INSIG AI PLC

Interim / Quarterly Report • Dec 9, 2025

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RNS Number : 7344K

Insig AI Plc

09 December 2025

Insig AI plc / EPIC: INSG / Market: AIM

9 December 2025

INSIG AI PLC

("INSG" or the "Company")

Unaudited Interim Results for the Six Months ended 30 September 2025

Insig AI plc (AIM:INSG), a leading provider of AI-led analytics and machine learning solutions company, is pleased to announce its unaudited interim results for the six months ended 30 September 2025 ("H1-25") and to provide an update on the Company's progress post the half year end.

Highlights

·      Operating loss of £1.1 million in H1-25 (H1-24: £5.2 million, including impairments)

·      H1 revenue growth of 164% to £438k

·      Two new vertical markets entered, with two new customer wins post period end

·      Cash at period end of £0.03 million (H1-24 £0.23 million)

·      £1 million new equity raised at 30.5p per share post period end

·      Plans to deploy capital into the digital assets and AI space

Richard Bernstein, CEO commented: "We delivered a successful first half with strong revenue growth and several new client wins. Since the period end, we have secured further new client wins reinforcing the momentum in our core commercial activities. In recent months, much of our focus has been on evaluating opportunities and structures within the digital assets and AI space. In 2026, we plan to start to deploy capital in these areas. We believe this can also generate very substantial returns for our shareholders. I am excited about our prospects for 2026 and beyond."

For further information, please visit www.insig.ai or contact:

Insig AI plc	[email protected]
Richard Bernstein
Zeus (Nominated Adviser & Broker)	+44 (0)20 3829 5000
David Foreman / James Hornigold
CMC Markets (Joint Broker)	+44 (0) 203 003 8632
Doug Crippin

Chief Executive's Report

Dear Shareholders,

I am pleased to report on a busy and successful first half. We have signed several new clients, deepened our engagement with existing customers and achieved revenue growth of 164% from H-24.

In April 2025, we were delighted that the Financial Conduct Authority ("FCA") became a client. This subscription service licence agreement provides the FCA with access to Insig AI's Transparency and Disclosure Index ("TDI") covering UK listed companies. The FCA accesses our toolkit that allows users to search, filter, analyse and benchmark company disclosures, which are evidence based and fully traceable to original company reports. This engagement represents a significant regulatory validation of our proprietary data architecture and analytical capabilities.

In April 2025, we also announced a new client win from a London-based, European focused asset manager with assets under management of more than £1 billion. The work won related to the automation of data collection and ingestion and comprises both a licence fee and an ongoing annual retainer, establishing a recurring revenue relationship.

In May 2025, we announced further client wins including a London-based asset manager with assets under management of more than £1 billion specialising in European credit investments utilising Insig AI's data infrastructure framework. Later that month, we also secured a new client win from a London-based asset manager with assets under management of more than £25 billion. The client specialises in global macroeconomic events and has entered into a commercial agreement that included both a licence fee and an annual retainer. This win also marked the first commercial deployment of Insig AI's Generative Intelligence Engine - a proprietary product that enables organisations to apply their own expert decision-making methodology at scale to their proprietary data in a secure and auditable environment. We have already secured additional work from this client and are currently mapping out further deployments across its business.

Pleasingly, all client wins in H1 have either already resulted in additional business or involve current discussions that may result in additional revenues.

Financial headlines

In summary, the operating loss we are reporting of £1.1 million compares with an operating loss of £5.2 million. Last year's operating loss was adversely impacted by impairments of £4.4 million, prior to which the operating loss was £0.8 million. Net cash used in operations reduced to £0.65 million from £0.97 million in the corresponding period. Revenues increased by 164% to £0.44 million from £0.17 million in the corresponding period. Cash and cash equivalents at the period end were £0.03 million, as against cash and cash equivalents for the corresponding period of £0.23 million.

Equity funding

In June 2025, I entered into an equity funding facility with the Company During the period, the Company issued 1,750,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") at 20 pence per Ordinary Share. The subscription price of 20 pence represented a premium of 23% to the closing share price of 16.25 pence on 21 March 2025, when the Equity Funding Facility was proposed.

After the period end, the Company raised £1 million gross from the issuance of 3,279,569 Ordinary shares at 30.5p a share.

Deploying our assets to maximise shareholder returns

Put simply, an asset represents a probable future economic benefit. Our assets include our technology, our clients and our people. It is important that now we fully deploy the experience, skills and networks of the team that we have assembled.

In September, I reported that the Company was considering various strategic options, in part to more fully utilise the expertise of Peter Pereira Gray, the former Chief Executive of The Wellcome Trust's Investment Division, who joined Insig AI as a Strategic and Asset Allocation Adviser in July 2025. I stated that this could enable us to invest new capital in digital assets and related enterprises, in areas which the Board and I believe to be a natural evolution for Insig AI.

