Half-year Report

Tekcapital

30/09/2025 07:00

RNS Number : 1684C

GenIP PLC

06 October 2025

 

Replacement

The following amendment has been made to the 'Half-year Report' announcement released on 30 September 2025 at 07.00 a.m. under RNS No 2950B:

 

Ratification of RNS formatting conversion to make the Statement of Financial Position visible. It should be noted that the Statement of Financial Position has been correctly visible in the PDF document available on the Company's website at https://genip.ai/results-presentations/

 

All other text remains unchanged.

 

The full text is shown below.

 

 

 

 

30 September 2025 

 

GenIP Plc

("GenIP" or the "Company")

 

Half year results for the period ended 30 June 2025

 

GenIP Plc, a technology business providing Generative Artificial Intelligence (GenAI) services to help research organisations and corporations commercialise their innovations, is pleased to announce its unaudited results for the six months ended 30 June 2025.

 

Melissa Cruz, CEO of GenIP, commented:

"As a new company, established in February 2024 and listed on AIM within the last 12 months, the first post-IPO year is focussed on building the strategic and operational foundations to grow and scale.  With proven market demand and a service offering that was already delivering revenue at IPO we are well positioned to refine, develop, and expand that range to achieve growth, gain traction in the market and unlock shareholder value as we position for sustained growth.

GenIP's first half of 2025 has been a period of significant strategic progress, marked by international expansion, significant new client wins, and the launch of services shaped directly by market demand. We secured contracts across new markets including Saudi Arabia, Singapore, Brazil, and Chile, giving us a footprint in 25 countries globally. Our outstanding orderbook of $813k as of 30 June 2025 demonstrates both the scalability of our AI-powered model and the universality of the challenges we help clients solve. While these efforts have not yet been fully reflected in our financial results, we are confident that the second half of the year will be significantly stronger as we begin to convert our order book into recognised revenues and accelerate delivery of reports.

The momentum we are building is not just commercial but structural. Clients are turning to GenIP as an embedded partner, helping them prioritise complex portfolios, validate technologies against real market signals, and secure the talent required by new technologies to execute at pace. This reinforces our evolution from a project-based consultancy to an innovation platform, with repeatable, higher-margin workflows at its core.

Looking ahead, our priorities are clear: deepen program-level partnerships that drive recurring revenues, continue introducing client-led, high-margin services, and shift delivery toward SaaS-style engagements. At the same time, we are scaling the data assets that strengthen our competitive edge and unify our brand to create a seamless client journey.

We entered the second half of 2025 in a position of strength with $1,077k cash and cash equivalents, some of which will be used as cost of delivery for existing orders and enabling us to deliver on our strategic goals. Our growing pipeline, disciplined cost management, and expanding global footprint give us confidence in GenIP's ability to deliver sustained growth and long-term value creation for shareholders."

 

Business Highlights:

 

 

●     Won a $350,000 contract with a Saudi Arabian research organisation to deliver 400 GenAI-enhanced Invention Evaluator analytical assessments and technology commercialisation consulting services. We expect this order to be fulfilled during this financial year.

 

●     Secured a $65,000 contract with a Singapore-based research institute to deliver 100 GenAI-enhanced analytical assessments as part of its expansion into Asian markets through technology transfer sponsorships. We expect this order to be fulfilled during this financial year.

 

●     Launched a new AI-powered 'Competitive Intelligence Report' that analyses market landscapes, competitive positioning, and partnership/acquisition opportunities, with a Big Four accountancy firm as its first client using the service for strategic due diligence.

 

●     Secured our first Brazilian contract with a government research funding agency to provide AI-enhanced technology evaluation services for a national bio-energy initiative focused on commercialising sustainable energy innovations.

 

●     Sponsored and participated in the Association of University Technology Managers (AUTM) 2025 Annual Meeting to expand our network among 3,000+ global technology transfer professionals.

 

●     Expanded into the Republic of Chile through an engagement for 30 analytical assessment orders from a leading research institution.

 

●     Participated in the 2025 AUTM Canadian Region Meeting to introduce our GenAI analytics services to the Canadian technology transfer community and engage with potential clients, including universities and research institutions.

 

●     Headlined Knowledge Exchange UK 2025 with a closing keynote from our Chairman, Lord Willetts, on mission-driven knowledge exchange, providing a platform to connect with potential clients in the UK technology transfer industry.

 

Financial Highlights:

    

●     $1,077k cash and equivalents as of 30 June 2025

●     $813k total order book as of 30 June 2025

●     $488k orders received in H1 2025

●     $125k revenue in H1 2025

●     $572k operating loss in H1 2025

 

Post Period Highlights:

 

●     Secured our first Australian client for GenIP's Generative AI products through a government-funded consortium of universities and research organisations partnered with industry to advance technologies in advanced telecommunications, IoT connectivity, intelligent satellite systems, and next-generation Earth observation data services.

