 million in H1-25 (H1-24: £5.2 million,
including impairments)
· H1 revenue growth of 164% to £438k
· Two new vertical markets entered, with two new customer wins
post period end
· Cash at period end of £0.03 million (H1-24 £0.23 million)
· £1 million new equity raised at 30.5p per share post period end
· Plans to deploy capital into the digital assets and AI space
Richard Bernstein, CEO commented: "We delivered a successful first half with
strong revenue growth and several new client wins. Since the period end, we
have secured further new client wins reinforcing the momentum in our core
commercial activities. In recent months, much of our focus has been on
evaluating opportunities and structures within the digital assets and AI
space. In 2026, we plan to start to deploy capital in these areas. We believe
this can also generate very substantial returns for our shareholders. I am
excited about our prospects for 2026 and beyond."
For further information, please visit www.insig.ai
(https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.insig.ai%2F&data=05%7C02%7Crb%40crystalamber.com%7C87d8ac5747af493a40bb08de351f492e%7C2403e1aaab2c45bcb2678f13dbe7f7a1%7C0%7C0%7C639006605641535057%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=eFHcnjkVbR4gE5vXPSLZNjpWEOM%2F9ZmAwXSGXhnyzL8%3D&reserved=0)
or contact:
Insig AI plc richard.bernstein@insig.ai (mailto:richard.bernstein@insig.ai)
Richard Bernstein
Zeus (Nominated Adviser & Broker) +44 (0)20 3829 5000
David Foreman / James Hornigold
CMC Markets (Joint Broker) +44 (0) 203 003 8632
Doug Crippin
Chief Executive's Report
Dear Shareholders,
I am pleased to report on a busy and successful first half. We have signed
several new clients, deepened our engagement with existing customers and
achieved revenue growth of 164% from H-24.
In April 2025, we were delighted that the Financial Conduct Authority ("FCA")
became a client. This subscription service licence agreement provides the FCA
with access to Insig AI's Transparency and Disclosure Index ("TDI") covering
UK listed companies. The FCA accesses our toolkit that allows users to
search, filter, analyse and benchmark company disclosures, which are evidence
based and fully traceable to original company reports. This engagement
represents a significant regulatory validation of our proprietary data
architecture and analytical capabilities.
In April 2025, we also announced a new client win from a London-based,
European focused asset manager with assets under management of more than £1
billion. The work won related to the automation of data collection and
ingestion and comprises both a licence fee and an ongoing annual retainer,
establishing a recurring revenue relationship.
In May 2025, we announced further client wins including a London-based asset
manager with assets under management of more than £1 billion specialising
in European credit investments utilising Insig AI's data infrastructure
framework. Later that month, we also secured a new client win from a
London-based asset manager with assets under management of more than £25
billion. The client specialises in global macroeconomic events and has
entered into a commercial agreement that included both a licence fee and an
annual retainer. This win also marked the first commercial deployment of Insig
AI's Generative Intelligence Engine - a proprietary product that enables
organisations to apply their own expert decision-making methodology at scale
to their proprietary data in a secure and auditable environment. We have
already secured additional work from this client and are currently mapping out
further deployments across its business.
Pleasingly, all client wins in H1 have either already resulted in additional
business or involve current discussions that may result in additional
revenues.
Financial headlines
In summary, the operating loss we are reporting of £1.1 million compares with
an operating loss of £5.2 million. Last year's operating loss was adversely
impacted by impairments of £4.4 million, prior to which the operating loss
was £0.8 million. Net cash used in operations reduced to £0.65 million from
£0.97 million in the corresponding period. Revenues increased by 164% to
£0.44 million from £0.17 million in the corresponding period. Cash and cash
equivalents at the period end were £0.03 million, as against cash and cash
equivalents for the corresponding period of £0.23 million.