In October, we announced the appointment of Lawrence Lundy-Bryan as Digital Assets Adviser. Lawrence has over a decade of digital assets experience. In 2015, Lawrence worked with Intel on its distributed ledger technology strategy. Lawrence has contributed to policy through the UK Cryptoasset Taskforce led by HM Treasury, the FCA, and the Bank of England.

As founder of and Investment Adviser to Crystal Amber Fund, I have a long track record of delivering for investors. Last month, Crystal Amber Fund reported investment returns over the last three and five years of 112% and 270% respectively. Crystal Amber also announced my intention to resign to pursue other ventures.

I believe that Peter, Lawrence and I are well placed to utilise the combination of our experience, investment focus and disciplines alongside the valuable technology that Insig AI's data insights provide.

In recent months, we have evaluated investment opportunities and structures to apply value investment discipline to digital assets as well as AI businesses where our data insights can be directly applied. Our conclusion is that a $2.5 trillion asset class requires institutional access and that Insig AI is ideally positioned to provide such access. It is the area of providing solutions to the needs of businesses in this new and exciting digital/AI economy that excites us and which we intend to be our focus. For example, payment systems are going to be revolutionised. We think polling is likely to see a similar transformation. We have zero interest in so called memes or constructing a portfolio of so-called "products" such as TRUMP or DOGECOIN. Our focus will predominantly be on the "picks and shovels" and where we see evidence based fundamental mispricing of digital assets that we can capitalise upon for the benefit of our shareholders.

Prospects

In September 2025, when we published our preliminary results for the year to March 2025, I commented that with new reporting requirements come into force, corporates will need to collate data in a way that is well suited to our solutions, as manual data collection and analysis would become relatively costly, cumbersome and ultimately obsolete. We were therefore delighted in the following month, to announce a new contract with an international law firm. Our automated solution collects, processes, and compares corporate reporting documents using AI customised workflows. This represented a further deployment of Insig AI's Generative Intelligence Engine and the first time that Insig AI has sold its technology to a legal practice.  Last month, we secured a further client win automating the benchmarking of corporate reporting disclosures against international standards. This new client is a global advisory firm operating in more than 70 countries. These wins represent two new vertical markets for the Company and importantly, demonstrates the versatility of our platform across regulated industries. We have several new proposals now before prospects, many of which, we expect to convert into material revenues.

As highlighted above, in recent months, much of our focus has been on evaluating the digital assets and AI space. We believe this can generate very substantial returns for our shareholders. To be clear, we see such investment as supplementing our existing activities, not replacing them. With our objective of continuing to grow revenues and accessing and deploying capital in a new $2.5 trillion asset class, I am excited about our prospects for 2026 and beyond.

Richard Bernstein

Chief Executive Officer

8 December 2025

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Notes	6 months to 30 September 2025 Unaudited £	6 months to 30 September 2024 Unaudited (Restated) £
Continuing operations
Revenue	6	437,800	165,780
Cost of sales		(88,972)	(82,100)
Gross profit		348,828	83,680
Administration expenses		(1,257,801)	(914,823)
Other gains/(losses)		(164,768)	(296)
Impairments		-	(4,404,000)
Operating loss		(1,073,741)	(5,235,439)
Finance income		241	299
Finance costs		(66,672)	(80,518)
Loss before income tax		(1,140,172)	(5,315,658)
Tax credit		-	1,101,000
Loss for the period after income tax		(1,140,172)	(4,214,658)
Total comprehensive loss attributable to owners of the Parent		(1,140,172)	(4,214,658)
Basic and diluted earnings per share	5	(0.95)p	(3.89)p

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Notes	As at 30 September 2025 Unaudited £	As at 31 March 2025 Audited £	As at 30 September 2024 Unaudited (Restated) £
Non-Current Assets
Property, plant and equipment		2,492	3,670	3,640
Available for sale investments		123,750	123,750	123,750
		126,242	127,420	127,390
Current Assets
Trade and other receivables		151,659	92,570	67,654
Cash and cash equivalents		28,094	328,796	226,376
		179,753	421,366	294,030
Total Assets		305,995	548,786	421,420
Non-Current Liabilities		-	-	-
Current Liabilities
Trade and other payables		500,394	322,313	173,227
Convertible loans	7	1,799,213	1,732,541	1,723,262
		2,299,607	2,054,854	1,896,489
Total Liabilities		2,299,607	2,054,854	1,896,489
Net Assets		(1,993,612)	(1,506,068)	(1,475,069)
Capital and Reserves Attributable to Equity Holders of the Company
Share capital		3,269,874	3,252,374	3,230,499
Share premium		42,739,675	42,243,659	41,915,534
Other reserves		325,583	325,583	325,583
Share based payments reserve		445,545	314,352	181,953
Retained losses		(48,774,289)	(47,642,036)	(47,099,898)
Equity attributable to shareholders of the parent		(1,993,612)	(1,506,068)	(1,446,329)
Non-controlling interests		-	-	(28,740)
Total Equity		(1,993,612)	(1,506,068)	(1,475,069)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