 

●     Forged a strategic partnership with 360 Social Impact Studios, a global innovation consulting firm and venture studio, and embedded GenIP's Invention Evaluator into their venture-building methodology.

 

●     Appointed as the official technology transfer services provider to the Chile-based GreenTech Innovation Platform as part of its strategic partnership with the Universidad Autónoma de Chile.

 

●     Launched the Invention Validator product line - Market Validation & Buyer Perception Studies - which goes beyond market sizing to test real-world adoption. These services design and run targeted questionnaires and stakeholder interviews to measure buyer interest, evaluate pricing sensitivity, and assess packaging and positioning, turning raw research into actionable market intelligence.

 

●     Strengthened our Talent Search business leadership with the appointment of Andrea Quiros to head Innovation & Deep Tech Talent. Andrea brings experience from IBM, Palo Alto Networks, and Amazon, and will establish scalable, data-driven recruitment solutions to help clients build the high-performing teams needed to execute commercialization strategies at pace.

 

●     Participated in the South African Research and Innovation Management Association (SARIMA) Annual Conference and engaged with leading African institutions on technology transfer and AI adoption, strengthening GenIP's collaboration opportunities across the African continent.

 

●     Participated in Campinas Innovation Week in Brazil, connecting with regional innovation ecosystems and expanding GenIP's presence in Latin America.

 

●     Hosted the first webinar in a new webinar series for Technology Transfer Offices and Officers, attracting more than 20 international participants from across the innovation and commercialization sector.

 

Outlook

 

GenIP expects to drive revenue growth through new product launches, increased order closures, and accelerated deliveries. Some of the larger orders secured in the early part of the year are scheduled for fulfilment by the end of the financial year, increasing second half revenues beyond that of the first half.

GenIP is advancing its strategy to accelerate growth, improve margins, and expand its global footprint. The priorities for the next phase of growth are:

●     Enhance revenue generation through an expanding product offering building on the entry level product range already in the market.

●     Expand program-level partnerships across universities, corporates, national agencies, and technology parks, with a clear objective to lift the corporate client share from ~30% to ~45% in the medium term.

 

●     Introduce high-margin, client-led services that build on the Invention Evaluator foundation, progressing delivery toward SaaS-style, dashboard-led engagements.

 

●     Scale automation and platform efficiencies to increase throughput from current levels while achieving and sustaining gross margins above 60%, supported by the expert human layer that ensures quality.

 

●     Leverage de-identified and aggregated portfolio data to refine AI models, deliver stronger decision support, and build a compounding data advantage.

 

●     Extend international reach across LATAM, Asia, and the Middle East through new partnerships and regional representatives, adding to the 25 countries where GenIP already operates.

 

 

For further information regarding GenIP, please visit www.genip.ai, or contact:

 

GenIP Plc
Melissa Cruz, CEO
Via Redchurch Communications
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish / Asia Szusciak / Andrew Price
Tel: +44 (0) 20 7628 3396
Novum Securities Limited (Broker)
Jon Belliss
Tel: +44 (0)20 7399 9425
JBelliss@novumsecurities.com
Redchurch Communications (Financial PR)
John Casey
genip@weareredchurch.com

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

Notes to Editors

 

About GenIP

 

GenIP is a next-generation consultancy at the intersection of generative AI and innovation strategy. We empower corporates, venture funds, and research institutions to evaluate, commercialise, and scale breakthrough technologies. By combining proprietary GenAI algorithms with expert human analysis, GenIP delivers decision-grade insights and talent solutions that accelerate innovation outcomes.

 

Service Offerings

 

GenIP operates through two synergistic service lines:

 

 

Service
Description
Value Proposition
Invention Evaluator
AI-powered market intelligence reports assessing the commercial potential of emerging technologies
Enables faster, evidence-based decisions on R&D prioritisation, investment, and IP strategy
Talent and Executive Search Services
Executive search platform using machine learning and NLP to match innovation-driven organisations with commercialisation-ready leadership
De-risks scaling by aligning technical vision with proven executive capability

 

Together, these services form a unified GenAI-enabled platform for innovation triage and execution.

 

Vision & Strategy

 

GenIP aims to become the global leader in generative AI analytics for innovation commercialisation. Our strategy is anchored in three growth pillars:

 

●     Organic Expansion

Scale Invention Evaluator and Recruitment Services through targeted outreach to corporates, VCs, and research institutions, supported by strategic marketing and digital engagement.

●     Service Deepening

Enhance functionality and margin by expanding GenAI capabilities across both service lines-unlocking new use cases and customer segments.

●     Strategic Acquisitions

Pursue bolt-on acquisitions of complementary GenAI services with validated market traction to broaden our offering and accelerate growth.

