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TruSpine Technologies Plc
Interim / Quarterly Report • Dec 30, 2025
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Interim / Quarterly Report
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National Storage Mechanism | Additional information 
RNS Number : 0485N
TSP Advanced Technologies PLC
30 December 2025
TSP Advanced Technologies plc
("TSP", the "Company" or "Group")
Interim Results - for the six months ended 30 September 2025
CHAIRMAN'S REPORT
The Company continues to be in a pre-revenue development phase and remains loss-making. The loss before taxation for the six months to 30 September 2025 was £335k (2024: £410k) after administrative expenses of £335k (2024: £410k). Consolidated net assets as at 30 September 2025 amounted to £1.83 million (2024: £2.33 million) including a bank balance of £33k as at 30 September 2025 (2024: £51k).
As highlighted in recent shareholder communications, until discussions regarding the long-term funding of the business are completed, the Company's working capital position remains constrained due to the absence of revenue-generating operations. The Company continues to manage its limited working capital prudently. The Directors are reviewing a range of equity and debt funding options and continue to seek an appropriate funding solution.
Once funding has been secured, the Board expects that 2026 may deliver further updates on progress with the regulatory approval pathway, and subject to regulatory approval, on the subsequent commercialisation of the Company's intellectual property, where a number of options are being actively considered.
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Enquiries:
| TSP Investor Hub | https://truspinetech.com/aqse-rule-4-14 |
| TSP Advanced Technologies plc | Tel: +44 (0)20 7118 0852 |
| Geoff Miller, Non-executive Chairman | |
| Cairn Financial Advisers LLP (AQSE Corporate Adviser) | Tel: +44 (0)20 7213 0880 |
| Liam Murray / Ludovico Lazzaretti | |
| Novus Communications (PR and IR) | Tel: +44 (0)1273 704 473 |
| Alan Green / Jacqueline Briscoe | [email protected] |
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
GROUP UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
GROUP STATEMENT OF COMPREHENSIVE INCOME
| 6 month period ended 30 September 2025 (Unaudited) |
6 month period ended 30 September 2024 (Unaudited) |
Year ended 29 March 2025 (Audited) |
||
| Note | ||||
| £ | £ | £ | ||
| Administrative expenses | (334,166) | (409,530) | (758,717) | |
| Operating loss | (334,166) | (409,530) | (758,717) | |
| Finance expense | (634) | (538) | (1,231) | |
| Finance income | - | 442 | - | |
| Loss before tax | (334,800) | (409,626) | (759,948) | |
| Tax credit | 3 | - | - | 31,759 |
| (Loss)/Profit | (334,800) | (409,626) | (728,189) | |
| Loss attributable to: | ||||
| Owners of the parent | (334,800) | (409,626) | (728,189) | |
| Other comprehensive income: | ||||
| Items that will or may be reclassified to profit or loss: | ||||
| Exchange translation differences on foreign operations | (5,356) | (6,854) | 3,133 | |
| Total comprehensive loss | (340,156) | (416,480) | (731,322) | |
| Total comprehensive loss attributable to equity shareholders | (340,156) | (416,480) | (731,322) | |
| Earnings per share basic and diluted (pence) | 4 | (0.21)p | (0.28)p | (0.48)p |
All results in the current and preceding financial period derive from continuing operations.