	Note	Share capital £	Share premium £		Share based payment reserve £		Other reserves £		Retained losses £	Total equity £	Non-Controlling Interest £	Total equity £
Balance as at 1 April 2024 (restated)		3,149,058	40,810,725		121,597		325,583		(42,916,216)	1,490,747	(28,740)	1,462,007
Loss for the period (restated)		-	-		-		-		(4,214,658)	(4,214,658)	-	(4,214,658)
Total comprehensive loss for the period		-	-		-		-		(4,214,658)	(4,214,658)	-	(4,214,658)
Issue of shares		81,441	1,104,809		-		-		-	1,186,250	-	1,186,250
Share based payment (restated)		-	-		91,332		-		-	91,332	-	91,332
Expired options (restated)		-	-		(30,976)				30,976	-	-	-
Total transactions with owners, recognised in equity		81,441	1,104,809		60,356		-		30,976	1,277,582	-	1,277,582
Balance as at 30 September 2024 (restated)		3,230,499	41,915,534		181,953		325,583		(47,099,898)	(1,446,329)	(28,740)	(1,475,069)
Balance as at 1 April 2025		3,252,374	42,243,659		314,352		325,583		(47,642,036)	(1,506,068)	-	(1,506,068)
Loss for the period		-	-		-		-		(1,140,172)	(1,140,172)	-	(1,140,172)
Total comprehensive loss for the period		-	-		-		-		(1,140,172)	(1,140,172)	-	(1,140,172)
Issue of shares		17,500	332,500		-		-		-	350,000	-	350,000
Cost of capital		-	163,516		-		-		-	163,516		163,516
Share based payment		-	-		139,112		-		-	139,112	-	139,112
Expired options		-	-		(7,919)		-		7,919	-	-	-
Total transactions with owners, recognised in equity		17,500	496,016		131,193		-		7,919	652,628	-	652,628
Balance as at 30 September 2025		3,269,874	42,739,675		445,545		325,583		(48,774,289)	(1,993,612)	-	(1,993,612)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		Notes	6 months to 30 September 2025 Unaudited £	6 months to 30 September 2024 Unaudited (Restated) £
Cash flows from operating activities
Loss before taxation			(1,140,172)	(5,315,658)
Adjustments for:
Depreciation and amortisation			1,178	2,013
Impairments			-	4,404,000
Finance expense			66,672	80,518
Share options expense			139,112	91,332
Increase/(decrease) in trade and other receivables			(72,880)	37,085
Increase/(decrease) in trade and other payables			355,388	(173,261)
Net cash used in operations			(650,702)	(873,971)
Cash flows from investing activities
Net cash used in investing activities			-	-
Cash flows from financing activities
Proceeds from share allotments			350,000	1,062,500
Net cash generated from financing activities			350,000	1,062,500
Net decrease in cash and cash equivalents			(300,702)	188,529
Cash and cash equivalents at beginning of period			328,796	37,847
Cash and cash equivalents at end of period			28,094	226,376

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. General Information

Insig AI plc is a data science and machine learning company listed on the AIM Market of the London Stock Exchange.

The Company is domiciled in the United Kingdom and incorporated and registered in England and Wales, with registration number 03882621. The Company's registered office is 6 Heddon Street, London, W1B 4BT.

2. Basis of Preparation

The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 March 2025, which have been prepared in accordance with UK adopted international accounting standards.

The interim financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of UK adopted international accounting standards.

Statutory financial statements for the year ended 31 March 2025 were approved by the Board of Directors on 18 September 2025 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified with a material uncertainty in relation to the Company's ability to continue as a going concern. The condensed interim financial statements are unaudited and have not been reviewed by the Company's auditor. 

Going concern

These financial statements have been prepared on the going concern basis. Given the Group's current cash position and its demonstrated ability to raise capital, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting preparing the condensed interim financial statements for the period ended 30 September 2025.

Notwithstanding the above, a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern and, therefore, that the Group may be unable to realise their assets or settle their liabilities in the ordinary course of business. As a result of their review, and despite the aforementioned material uncertainty, the Directors have confidence in the Groups forecasts and have a reasonable expectation that the Group will continue in operational existence for the going concern assessment period and have therefore used the going concern basis in preparing these consolidated financial statements.

The factors that were extant at 31 March 2025 are still relevant to this report and as such reference should be made to the going concern note and disclosures in the 2025 Annual Report and Financial Statements ("2025 Annual Report").

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2025 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.insgai.com. The key financial risks are liquidity risk, credit risk, interest rate risk and fair value estimation.