 

 

Forward looking statements

 

Certain statements contained in this announcement constitute forward-looking statements. When used in this announcement, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial position, liquidity, prospects, growth, strategies and expectations of the industry in which the Company operates.

 

Such statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to materially differ from those described in this announcement Should one or more of these risks or uncertainties materialise, or should assumptions underlying forward-looking statements prove incorrect, actual results may differ materially from those described in this announcement as "intended", "planned", "anticipated", "believed", "proposed", "estimated" or "expected".

 

For the avoidance of doubt, the contents of the Company's website and any hyperlinks accessible from the Company's website are not incorporated by reference into, and do not form part of, this announcement and investors should not rely on them.

 

 

 

    CHAIRMAN'S STATEMENT

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025

 

Introduction

I am pleased to present GenIP Plc's Interim Financial Statements for the period to 30 June 2025. These results reflect the first six months of trading without significant corporate events and enabling the team to focus on developing the business.

 

The significant events of 2024 which included establishing the company, acquiring the core business assets and securing initial funding through listing on AIM were the first steps towards positioning ourselves as a leader in technology transfer, leveraging AI-driven solutions to support universities, research organisations, and technology companies.

 

Performance

During the six months to 30 June 2025, GenIP generated $125,166 in revenue while incurring a loss before taxation of $565,585, reflecting the full staff and operational costs, including marketing and advertising required of start-up company in the early stages of investment to building and scale our operations. The operating loss of $571,630 primarily stemmed from marketing and advertising, director and staff costs and share based payments. The substantial share-based payments incurred in 2024 were replaced by significant uplifts in marketing efforts and expanding and developing the team to target scalable and profitable growth.

 

The cash balance at 30 June 2025 of $1,076,818 reflects the successful growth in the order book and the benefits achieved by several clients paying in advance. Income is reflected upon delivery of the services.

 

Since the 30 June and outlook

The opportunities unfolding in 2025, which include successes in winning new customers in new territories and markets is encouraging. The strategic integration of AI across our Invention Evaluator platform and executive recruitment workflows is not only elevating the precision and impact of our services-it's redefining how innovation is assessed, matched, and mobilised across sectors.

 

GenIP is well positioned to meet the market demand for university-led commercialisation and in other technology driven markets and high-calibre executive recruitment within innovation-driven enterprises. Our focus remains on deepening client partnerships, sharpening our service portfolio, and unlocking operational efficiencies that scale with purpose.

 

The Board remains firmly committed to disciplined financial stewardship while actively supporting strategic investments that accelerate growth, strengthen our market position, and deliver long-term value to shareholders.

 

 

 

Lord D L Willetts

 

Independent Non-Executive Chairman

 

Date: 30th September 2025

 

 

 

CHIEF EXECUTIVE'S SUMMARY

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025

 

Introduction and Strategy

GenIP is entering its next phase of growth as an AI-powered platform-led consultancy. In just a short time we have expanded into 25 countries and secured contracts that demonstrate strong and growing global demand. From Saudi Arabia and Singapore to Brazil and Chile, clients are choosing GenIP because we help them move beyond one-off evaluations to a complete decision making and execution framework.

 

With the Invention Evaluator report as the trusted entry point, every new service builds directly on that foundation, enabling clients to evaluate and rank portfolios, test real buyer interest, and advance the strongest opportunities through licensing, spin-outs, partnerships and talent placement.

 

This shift is transforming our business model from projects to platform, from transactions to recurring revenues. It allows us to deliver consistency and efficiency through automation, while layering in the strategic oversight that makes us a long-term partner of choice for research organisations, corporates and investors navigating the future of innovation.

 

GenIP is consolidating its brand architecture by bringing Invention Evaluator and Talent Search (Vortechs) under a unified GenIP.ai platform identity. This strategic consolidation creates clear service tiers and integrated cross-selling opportunities whilst simplifying the client experience across all touchpoints. The Invention Evaluator will remain the flagship product, leveraging its existing market recognition, while Vortechs will be rebranded as GenIP Talent and Executive Search services to leverage the Company's brand recognition. This evolution towards a platform-led consultancy model establishes the foundation for recurring SaaS-style revenues, margin expansion through automation, and defensible IP assets that strengthen GenIP's long-term strategic position.

 

The company is launching a comprehensive suite of new products and services designed to transform GenIP into a complete innovation platform. All new offerings are powered by the highly automated Invention Evaluator platform and workflow, with consulting services streamlined through internal dashboards that enable human consultants to focus on oversight and service delivery. These new product lines are specifically designed to deepen relationships with existing clients and create high-margin consulting pathways as add-on services to the entry-level Invention Evaluator report.

 

 

Performance

The last quarter of 2024, following the IPO, and the first half of 2025 has been a period of laying the foundation for growth by attending key industry events, getting GenIP and its products in front of as many customers as possible and securing new business and orders. This resulted in significant orders from Asia and Latin America for future delivery as reflected in the growth of our deferred income balance.

