REG - Satsuma Tech PLC - Monthly Update

Satsuma TechnologyAnnouncement

05/05/2026 07:00

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RNS Number : 9038C  Satsuma Technology PLC  05 May 2026

 

5 May 2026

 

Satsuma Technology Plc

('Satsuma' or the 'Company')

 

Monthly Fact Pack - Introduction and May 2026 Update

 

Satsuma Technology PLC (LSE: SATS), the UK Main Market listed Bitcoin treasury
company, today publishes the first in a series of monthly Fact Packs providing
shareholders and the market with a transparent, standardised snapshot of the
Company's financial position and Bitcoin treasury.

 

Commitment to Monthly Disclosure

 

The Board has resolved to publish a Fact Pack via RNS on or around the first
business day of each calendar month, commencing with this announcement. Each
Fact Pack will report data as at the last business day of the preceding month
and will include the key financial and treasury metrics set out below.

 

The Board believes that regular, standardised disclosure is essential for a
company whose primary asset is Bitcoin. Investors in listed Bitcoin treasury
companies - including Strategy Inc. (NASDAQ: MSTR) and Metaplanet Inc. (TSE:
3350), each of which provide regular treasury updates to the market - have
come to expect a consistent and timely flow of information that allows them to
assess treasury performance, capital efficiency and operational discipline.
The Company intends to meet and potentially exceed that standard.

 

This monthly disclosure is intended to provide the information investors need
to model the Company's position accurately, remove information asymmetry as a
source of any discount to net asset value, and demonstrate the Board's
commitment to transparency and disciplined stewardship of shareholder capital.

 

April 2026 Highlights

 

April 2026 was a month of significant operational and strategic progress for
Satsuma:

·      Bitcoin accumulation. The Company acquired 48.42 BTC across two
purchases during the month, taking total holdings to 668.48 BTC, all funded
from existing cash reserves with no debt or leverage

·      Cost reduction programme. The Company announced an initial
annualised cost saving of approximately £4.2m, (62%), reducing the Group's
cost base from approximately £6.7m to approximately £2.7m, with further
reductions identified and being implemented (see below)

·      Board strengthening. Nicholas Lee and Patrick Dean were appointed
as Non-Executive Directors, bringing additional public company and capital
markets experience to the Board

·      Auditor appointment. PKF Littlejohn LLP was appointed as the
Company's auditor for the financial year ended 28 February 2026

 

Cost Reduction Update

Further to the cost reduction programme announced on 2 April 2026, the Board
has continued to review the Company's cost base and has identified additional
annualised costs of approximately £0.5m which it intends to remove over the
coming months. These additional savings, alongside previously identified cost
savings, are expected to reduce the Company's annualised operating expenditure
by approximately £4.5m of a net basis, resulting in a cost base of
approximately £2.2m. The Board will provide further updates as these
initiatives are implemented and their review continues.

 

May 2026 Fact Pack

 

The following data is presented as at 30 April 2026.

 

 Bitcoin Treasury
 Metric                                                Value
 Total Bitcoin Holdings                                668.48 BTC
 Bitcoin Market Price (£)                              £56,096 per BTC
 Bitcoin Market Price ($)                              $76,230 per BTC
 Market Value of Bitcoin Holdings (£)                  £37.50m
 Market Value of Bitcoin Holdings ($)                  $50.96m
 Average Acquisition Cost per Bitcoin (£)              £84,026 per BTC
 Unrealised Gain / (Loss) per Bitcoin (£)              £(27,930) per BTC
 Bitcoin Acquired During Month                         48.42 BTC
 Bitcoin Disposed of During Month                      Nil

 Share Capital and Dilution
 Metric                                                Value
 Ordinary Shares in Issue                              11,203,900,200
 Outstanding Warrants (unexercised)                    2,144,562,681
 Fully Diluted Share Count                             13,348,462,881

 Unvested share options outstanding: 392,136,507 (not in-the-money and excluded
 from Fully Diluted Share Count).

 Net Asset Value
 Metric                                                Value
 NAV per Share (basic) (p)                             0.37p
 NAV per Share (fully diluted) (p)                     0.31p
 Market-Value NAV ("mNAV")                             0.56x

 BTC per Share
 Metric                                                Value
 BTC per 1,000 Shares (basic)                          0.00006 BTC
 BTC per 1,000 Shares (fully diluted)                  0.00005 BTC
 BTC Yield - Month-on-Month                            +7.81%
 BTC Yield - Year-to-Date                              +7.81%

 

Notes: NAV comprises the market value of the Company's Bitcoin holdings
(£37.50m) plus cash and cash equivalents, totalling £41.85m. The Company has
no debt or other material liabilities. mNAV is calculated as basic market
capitalisation divided by NAV. BTC Yield is the percentage change in BTC per
share over the relevant period; the Company's Ordinary Shares in issue have
been unchanged since December 2025.

 

Operations

The Company's technology operations have historically been conducted on the
Bittensor network. As part of the revised Board's operational review, the
Company is now evaluating opportunities to reorient its operational activities
toward the Bitcoin ecosystem, with an initial focus on the Lightning Network -
Bitcoin's principal layer-2 protocol for fast, low-cost payments. The Board
believes that aligning operational capability with the Company's core treasury
asset creates a more coherent investment proposition and a stronger foundation
for generating Bitcoin-denominated revenue. Further updates will be provided
as these initiatives progress.

 

Ranald McGregor-Smith, Executive Chairman of Satsuma, comments "April marked
an important month of execution for Satsuma. We delivered a substantial cost
reduction programme, strengthened the Board, appointed PKF Littlejohn as
auditor, and continued the disciplined accumulation of Bitcoin from existing
cash reserves. The introduction of this monthly Fact Pack reinforces our
commitment to transparency and to providing shareholders with the information
they need to assess the Company's performance."

 

Publication Schedule

Future Fact Packs will be published via RNS on or around the first business
day of each calendar month.

The Company will also make each Fact Pack available on its investor relations
website at https://www.satsuma.digital/investors
(https://www.satsuma.digital/investors) .

 

Enquiries:

Satsuma Technology Plc
 
IR@satsuma.digital (mailto:IR@satsuma.digital)

 

About Satsuma Technology PLC (SATS.L)

Satsuma Technology PLC (LSE: SATS) is a UK Main Market listed Bitcoin treasury
company. The Company's strategy is the acquisition and long-term holding of
Bitcoin as its primary treasury reserve asset, complemented by the development
of Bitcoin-aligned operational activities.

 

Website: www.satsuma.digital (http://www.satsuma.digital)

 

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