Equity funding
In June 2025, I entered into an equity funding facility with the Company
During the period, the Company issued 1,750,000 new ordinary shares of 1 pence
each in the Company ("Ordinary Shares") at 20 pence per Ordinary Share. The
subscription price of 20 pence represented a premium of 23% to the closing
share price of 16.25 pence on 21 March 2025, when the Equity Funding Facility
was proposed.
After the period end, the Company raised £1 million gross from the issuance
of 3,279,569 Ordinary shares at 30.5p a share.
Deploying our assets to maximise shareholder returns
Put simply, an asset represents a probable future economic benefit. Our assets
include our technology, our clients and our people. It is important that now
we fully deploy the experience, skills and networks of the team that we have
assembled.
In September, I reported that the Company was considering various strategic
options, in part to more fully utilise the expertise of Peter Pereira Gray,
the former Chief Executive of The Wellcome Trust's Investment Division, who
joined Insig AI as a Strategic and Asset Allocation Adviser in July 2025. I
stated that this could enable us to invest new capital in digital assets and
related enterprises, in areas which the Board and I believe to be a natural
evolution for Insig AI.
In October, we announced the appointment of Lawrence Lundy-Bryan as Digital
Assets Adviser. Lawrence has over a decade of digital assets experience. In
2015, Lawrence worked with Intel on its distributed ledger technology
strategy. Lawrence has contributed to policy through the UK Cryptoasset
Taskforce led by HM Treasury, the FCA, and the Bank of England.
As founder of and Investment Adviser to Crystal Amber Fund, I have a long
track record of delivering for investors. Last month, Crystal Amber Fund
reported investment returns over the last three and five years of 112% and
270% respectively. Crystal Amber also announced my intention to resign to
pursue other ventures.
I believe that Peter, Lawrence and I are well placed to utilise the
combination of our experience, investment focus and disciplines alongside the
valuable technology that Insig AI's data insights provide.
In recent months, we have evaluated investment opportunities and structures to
apply value investment discipline to digital assets as well as AI businesses
where our data insights can be directly applied. Our conclusion is that a $2.5
trillion asset class requires institutional access and that Insig AI is
ideally positioned to provide such access. It is the area of providing
solutions to the needs of businesses in this new and exciting digital/AI
economy that excites us and which we intend to be our focus. For example,
payment systems are going to be revolutionised. We think polling is likely to
see a similar transformation. We have zero interest in so called memes or
constructing a portfolio of so-called "products" such as TRUMP or DOGECOIN.
Our focus will predominantly be on the "picks and shovels" and where we see
evidence based fundamental mispricing of digital assets that we can capitalise
upon for the benefit of our shareholders.
Prospects
In September 2025, when we published our preliminary results for the year to
March 2025, I commented that with new reporting requirements come into force,
corporates will need to collate data in a way that is well suited to our
solutions, as manual data collection and analysis would become relatively
costly, cumbersome and ultimately obsolete. We were therefore delighted in the
following month, to announce a new contract with an international law firm.
Our automated solution collects, processes, and compares corporate reporting
documents using AI customised workflows. This represented a further deployment
of Insig AI's Generative Intelligence Engine and the first time that Insig AI
has sold its technology to a legal practice. Last month, we secured a
further client win automating the benchmarking of corporate reporting
disclosures against international standards. This new client is a global
advisory firm operating in more than 70 countries. These wins represent two
new vertical markets for the Company and importantly, demonstrates the
versatility of our platform across regulated industries. We have several new
proposals now before prospects, many of which, we expect to convert into
material revenues.
As highlighted above, in recent months, much of our focus has been on
evaluating the digital assets and AI space. We believe this can generate very
substantial returns for our shareholders. To be clear, we see such investment
as supplementing our existing activities, not replacing them. With our
objective of continuing to grow revenues and accessing and deploying capital
in a new $2.5 trillion asset class, I am excited about our prospects for 2026
and beyond.