 

Sales in the period were modestly ahead of the last half of 2024, following the acquisition of the business and assets in June 2024 with margins increasing slightly.

 

Operating costs increased as the advertising and marketing campaigns were activated and the business started to reflect the full costs of staff and professional fees, replacing the substantial share-based payments from last year.

 

Since June, we have started to deliver some of the larger orders and expect second half revenues to be significantly better than the first half, whilst also using some of the cash reserves as cost of delivery. Delivery of these orders should lead to repeat orders at a later date.

 

We continue to build the orderbook, develop the product line and add new and key staff:

·    Signed and agreed strategic partnerships and government backed programmes across Australia, Chile, Africa and Latin America with University consortiums and securing new corporate clients.

·    Appointed a Head of Innovation and Deep Tech Talent to lead the recruitment services side of the business.

·    Launched the Invention Validator product line which measures buyer interest, evaluates price sensitivity, turning research data into actionable market intelligence.

 

Outlook

GenIP is entering a pivotal phase with a clear plan to accelerate growth and strengthen its market position. Our focus is on growing an AI powered platform led model while deepening client relationships and expanding globally.

 

 

Ms M Cruz

 

Chief Executive Officer

 

Date: 30th September 2025

 

 

 

FINANCIAL OVERVIEW

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025

 

 

Introduction

GenIP Plc presents its unaudited interim financial results for the 6 months ending 30 June 2025.

 

The Company was incorporated on 23 February 2024, acquired the business and assets of Invention Evaluator and Vortechs on 4 June 2024 and was admitted to AIM and completed a fundraising by way of a placing and subscription for shares on 2 October 2024 raising gross proceeds of approximately £1.75m.

 

Comparative amounts are presented for the periods ending 30 June 2024 and 31 December 2024. Trading in these periods was significantly different as the company was established, obtained funding and staffed up to begin operating the business.

 

The financial statements are presented in US Dollars which is the Company's presentational and functional currency.

 

 

Financial Highlights - period ended 30 June 2025

 

Six months ended
30 June 2025
Six months ended
30 June 2024
Period ended
31December 2024
US$
US$
US$
Revenue
125,166
18,207
123,015
Gross Profit Margin
22,620
4,838
15,158
Operating Loss
(571,630)
(67,372)
(888,545)
Net Assets
745,382
187,994
1,272,122
Cash balances
1,076,818
-
972,364

 

 

 

Revenue

Revenue in the 6-month period was $125k (June 2024: $18k), generating a margin of $23k (18.1%), slightly more than the 7 months to December 2024 ($123k), following the transfer of the business. Invention Evaluator turnover was $112k (Dec 2024: $99k) and Vortechs turnover was $13k (Dec 2024: $24k) in the 6 months to June 2025.

Administrative Expenses

Administrative expenses were $694k representing the full costs of the business for 6-months to June 2025, made up of directors and staff costs $229k, marketing and advertising costs $155k, legal and professional costs $186k and share based payments of $62k. The comparative period to June 2024 includes establishment costs of the business - staff costs $7k, management charges from Tekcapital Plc $39k and other establishment costs. The comparative period to December 2024 includes 3 months of business costs following the IPO in October 2024, made up of director and staff costs $120k, marketing and advertising costs $52k, legal and professional costs $219k and $359k of share-based payments.

 

Operating Loss

Operating loss was $571k, after the administrative expenses and cost of sales and reflects the early-stage investment to scale the business and strengthen our offerings and market position.

 

Intangible Assets

Intangible assets are made up of the technology assets transferred upon acquisition in June 2024 and development costs of $120k incurred on Invention Evaluator after the transfer. Further product enhancement and development work is being undertaken on Invention Evaluator due to come into effect in Q4 2025. $10k was incurred in the period to develop the website.

 

In March 2025, Tekcapital PLC agreed to reimburse the Company $100k of the $120k IT development costs incurred in 2024. The Company continues to benefit from the expenditure which remains capitalised as an Intangible Asset. This reimbursement is being recognised as Other Operating Income, payable over 2 years.

 

Cash Flows

Cash and cash equivalents at the balance sheet date was $1,077k (June 2024: $nil; December 2024: $972k).

 

Cash generated by operations was $242k reflecting the pay-in-advance terms obtained from several Invention Evaluator customers.

 

Cash absorbed by operations was $55k in the period to June 2024 and $557k in the period to December 2024.

 

Debt financing and liquidity

In March 2025 Tekcapital Group agreed to offset the balances owed and owing on the Convertible Loan Note and the Inter-company Receivable and transfer any residual amount to the Inter-company balance and close the Convertible Loan Note, with an effective date of 31 December 2024. IFRS required this to be disclosed as a non- adjusting post balance sheet event in financial statements to 31 December 2024. The balances on the Convertible Loan Note and the Inter-company receivable at 31 December 2024 were $134k and were $120k respectively. The receivable balance on the Inter-company account at 30 June 2025 was $115k, made up of the contribution to IT development costs of $88k and recovery of other funds due of $27k.