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 4 of the Company's 2025 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

3.   Accounting Policies

Except as described below, the same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Company's annual financial statements for the period ended 31 March 2025.

3.1 Changes in accounting policy and disclosures

The following amendments to standards have become effective for the first time for annual reporting periods commencing on 1 January 2024 and have been adopted in preparing these financial statements:

Standard		Impact on initial application		Effective date
IAS 7 (Amendments) and IFRS 7		Supplier Finance Arrangements		1 January 2024
IAS 1 (Amendments)		Classification of Liabilities as Current or Non-Current		1 January 2024
IFRS 16 (Amendments)		Lease Liability in a Sale and Leaseback		1 January 2024
IAS 1 (Amendments)		Presentation of Financial Statements		1 January 2024
IAS 1 (Amendments)		Non-Current Liabilities with Covenants		1 January 2024
IAS 21 (Amendments)		Lack of Exchangeability		1 January 2024

The adoption of these amendments had no material impact on the financial statements.

At the date of approval of these financial statements, the following amendments to IFRS which have not been applied in these financial statements were in issue, but not yet effective, until annual periods beginning on 1 January 2025, 2026 and 2027:

Standard		Impact on initial application		Effective date
IAS 21 (Amendments)		Lack of Exchangeability		1 January 2025
IFRS 9		Classification and Measurement of Financial Instruments		1 January 2026
IFRS 18		Presentation and Disclosure in Financial Statements		1 January 2027
IFRS 19		Subsidiaries without Public Accountability: Disclosures		1 January 2027

Subject to endorsement by the UK

4.   Dividends

No dividend has been declared or paid by the Company during the six months ended 30 September 2025 (six months ended 30 September 2024: £nil).

5.   Loss per Share

The calculation of earnings per share is based on a loss of £1,140,172 for the six months ended 30 September 2025 (six months ended 30 September 2024: £5,315,658) and the weighted average number of shares in issue in the period ended 30 September 2025 of 120,401,899 (six months ended 30 September 2024: 108,059,330).

No diluted earnings per share is presented for the six months ended 30 September 2025 or six months ended 30 September 2024 as the effect on the exercise of share options would be to decrease the loss per share.

6. Business segment analysis

6 months to 30 September 2025 Unaudited

	Machine learning and Data services £	Total £
Revenue	437,800	437,800
Costs of sales	(88,972)	(88,972)
Administrative expenses	(1,257,801)	(1,257,801)
Other gains/(losses)	(164,768)	(164,768)
Finance Income	241	241
Finance costs	(66,672)	(66,672)
Profit/(Loss) before tax per reportable segment	(1,140,172)	(1,140,172)

6 months to 30 September 2024 Unaudited (restated)

	Machine learning and Data services £	Total £
Revenue	165,780	165,780
Cost of sales	(82,100)	(82,100)
Administrative expenses	(914,823)	(914,823)
Other gains/(losses)	(296)	(296)
Impairments	(4,404,000)	(4,404,000)
Finance Income	299	299
Finance costs	(80,518)	(80,518)
Profit/(Loss) before tax per reportable segment	(5,315,658)	(5,315,658)

7. Convertible loan notes

	CLN 1		CLN 2		30 September 2025
	£		£		£
Convertible loan note - opening liability	1,105,525		545,469		1,650,994
Interest
Accrued interest	105,603		98,309		203,912
Modification of convertible loan note	(35,476)		(20,217)		(55,693)
Total	1,175,652		623,561		1,799,213

8. Events after the balance sheet date

On 7 October 2025, the Company issued 1,666,666 new ordinary shares at a price of 30 pence per share, raising gross proceeds of £500,000.

On 8 October 2025, the Company issued 1,612,903 new ordinary shares at a price of 31 pence per share, raising gross proceeds of £500,000.

10. Prior period restatement

During the year ended 31 March 2025, the Group reassessed the classification of its convertible loan notes ("CLNs") under IAS 32 Financial Instruments: Presentation. The CLNs were previously accounted for as compound financial instruments, comprising a liability component and an equity component. On review of the contractual terms, it was determined that the conversion feature does not meet the "fixed-for-fixed" requirement in IAS 32. Consequently, no equity component should be recognised.

In reviewing the accounting for the Group's EMI share options and warrants scheme, management has refined the application of IFRS 2 Share-based Payments as no fair value charge was attributed to them at the time. Under IFRS 2, the fair value of equity-settled options and warrants is measured at the grant date and recognised as an expense over the vesting period, reflecting the services received from employees or consultants during that period.

Accordingly, the comparative figures have been restated to align with the requirements detailed above for the period ended 30 September 2024.

1. Approval of interim financial statements

The Condensed interim financial statements were approved by the Board of Directors on 8 December 2025.

12.  Availability of this announcement

Copies of this announcement are available from Insig AI website at www.insg.ai.

**ENDS**

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