Richard Bernstein
Chief Executive Officer
8 December 2025
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Notes 6 months to 30 September 2025 Unaudited 6 months to 30 September 2024 Unaudited
(Restated)
£ £
Continuing operations
Revenue 6 437,800 165,780
Cost of sales (88,972) (82,100)
Gross profit 348,828 83,680
Administration expenses (1,257,801) (914,823)
Other gains/(losses) (164,768) (296)
Impairments - (4,404,000)
Operating loss (1,073,741) (5,235,439)
Finance income 241 299
Finance costs (66,672) (80,518)
Loss before income tax (1,140,172) (5,315,658)
Tax credit - 1,101,000
Loss for the period after income tax (1,140,172) (4,214,658)
Total comprehensive loss attributable to owners of the Parent (1,140,172) (4,214,658)
Basic and diluted earnings per share 5 (0.95)p (3.89)p
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at As at
30 September 2025 Unaudited 31 March 2025 Audited 30 September 2024 Unaudited
(Restated)
Notes £ £ £
Non-Current Assets
Property, plant and equipment 2,492 3,670 3,640
Available for sale investments 123,750 123,750 123,750
126,242 127,420 127,390
Current Assets
Trade and other receivables 151,659 92,570 67,654
Cash and cash equivalents 28,094 328,796 226,376
179,753 421,366 294,030
Total Assets 305,995 548,786 421,420
Non-Current Liabilities - - -
Current Liabilities
Trade and other payables 500,394 322,313 173,227
Convertible loans 7 1,799,213 1,732,541 1,723,262
2,299,607 2,054,854 1,896,489
Total Liabilities 2,299,607 2,054,854 1,896,489
Net Assets (1,993,612) (1,506,068) (1,475,069)
Capital and Reserves Attributable to
Equity Holders of the Company
Share capital 3,269,874 3,252,374 3,230,499
Share premium 42,739,675 42,243,659 41,915,534
Other reserves 325,583 325,583 325,583
Share based payments reserve 445,545 314,352 181,953
Retained losses (48,774,289) (47,642,036) (47,099,898)
Equity attributable to shareholders of the parent (1,993,612) (1,506,068) (1,446,329)
Non-controlling interests - - (28,740)
Total Equity (1,993,612) (1,506,068) (1,475,069)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Note Share capital Share premium Share based payment reserve Other reserves Retained losses Total equity Non-Controlling Interest Total equity
£ £ £ £ £ £ £ £
Balance as at 1 April 2024 (restated) 3,149,058 40,810,725 121,597 325,583 (42,916,216) 1,490,747 (28,740) 1,462,007
Loss for the period (restated) - - - - (4,214,658) (4,214,658) - (4,214,658)
Total comprehensive loss for the period - - - - (4,214,658) (4,214,658) - (4,214,658)
Issue of shares 81,441 1,104,809 - - - 1,186,250 - 1,186,250
Share based payment (restated) - - 91,332 - - 91,332 - 91,332
Expired options (restated) - - (30,976) 30,976 - - -
Total transactions with owners, recognised in equity 81,441 1,104,809 60,356 - 30,976 1,277,582 - 1,277,582
Balance as at 30 September 2024 (restated) 3,230,499 41,915,534 181,953 325,583 (47,099,898) (1,446,329) (28,740) (1,475,069)
Balance as at 1 April 2025 3,252,374 42,243,659 314,352 325,583 (47,642,036) (1,506,068) - (1,506,068)
Loss for the period - - - - (1,140,172) (1,140,172) - (1,140,172)
Total comprehensive loss for the period - - - - (1,140,172) (1,140,172) - (1,140,172)
Issue of shares 17,500 332,500 - - - 350,000 - 350,000
Cost of capital - 163,516 - - - 163,516 163,516
Share based payment - - 139,112 - - 139,112 - 139,112
Expired options - - (7,919) - 7,919 - - -
Total transactions with owners, recognised in equity 17,500 496,016 131,193 - 7,919 652,628 - 652,628
Balance as at 30 September 2025 3,269,874 42,739,675 445,545 325,583 (48,774,289) (1,993,612) - (1,993,612)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6 months to 30 September 2025 6 months to 30 September 2024 Unaudited
Unaudited (Restated)
£
Notes £
Cash flows from operating activities
Loss before taxation (1,140,172) (5,315,658)
Adjustments for:
Depreciation and amortisation 1,178 2,013
Impairments - 4,404,000
Finance expense 66,672 80,518
Share options expense 139,112 91,332
Increase/(decrease) in trade and other receivables (72,880) 37,085
Increase/(decrease) in trade and other payables 355,388 (173,261)
Net cash used in operations (650,702) (873,971)
Cash flows from investing activities
Net cash used in investing activities - -
Cash flows from financing activities
Proceeds from share allotments 350,000 1,062,500
Net cash generated from financing activities
350,000 1,062,500
Net decrease in cash and cash equivalents (300,702) 188,529
Cash and cash equivalents at beginning of period 328,796 37,847
Cash and cash equivalents at end of period
28,094 226,376
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
Insig AI plc is a data science and machine learning company listed on the AIM
Market of the London Stock Exchange.