 

The company has no other debt.

 

Share based payments

Share based payments to incentivise and retain key personnel, together with options and warrants granted have been valued using the Black-Scholes model with the fair value of these payments, warrants and options being expensed over the vesting period.

 

Total share-based payment expense $62k recognized in the period ended 30 June 2025 ($nil in the period to 30 June 2024; $359k in the period to 31 December 2024).

 

This ensures cost efficiency while rewarding performance, enhancing alignment between management and shareholders.

 

Going Concern

The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the Going Concern basis in preparing the financial statements.

 

Performance against KPI's

GenIP Plc tracks several financial and operational metrics, including:

 

•           Revenue Growth: Expanding client acquisition

•           Gross Margin: Improving cost efficiency

•           Cash Flow Management: Maintaining liquidity

•           Client Engagement: Strengthening relationships across sectors

 

The Key Performance Indicators (KPI's) listed below represent those that are typically applied to technology service companies and serve as a starting point for evaluating the Company's performance and guide decision making, to ensure long-term sustainability.

 

KPI
Description
Jun-25
Jun-24
Dec-24
TotalIncome
Total Income including revenue from Invention Evaluator and Vortechs Sales
$125,166
$18,207
$123,015
Gross Profit Margin
Percentageofrevenueremainingafter deducting cost of sales
18.1%
26.6%
12.3%
Operating Cash Flow
Net cash generated (absorbed) from business operations before financing activities.
$241,951
($54,917)
($556,642)

 

 

 

STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025

 



 

Six months
ended
Period
ended
Period
ended
30 June
30 June
31 December
2025
2024
2024
Unaudited
Unaudited
Audited
$
$
$
Revenue
125,166
18,207
123,015
Cost of sales
(102,546)
(13,369)
(107,857)
Gross profit
22,620
4,838
15,158
Other operating income
100,000
-
-
Administrative expenses
(694,250)
(72,210)
(903,703)
Operating loss
(571,630)
(67,372)
(888,545)
Investment revenues
6,045
-
1,813
Finance costs
-
(2)
(97)
Loss before taxation
(565,585)
(67,374)
(886,829)
Income tax expense
-
-
-
Loss and total comprehensive income for the Six month period
(565,585)
(67,374)
(886,829)
Six months
Period
Period
ended
ended
ended
30 June
30 June
31 December
2025
2024
2024
Unaudited
Unaudited
Audited
Earnings per share
$
$
$
Basic
(0.035)
(0.000)
(0.051)
Diluted
(0.026)
(0.000)
(0.037)

 

 

In the six months ended 30 June 2025 other comprehensive income was $nil (period ended 30 June 2024: $nil; period ended 31 December 2024: $nil).

 

All items dealt within arriving at the loss for the six months ended 30 June 2025 are attributable to the equity holders of the Company and relate to continuing operations.

 

The notes on pages 9 to 16 form part of these financial statements.

 

 

STATEMENT OF FINANCIAL POSITION (UNAUDITED)
AS AT 30 JUNE 2025
30 June
30 June
31 December
2025
2024
2024
Unaudited
Unaudited
Audited
Notes
$
$
$
Non-current assets
Intangible assets3
217,463
227,794
255,366
Current assets
Trade and other receivables4
239,896
153,230
404,128
Cash and cash equivalents
1,076,818
-
972,364
1,316,714
153,230
1,376,492
Current liabilities
Trade and other payables5
370,460
68,805
147,772
Convertible loan notes
-
65,502
133,570
Deferred revenue
418,335
58,723
78,394
788,795
193,030
359,736
Net current assets
527,919
(39,800)
1,016,756
Net assets
745,382
187,994
1,272,122
Equity
Called up share capital
102,097
63,804
102,097
Share premium account
1,530,040
-
1,530,040
Option & warrant reserve
374,095
-
335,250
Capital redemption reserve
191,564
191,564
191,564
Retained earnings
(1,452,414)
(67,374)
(886,829)
Totalequity
745,382
187,994
1,272,122
The notes on pages 9 to 16 form part of these financial statements.


