REG - GenIP PLC Tekcapital plc - Half-year Report
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RNS Number : 2950B GenIP PLC 30 September 2025
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
(http://www.genip.ai/) , or contact:
GenIP Plc Via Redchurch Communications
Melissa Cruz, CEO
Beaumont Cornish Limited (Nominated Adviser) Tel: +44 (0) 20 7628 3396
Roland Cornish / Asia Szusciak / Andrew Price
Novum Securities Limited (Broker) Tel: +44 (0)20 7399 9425
Jon Belliss JBelliss@novumsecurities.com
Redchurch Communications (Financial PR) genip@weareredchurch.com (mailto:genip@weareredchurch.com)
John Casey
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 Enables faster, evidence-based decisions on R&D prioritisation,
emerging technologies investment, and IP strategy
Talent and Executive Search Services Executive search platform using machine learning and NLP to match De-risks scaling by aligning technical vision with proven executive capability
innovation-driven organisations with commercialisation-ready leadership
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: 30(th) 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: 30(th) September 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 Six months ended Period ended
30 June 2025 30 June 2024 31 December 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
Total Income Total Income including revenue from Invention Evaluator and Vortechs Sales $125,166 $18,207 $123,015
Gross Profit Margin Percentage of revenue 18.1% 26.6% 12.3%
remaining after deducting cost of sales
Operating Cash Flow Net cash generated (absorbed) from business operations before financing $241,951 ($54,917) ($556,642)
activities.
STATEMENT OF COMPREHENSIVE INCOME (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
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 below form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025
Share capital Share premium account Capital redemption Options & warrant reserve Retained earnings Total
$ reserve $
$ $ $
Notes $
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
Unaudited Unaudited Audited
Notes $ $ $
Cash flows from operating activities
Cash generated from/(absorbed by) operations 8 241,951 (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
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)
Segmental statement of
financial 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)
Segmental statement of
financial 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)
Segmental statement of
financial
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
VAT recoverable 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)
30 June 30 June 31 December
2025 2024 2024
Grant date Expiry date Exercise price Number Number 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
2025 2024 2024
$ $ $
Expenses
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$
Tekcapital Europe 133,570 (120,383) (13,187) -
Tekcapital LLC (120,383) 120,383 13,187 13,187
8 Cash absorbed by operations Period ended Period ended
Six months
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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