The Company is domiciled in the United Kingdom and incorporated and registered
in England and Wales, with registration number 03882621. The Company's
registered office is 6 Heddon Street, London, W1B 4BT.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in
accordance with the requirements of the AIM Rules for Companies. As permitted,
the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing this interim financial information. The condensed interim financial
statements should be read in conjunction with the annual financial statements
for the year ended 31 March 2025, which have been prepared in accordance with
UK adopted international accounting standards.
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared on
a going concern basis in accordance with the recognition and measurement
criteria of UK adopted international accounting standards.
Statutory financial statements for the year ended 31 March 2025 were approved
by the Board of Directors on 18 September 2025 and delivered to the Registrar
of Companies. The report of the auditors on those financial statements was
unqualified with a material uncertainty in relation to the Company's ability
to continue as a going concern. The condensed interim financial statements are
unaudited and have not been reviewed by the Company's auditor.
Going concern
These financial statements have been prepared on the going concern basis.
Given the Group's current cash position and its demonstrated ability to raise
capital, the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of accounting
preparing the condensed interim financial statements for the period ended 30
September 2025.
Notwithstanding the above, a material uncertainty exists that may cast
significant doubt on the Group's ability to continue as a going concern and,
therefore, that the Group may be unable to realise their assets or settle
their liabilities in the ordinary course of business. As a result of their
review, and despite the aforementioned material uncertainty, the Directors
have confidence in the Groups forecasts and have a reasonable expectation that
the Group will continue in operational existence for the going concern
assessment period and have therefore used the going concern basis in preparing
these consolidated financial statements.
The factors that were extant at 31 March 2025 are still relevant to this
report and as such reference should be made to the going concern note and
disclosures in the 2025 Annual Report and Financial Statements ("2025 Annual
Report").
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company's 2025 Annual Report and Financial Statements, a copy
of which is available on the Company's website: www.insgai.com
(http://www.insgai.com) . The key financial risks are liquidity risk, credit
risk, interest rate risk and fair value estimation.
Critical accounting estimates
The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the end of the reporting period. Significant items subject
to such estimates are set out in Note 4 of the Company's 2025 Annual Report
and Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
3. Accounting Policies
Except as described below, the same accounting policies, presentation and
methods of computation have been followed in these condensed interim financial
statements as were applied in the preparation of the Company's annual
financial statements for the period ended 31 March 2025.
3.1 Changes in accounting policy and disclosures
The following amendments to standards have become effective for the first time
for annual reporting periods commencing on 1 January 2024 and have been
adopted in preparing these financial statements:
Standard Impact on initial application Effective date
IAS 7 (Amendments) and IFRS 7 Supplier Finance Arrangements 1 January 2024
IAS 1 (Amendments) Classification of Liabilities as Current or Non-Current 1 January 2024
IFRS 16 (Amendments) Lease Liability in a Sale and Leaseback 1 January 2024
IAS 1 (Amendments) Presentation of Financial Statements 1 January 2024
IAS 1 (Amendments) Non-Current Liabilities with Covenants 1 January 2024
IAS 21 (Amendments) Lack of Exchangeability 1 January 2024
The adoption of these amendments had no material impact on the financial
statements.