 

 

STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025                                                     

 



 

Notes
Share capital
$
Share premium account
$
Capital redemption
reserve
$
Options & warrant reserve
$
Retained earnings
$
Total
$
Balance at 1 January 2025
102,097
1,530,040
191,564
335,250
(886,829)
1,272,122
Period ended 30 June 2025:
Loss and total comprehensive income
-
-
-
-
(565,585)
(565,585)
Transactions with owners:
Share based payment
-
-
-
38,845
-
38,845
Balance at 30 June 2025 (Unaudited)
102,097
1,530,040
191,564
374,095
(1,452,414)
745,382
Balance at 23 February 2024
-
-
-
-
-
-
Period ended 30 June 2024:
Loss and total comprehensive income
-
-
-
-
(67,374)
(67,374)
Transactions with owners:
Issue of share capital
63,804
-
-
-
-
63,804
Capital contribution
-
-
191,564
-
-
191,564
Balance at 30 June 2024 (Unaudited)
63,804
-
191,564
-
(67,374)
187,994
Balance at 23 February 2024
-
-
-
-
-
-
Period ended 31 December 2024:
Loss and total comprehensive income
-
-
-
-
(886,829)
(886,829)
Transactions with owners:
Issue of share capital
102,097
2,426,362
-
-
-
2,528,459
Cost of share issue
-
(896,322)
-
-
-
(896,322)
Share based payment
-
-
-
335,250
-
335,250
Capital contribution
-
-
191,564
-
-
191,564
Balance at 31 December 2024 (Audited)
102,097
1,530,040
191,564
335,250
(886,829)
1,272,122

 

 

The notes on pages 9 to 16 form part of these financial statements.

 

STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025
Six months
Period
Period
ended
ended
ended
30 June
30 June
31 December
2025
2024
2024
Notes
Unaudited
$
Unaudited
$
Audited
$
Cash flows from operating activities
Cash generated from/(absorbed by) operations8
241,951
(54,917)
(556,642)
Interest paid
-
(2)
(97)
Net cash inflow/(outflow) from operating activities
241,951
(54,919)
(556,739)
Investing activities
Purchase of intangible assets
(9,972)
(44,547)
(126,306)
Interest received
6,045
-
1,813
Net cash used in investing activities
(3,927)
(44,547)
(124,493)
Financing activities
Proceeds from issue of shares
-
63,804
2,358,668
Share issue costs
-
-
(838,642)
Issue of convertible loans
-
35,662
133,570
Repayment of convertible loans
(133,570)
-
-
Net cash (used in)/generated from financing activities
(133,570)
99,466
1,653,596
Net increase in cash and cash equivalents
104,454
-
972,364
Cash and cash equivalents at beginning of year
972,364
-
-
Cash and cash equivalents at end of year
1,076,818
-
972,364
The notes on pages 9 to 16 form part of these financial statements.


 

 

 

 

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025

 

1       Basis of preparation Company information

GenIP PLC is a public company limited by shares incorporated in England and Wales. The registered office is 12 New Fetter Lane, London, EC4A 1JP.

 

Nature of operations

The principal activity of the company continued to be that of empowering organisations to better evaluated and commercialise their discoveries through two distinct, yet complementary, services:

·    Invention Evaluator - providing bespoke enhanced research reports assessing the market potential for new technologies innovations and discoveries by utilising artificial intelligence driven proprietary software; and

·    Vortechs - providing executive recruitment services to match technology organisations with experienced executives and business leaders also using artificial intelligence driven software and proprietary data.

 

Reporting period

The company was incorporated on 23 February 2024. As such, the comparative figures stated in these interim financial statements relate to the period from 23 February 2024 - 30 June 2024 and the 23 February 2024 - 31 December 2024. The current period relates to 1 January 2025 - 30 June 2025.

 

General information and statement of compliance with IFRS Accounting Standards

The interim financial statements are for the six months ended 30 June 2025 and are presented in US dollars, which is the functional currency of the company. All monetary amounts are rounded to the nearest US dollar unless otherwise stated.

 

The interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by the International Accounting Standards Board. They do not include all of the information required in annual financial statement in accordance with IFRS Accounting Standards and should be read in conjunction with the financial statements for the period ended 31 December 2024.

 

The company's shares were admitted to trading on AIM, a market operated by the London Stock Exchange, on 2 October 2024.

 

Accounting policies

The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the company's most recent annual financial statements for the period ended 31 December 2024.

 

2      Segmental analysis

 

The company has two operating segments: Invention Evaluator and Vortechs. During the six month period to 30 June 2025, there have been no changes from prior periods in the management methods used to determine operating segments and reported segment profit and loss.