GROUP STATEMENT OF FINANCIAL POSITION
| 30 September 2025 (Unaudited) |
30 September 2024 (Unaudited) |
29 March 2025 (Audited) |
||
| Note | £ | £ | £ | |
| Non-current assets | ||||
| Tangible fixed assets | 637 | 1,388 | 870 | |
| Intangible assets | 3,539,643 | 3,566,469 | 3,544,995 | |
| 3,540,281 | 3,567,857 | 3,545,865 | ||
| Current assets | ||||
| Trade and other receivables | 42,565 | 28,217 | 47,936 | |
| Cash and cash equivalents | 32,713 | 50,823 | 650 | |
| 75,278 | 79,040 | 48,586 | ||
| Total assets | 3,615,559 | 3,646,897 | 3,594,451 | |
| Current liabilities | ||||
| Trade and other payables | 1,504,544 | 1,083,621 | 1,243,380 | |
| Borrowings | 90,132 | 43,450 | 89,532 | |
| 1,594,676 | 1,127,071 | 1,332,912 | ||
| Non-current liabilities | ||||
| Lease liabilities | - | - | - | |
| Borrowings | 186,573 | 186,573 | 136,573 | |
| 186,573 | 186,573 | 136,573 | ||
| Total liabilities | 1,781,249 | 1,313,644 | 1,469,485 | |
| Net Assets | 1,834,310 | 2,333,253 | 2,124,966 | |
| Equity attributable to owners of the parent | ||||
| Share capital | 5 | 16,307 | 15,267 | 15,977 |
| Share premium | 5,298,782 | 5,031,520 | 5,123,759 | |
| Share based payment reserve | - | 112,247 | 125,853 | |
| Other reserves | 5 | (205,000) | (205,000) | (205,000) |
| Translation reserve | (32,516) | (30,881) | (27,160) | |
| Retained earnings | (3,243,263) | (2,589,900) | (2,908,463) | |
| Total equity attributable to owners of the parent | 1,834,310 | 2,333,253 | 2,124,966 | |
| Total Equity | 1,834,310 | 2,333,253 | 2,124,966 |
GROUP STATEMENT OF CHANGES IN EQUITY
| Share capital | Share premium | Share based payment reserve | Other reserves | Translation reserve | Retained earnings | Total | |
| £ | £ | £ | £ | £ | £ | £ | |
| Balance as at 29 March 2024 | 13,933 | 4,846,460 | 98,641 | (205,000) | (24,027) | (2,180,274) | 2,549,733 |
| Loss for the six months | - | - | - | - | - | (409,626) | (409,626) |
| Other comprehensive gain | - | - | - | (6,854) | - | (6,854) | |
| Total comprehensive loss for the period | - | - | - | - | (6,854) | (409,626) | (416,480) |
| Issue of shares, net of issue costs | 1,334 | 198,666 | - | - | - | - | 200,000 |
| Share based payment charge | - | (13,606) | 13,606 | - | - | - | - |
| Transactions with owners, recognised directly in equity | 1,334 | 185,060 | 13,606 | - | - | - | 200,000 |
| Balance as at 30 September 2024 | 15,267 | 5,031,520 | 112,247 | (205,000) | (30,881) | (2,589,900) | 2,333,253 |
| Balance as at 29 March 2025 | 15,977 | 5,123,759 | 125,853 | (205,000) | (27,160) | (2,908,463) | 2,124,966 |
| Loss for the six months | - | - | - | - | - | (334,800) | (334,800) |
| Other comprehensive gain | - | - | - | (5,356) | - | (5,356) | |
| Total comprehensive loss for the period | - | - | - | - | (5,356) | (334,800) | (340,156) |
| Issue of shares, net of issue costs | 330 | 49,170 | - | - | - | - | 49,500 |
| Share based payment charge | - | 125,853 | (125,853) | - | - | - | - |
| Transactions with owners, recognised directly in equity | 330 | 175,023 | - | - | - | - | 175,353 |
| Balance as at 30 September 2025 | 16,307 | 5,298,782 | - | (205,000) | (32,516) | (3,243,263) | 1,834,310 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| 6 month period ended 30 September 2025 (Unaudited) |
6 month period ended 30 September 2024 (Unaudited) |
Year ended 29 March 2025 (Audited) |
||
| £ | £ | £ | ||
| Cash flow from operating activities | ||||
| Loss before tax | (334,800) | (409,626) | (759,948) | |
| Depreciation and amortisation | 233 | 518 | 1,036 | |
| Decrease in other receivables | 5,371 | 165,725 | 146,006 | |
| Increase in other payables | 261,164 | 178,822 | 338,581 | |
| Cash used in operations | (68,032) | (64,561) | (274,325) | |
| Income tax credit | - | - | 31,759 | |
| Net cash flows from operating activities | (68,032) | (64,561) | (242,566) | |
| Investing activities | ||||
| Purchase of intangible assets | - | (5,223) | (15,965) | |
| Disposal of intangible assets | - | - | 35,965 | |
| Net cash used in investing activities | - | (5,223) | (20,000) | |
| Financing activities | ||||
| Proceeds from Issue of shares, net of issue costs | 49,500 | 200,000 | 106,555 | |
| Proceeds from loan finance | - | |||
| Repayments of loans | - | (200,000) | (8,073) | |
| Increase/(Decrease) in borrowings | 50,600 | (4,155) | - | |
| Net cash flow from financing | 100,100 | (4,155) | 98,482 | |
| (Decrease)/Increase in cash and cash equivalents in the period | 32,068 | (73,939) | (124,084) | |
| Cash and cash equivalents at the beginning of the period | 650 | 124,646 | 124,646 | |
| Exchange rate differences on cash and cash equivalents | 4 | 116 | 88 | |
| Cash and cash equivalents at the end of the period | 32,714 | 50,823 | 650 |
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION
This financial information is for TSP Advanced Technologies plc and its subsidiary undertakings. The principal activity of TSP Advanced Technologies plc and its subsidiaries (together the "Group") is the development of products for the spinal fusion market. The Company is a public limited company and was listed on the Aquis Stock Exchange on 20 August 2020. The Company is incorporated and domiciled in England and the address of its registered office is located at Spectrum House AF33, Beehive Ring Road, Gatwick Airport, Gatwick, RH6 0LG, United Kingdom.