At the date of approval of these financial statements, the following
amendments to IFRS which have not been applied in these financial statements
were in issue, but not yet effective, until annual periods beginning on 1
January 2025, 2026 and 2027:
Standard Impact on initial application Effective date
IAS 21 (Amendments) Lack of Exchangeability 1 January 2025
IFRS 9 Classification and Measurement of Financial Instruments 1 January 2026
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
Subject to endorsement by the UK
4. Dividends
No dividend has been declared or paid by the Company during the six months
ended 30 September 2025 (six months ended 30 September 2024: £nil).
5. Loss per Share
The calculation of earnings per share is based on a loss of £1,140,172 for
the six months ended 30 September 2025 (six months ended 30 September 2024:
£5,315,658) and the weighted average number of shares in issue in the period
ended 30 September 2025 of 120,401,899 (six months ended 30 September 2024:
108,059,330).
No diluted earnings per share is presented for the six months ended 30
September 2025 or six months ended 30 September 2024 as the effect on the
exercise of share options would be to decrease the loss per share.
6. Business segment analysis
6 months to 30 September 2025 Unaudited
Machine learning and Data services Total
£
£
Revenue 437,800 437,800
Costs of sales (88,972) (88,972)
Administrative expenses (1,257,801) (1,257,801)
Other gains/(losses) (164,768) (164,768)
Finance Income 241 241
Finance costs (66,672) (66,672)
Profit/(Loss) before tax per reportable segment (1,140,172) (1,140,172)
6 months to 30 September 2024 Unaudited (restated)
Machine learning and Data services Total
£
£
Revenue 165,780 165,780
Cost of sales (82,100) (82,100)
Administrative expenses (914,823) (914,823)
Other gains/(losses) (296) (296)
Impairments (4,404,000) (4,404,000)
Finance Income 299 299
Finance costs (80,518) (80,518)
Profit/(Loss) before tax per reportable segment (5,315,658) (5,315,658)
7. Convertible loan notes
CLN 1 CLN 2 30 September 2025
£ £ £
Convertible loan note - opening liability 1,105,525 545,469 1,650,994
Interest
Accrued interest 105,603 98,309 203,912
Modification of convertible loan note (35,476) (20,217) (55,693)
Total 1,175,652 623,561 1,799,213
8. Events after the balance sheet date
On 7 October 2025, the Company issued 1,666,666 new ordinary shares at a price
of 30 pence per share, raising gross proceeds of £500,000.
On 8 October 2025, the Company issued 1,612,903 new ordinary shares at a price
of 31 pence per share, raising gross proceeds of £500,000.
10. Prior period restatement
During the year ended 31 March 2025, the Group reassessed the classification
of its convertible loan notes ("CLNs") under IAS 32 Financial Instruments:
Presentation. The CLNs were previously accounted for as compound financial
instruments, comprising a liability component and an equity component. On
review of the contractual terms, it was determined that the conversion feature
does not meet the "fixed-for-fixed" requirement in IAS 32. Consequently, no
equity component should be recognised.
In reviewing the accounting for the Group's EMI share options and warrants
scheme, management has refined the application of IFRS 2 Share-based Payments
as no fair value charge was attributed to them at the time. Under IFRS 2, the
fair value of equity-settled options and warrants is measured at the grant
date and recognised as an expense over the vesting period, reflecting the
services received from employees or consultants during that period.
Accordingly, the comparative figures have been restated to align with the
requirements detailed above for the period ended 30 September 2024.
11. Approval of interim financial statements
The Condensed interim financial statements were approved by the Board of
Directors on 8 December 2025.
12. Availability of this announcement
Copies of this announcement are available from Insig AI website at
www.insg.ai.
**ENDS**
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