 

The revenues and profits generated by each of the company's segments and segment assets and liabilities are summarised as follows:

 

2      Segmental analysis                                                                                                                                   (Continued)

 

Period ended 30 June 2025

 

Invention Evaluator
Vortechs
Unallocated
Total
US$
US$
US$
US$
Segmental income statement
Revenue
111,666
13,500
125,166
Cost of Sales
(91,885)
(10,661)
(102,546)
Operating costs
(241,203)
(29,706)
(275,465)
(546,374)
Depreciation and amortisation
(22,876)
(25,000)
(47,876)
Operating loss
(244,298)
(51,867)
(275,465)
(571,630)
Interest income / (expense)
0
0
6,045
6,045
Loss on ordinary activities before tax
(244,298)
(51,867)
(269,420)
(565,584)
Tax
0
0
0
0
Loss on ordinary activities after tax
(244,298)
(51,867)
(269,420)
(565,584)
Segmentalstatementoffinancial position
Assets
177,999
52,358
1,249,310
1,479,667
Liabilities
(530,387)
(2,666)
(201,231)
(734,284)
Net assets / (liabilities)
(352,388)
49,692
1,048,079
745,383
Other segmental items
Capital expenditure
0
0
9,972
9,972

 

 

 

Period ended 30 June 2024

 

Invention Evaluator
Vortechs
Unallocated
Total
US$
US$
US$
US$
Segmental income statement
Revenue
13,874
4,333
-
18,207
Cost of Sales
(12,225)
(1,144)
-
(13,369)
Operating costs
(17,678)
(5,633)
(48,899)
(72,210)
Depreciation and amortisation
-
-
-
-
Operating loss
(16,029)
(2,444)
(48,899)
(67,372)
Interest income / (expense)
-
-
-
-
Loss on ordinary activities before tax
(16,029)
(2,444)
(48,899)
(67,372)
Tax
-
-
-
-
Loss on ordinary activities after tax
(16,029)
(2,444)
(48,899)
(67,372)
Segmentalstatementoffinancial position
Assets
168,028
104,353
108,643
381,024
Liabilities
(124,106)
-
(68,923)
(193,029)
Net assets / (liabilities)
43,922
104,353
39,720
187,995
Other segmental items
Capital expenditure
44,547
-
-
44,547

 

 

 

2      Segmental analysis                                                                                                                       (Continued)

 

Period ended 31 December 2024

Invention Evaluator
Vortechs
Unallocated
Total
US$
US$
US$
US$
Segmental income statement
Revenue
99,349
23,666
-
123,015
Cost of Sales
(98,655)
(9,202)
-
(107,857)
Operating costs
(117,463)
(11,066)
(720,987)
(849,516)
Depreciation and amortisation
(27,192)
(26,995)
-
(54,187)
Operating loss
(143,961)
(23,597)
(720,987)
(888,545)
Interest income / (expense)
-
-
1,716
1,716
Loss on ordinary activities before tax
(143,961)
(23,597)
(719,271)
(886,829)
Tax
-
-
-
-
Loss on ordinary activities after tax
(143,961)
(23,597)
(719,271)
(886,829)
Segmentalstatementoffinancial
position
Assets
175,027
77,357
1,214,108
1,376,492
Liabilities
(111,450)
(308)
(247,978)
(359,736)
Net assets / (liabilities)
63,577
77,049
876,130
1,016,756
Other segmental items
Capital expenditure
119,655
-
6,651
126,306

 

 

 

3
Intangible assets
Invention Evaluator
Vortechs
Website
Total
$
$
$
$
Cost
At 1 January 2025
517,428
462,771
6,651
986,850
Additions
-
-
9,972
9,972
At 30 June 2025
517,428
462,771
16,623
996,822
Amortisation and impairment
At 1 January 2025
346,071
385,413
-
731,484
Charge for the period
22,875
25,000
-
47,875
At 30 June 2025
368,946
410,413
-
779,359
Carrying amount
At 30 June 2025
148,482
52,358
16,623
217,463
At 31 December 2024
171,357
77,358
6,651
255,366
Invention Evaluator
Vortechs
Website
Total
$
$
$
$
Cost
At 23 February 2024
-
-
-
-
Additions
-
-
44,547
44,547
Transfer of assets
397,773
462,771
-
860,544
At 30 June 2024
397,773
462,771
44,547
905,091
Amortisation and impairment
At 23 February 2024
-
-
-
-
Transfer of assets
318,879
358,418
-
677,297
At 30 June 2024
318,879
358,418
-
677,297
Carrying amount
At 30 June 2024
78,894
104,353
44,547
227,794
At 23 February 2024
-
-
-
-

 

 

 

 

3 Intangible assets
(Continued)
Invention Evaluator
Vortechs
Website
Total
$
$
$
$
Cost
At 23 February 2024
-
-
-
-
Additions
119,655
-
6,651
126,306
Transfer of assets
397,773
462,771
-
860,544
At 30 June 2025
517,428
462,771
6,651
986,850
Amortisation and impairment
At 23 February 2024
-
-
-
-
Charge for the year
27,192
26,995
-
54,187
Transfer of assets
318,879
358,418
-
677,297
At 31 December 2024
346,071
385,413
-
731,484
Carrying amount
At 31 December 2024
171,357
77,358
6,651
255,366
At 23 February 2024
-
-
-
-
4 Trade and other receivables
30 June
30 June
31 December
2025
2024
2024
$
$
$
Trade receivables
18,638
62,898
23,558
Provision for bad and doubtful debts
(17,179)
(18,311)
(19,888)
1,459
44,587
3,670
VATrecoverable
27,461
23,775
196,588
Amounts owed by related parties (Note 7)
114,555
29,840
120,383
Prepayments
96,421
-
83,487
Prepaid IPO costs
-
55,028
-
239,896
153,230
404,128