2. BASIS OF PREPARATION
The interim consolidated financial information has been prepared with regard to International Financial Reporting Standards (IFRS) and interpretations adopted by the European Union and as applied in accordance with the provisions of the Companies Act 2006. The interim financial information incorporates the results for the group for the six month period from 30 March 2025 to 30 September 2025. The results for the year ended 29 March 2025 have been extracted from the statutory financial statements for the Company for the year ended 29 March 2025. The financial information set out in these interim consolidated financial information does not constitute statutory accounts as defined in S434 of the Companies Act 2006. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 29 March 2025, which contained an unqualified audit report and have been filed with the Registrar of Companies. They did not contain statements under S498 of the Companies Act 2006.
The same accounting policies, presentation and methods of computation have been followed in these unaudited interim financial statements as those which were applied in the preparation of the Group's annual financial statements for the year ended 29 March 2025.
The interim consolidated financial information incorporates the financial statements of TSP Advanced Technologies plc and its subsidiaries.
The interim financial information for the six months ended 30 September 2025 was approved by the directors on 29 December 2025.
3. TAXATION
Tax recognised in profit or loss
| 6 month period ended 30 September 2025 (Unaudited) |
6 month period ended 30 September 2024 (Unaudited) |
Year ended 29 March 2025 (Audited) |
||
| £ | £ | £ | ||
| Current tax credit | - | - | 31,759 | |
| Deferred tax | - | - | - | |
| Net tax credit | - | - | 31,759 | |
| Loss before tax | (334,800) | (409,626) | (759,948) | |
| Standard rate of UK corporation tax | 19% | 19% | 19% | |
| Loss on ordinary activities before tax multiplied by standard rate UK corporation tax | (63,612) | (77,829) | (144,390) | |
| Tax adjustment | - | - | - | |
| Unrelieved tax losses carried forward | 63,612 | 77,829 | 144,390 | |
| UK research and development tax credit | - | - | 31,759 | |
| Tax credit | - | - | 31,759 |
At 30 September 2025, the Group are carrying forward estimated tax losses of £2.7m in respect of various activities over the years. The Company did not recognise a deferred income tax credit due to uncertainty concerning the timescale of its recoverability.
4. LOSS PER ORDINARY SHARE
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares.
| 6 month period ended 30 September 2025 (Unaudited) |
6 month period ended 30 September 2024 (Unaudited) |
Year Ended 29 March 2025 (Audited) |
||
| £ | £ | £ | ||
| (Loss) attributable to equity holders of the Company | (334,800) | (409,626) | (728,189) | |
| Weighted average number of ordinary shares in issue | 162,450,442 | 147,694,567 | 150,344,166 | |
| Loss per share basic and diluted (pence) | (0.21)p | (0.28)p | (0.48) |
5. SHARE CAPITAL
| Group and Company | |||||||||
| Group | Number of shares | Share capital |
Share premium | Share based payment reserve | Other reserve | Total | |||
| £ | £ | £ | £ | £ | |||||
| Issued and fully paid | |||||||||
| As at 29 March 2024 | 139,694,567 | 13,933 | 4,846,460 | 98,641 | (205,000) | 4,754,034 | |||
| Movement during the period | 13,333,333 | 1,334 | 185,060 | 13,605 | - | 200,000 | |||
| As at 30 September 2024 | 153,027,900 | 15,267 | 5,031,520 | 112,247 | (205,000) | 4,954,034 | |||
| Movement during the period | 7,103,623 | 710 | 92,239 | 13,606 | - | 106,555 | |||
| As at 29 March 2025 | 160,131,523 | 15,977 | 5,123,759 | 125,853 | (205,000) | 5,060,589 | |||
| Movement during the period | 3,300,000 | 330 | 92,239 | (125,853) | - | 200,000 | |||
| As at 30 September 2025 | 163,431,523 | 16,307 | 5,298,782 | - | (205,000) | 5,110,089 | |||
Share Capital - Amount subscribed for share capital at nominal value.
Share Premium - Amount subscribed for share capital in excess of nominal value.
On 23 May 2025, the Company raised £49,500 through a subscription for 3,300,000 new ordinary shares
of 0.01 pence each at a price of 1.5 pence per share.
6. EVENTS AFTER THE REPORTING DATE
On 15 October 2025, the Company raised £119,344 through a subscription for 23,869,043 new ordinary shares
of 0.01 pence each at a price of 0.5 pence per share.
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