 

 

 

5 Trade and other payables
30 June
30 June
31 December
2025
$
2024
$
2024
$
Trade payables
191,235
56,638
25,406
Accruals
173,024
12,167
117,983
Social security and other taxation
4,675
-
4,383
Other payables
1,526
-
-
370,460
68,805
147,772
6 Share-based payments
Number of share Average options and exercise price
warrants
Number
$
Outstanding at 23 February 2024 Granted in the period
-
-
-
-
Outstanding at 30 June 2024
-
-
Exercisable at 30 June 2024
-
-
Outstanding at 1 July 2024 Granted in the period
-5,628,418
-0.58
Outstanding at 31 December 2024
5,628,418
0.58
Exercisable at 31 December 2024
4,865,383
0.58
Outstanding at 1 January 2025 Granted in the period
5,628,418
-
0.58
-
Outstanding at 30 June 2025
5,628,418
0.58
Exercisable at 30 June 2025
4,865,383
0.58

 

Options outstanding

Share options and warrants outstanding at the end of the period have the following expiry dates and exercise prices:

 

 

 

6
Share-based payments
(Continued)
Grant date
Expiry date
Exercise price
30 June
2025
Number
30 June
2024
Number
31 December
2024
Number
17 July 2024
17 July 2027
£0.39 ($0.53)
215,917
-
215,917
5 August 2024
5 August 2027
£0.39 ($0.53)
332,200
-
332,200
9 August 2024
9 August 2027
£0.39 ($0.53)
215,917
-
215,917
26 September 2024
2 October 2029
£0.39 ($0.53)
217,949
-
217,949
26 September 2024
2 October 2027
£0.39 ($0.53)
160,256
-
160,256
26 September 2024
2 October 2027
£0.43 ($0.59)
4,487,179
4,487,179
5,629,418
-
5,629,418

 

 

30 June
30 June
31 December
Expenses
2025
$
2024
$
2024
$
Related to equity settled share based payments
62,068
-
358,924
7 Related party transactions


 

Phosphorix Ltd

The Company entered into a master services agreement with Phosphorix Ltd, a company owned and operated by the CTO of GenIP Plc. Phosphorix Ltd operates the Invention Evaluator platform and provides IT development services to the Company. Pricing and costing is on an arm's length basis. In the period to 30 June 2025, the company incurred $88,943 of cost of sales of which $30,928 was outstanding at the reporting date.

 

Guident Limited

During the period to 30 June 2025, $8,000 of Vortechs sales were made to Guident Limited, a related party by virtue of common control.

 

Tekcapital PLC

After the 31 December 2024 balance sheet date, Tekcapital PLC, the Company's majority shareholder, agreed to contribute $100,000 of the $119,665 IT development costs incurred by the Company in 2024. This contribution to be paid over 24 months. GenIP continues to benefit from the expenditure, which has been capitalised as an Intangible Asset. This agreement was a non-adjusting post balance sheet event in the 31 December 2024 accounts. The balance outstanding at 30 June 2025 was $87,506. A further $27,049 was due relating to other payments received by Tekcapital on behalf of GenIP.

 

7       Related party transactions                                                                                                                  (Continued)

 

Convertible Loan Note

After the 31 December 2024 balance sheet date, Tekcapital Group agreed to offset the balances owed and owing on the Convertible Loan Note and the Inter-company Receivable and transfer any residual amount to the Inter-company balance and close the Convertible Loan Note with an effective date of 31 December 2024. This was disclosed in the 2024 accounts as a non-adjusting event in the 2024 accounts.

 

31 Dec 2024
Offset
Adjustment
31 Dec 2024
US$
US$
US$
US$
TekcapitalEurope
133,570
(120,383)
(13,187)
-
TekcapitalLLC
(120,383)
120,383
13,187
13,187

 

 

8
Cash absorbed by operations
Six months
ended
Period ended
Period ended
30 June
30 June
31 December
2025
$
2024
$
2024
$
Loss for the Six month period before taxation
(565,585)
(67,374)
(886,829)
Adjustments for:
Finance costs
-
2
97
Investment income
(6,045)
-
(1,813)
Amortisation and impairment of intangible assets
47,876
-
54,187
Equity settled share based payment expense
62,068
-
358,924
Movements in working capital:
Increase in trade and other receivables
164,232
(41,263)
(257,329)
Increase in trade and other payables
199,464
45,030
147,772
Increase in deferred revenue outstanding
339,941
8,688
28,349
Cash absorbed by operations
241,951
(54,917)
(556,642)

 

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