The directors present the strategic report for the year ended 31 December 2025.

Company history

Founded in 2020, Pineapple Technology Ltd has consistently grown to become a leader in the incident response software industry.

Products and services

During the year the Group focused on developing its Investigations product (agentic root cause analysis), which was subsequently released in August 2026. Investigations complements the existing Response, On-call and Status Pages products.

Competitive landscape

The Group operates in a competitive market with key competitors including PagerDuty, FireHydrant, Opsgenie and Rootly. Its competitive advantage lies in its speed, exceptional customer service and depth of industry knowledge.

Financial performance

The Group increased revenues to £15,305,785 in the year - an increase of 117% compared with the previous year. The loss for the year was £18,559,190 - this is expected due to the need to invest ahead of the resulting future revenues.

Market risks

Rapid technological change and innovation

The Group mitigates this risk by investing heavily and consistently in research and development, monitoring emerging trends and obtaining regular feedback from customers to ensure product relevance.

Competitive pressures

The Group mitigates this risk through continuous product innovation and maintaining high levels of customer satisfaction.

Changes in customer IT and software budgets

The Group mitigates this risk by serving a global and diversified customer base across multiple industries.

Compliance with evolving regulatory requirements

The Group mitigates this risk by maintaining strong internal compliance processes and engaging external advisors to monitor regulatory developments.

Operational risks

Scaling operations to support growth

The Group mitigates this risk by investing in infrastructure, processes and senior leadership to ensure scalability and resilience.

Retention and recruitment of skilled personnel

The Group mitigates this risk by fostering a strong company culture, offering competitive remuneration and investing in professional development.

Data protection and information security risks

The Group mitigates this risk through robust security protocols, regular penetration testing and adherence to recognised data protection standards.

Reliance on third-party technology providers

The Group mitigates this risk by maintaining relationships with multiple providers where possible and by monitoring service levels and resilience closely.

Annual recurring revenue (ARR):

The Group’s ARR continues to grow rapidly, providing clear visibility of future revenues.

Net revenue retention (NRR):

The Group’s NRR is very strong, with high levels of customer satisfaction translating into expansion within the existing customer base.

Gross margin:

The Group delivers solid gross margins, reflecting the efficiency of its subscription-based software model.

Cash runway:

The Group has a strong cash position and healthy runway, supported by prudent financial management and continued revenue growth.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of Pineapple Technology Ltd ('the parent company') and its subsidiaries ('the group') is that of providing an all-in-one AI platform for on-call incident response and status pages, built for fast-moving teams.

The results for the year are set out on page 8.

The directors do not recommend payment of a dividend (2024: £nil).

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

No events have occurred after the year ended 31st December 2025 that would require disclosure in these financial statements.

The Group will continue to invest in its products, people, and customer base in order to drive long-term growth and strengthen its market position. Key areas of focus include:

• Continuing to invest heavily in our Investigations product and in our AI capabilities more generally.

• Ensuring that our platform remains relevant and scalable for the needs of the world’s largest enterprises.

• Growing headcount across the business, with a particular focus on our engineering, product, and go-to market functions.

• Pursuing strategic partnerships and integrations to strengthen the overall value proposition of the Group’s software offering.

• Continuing our strong revenue growth, driven by both new customers and expansion across our existing customer base.

Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The strategic report includes a business review which provides information on the development of the Group's business during the year, together with details of the risks and uncertainties that affect the Group's business.true

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

We have audited the financial statements of Pineapple Technology Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Enquiring of management and those charged with governance around actual and potential litigation and claims;

• Enquiring of entity staff in finance and compliance functions to identify any instances of non-compliance with laws and regulations;

• Reviewing minutes of meetings of those charged with governance;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

• Reviewing the general ledger in detail for all transactions with related parties;

• Performing walkthrough testing to ensure systems and controls are operating as recorded where appropriate.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £19,024,375 (2024 - £11,533,294 loss).

Pineapple Technology Ltd ('the company') is a private limited company domiciled and incorporated in England and Wales. The registered office is The Bower Floors 5 & 6, The Tower, 207 to 211 Old Street, London, England, EC1V 9NR.

The principal activity of the company and the wider group is that of providing an all-in-one AI platform for on-call incident response and status pages, built for fast-moving teams.

The group consists of Pineapple Technology Ltd and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 2).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

The consolidated group financial statements consist of the financial statements of the parent company Pineapple Technology Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

During the year to 31 December 2025, the Group made a loss of £18,559,190 but had net current assets of £37,339,914 and net assets of £36,613,418.

Despite the loss, the group has a cash balance of £46,327,907, largely driven by the Series B share issue in March 2025. From this, the directors forecast the future cash position of the group to remain above £15,000,000 into 2026 and 2027, which will continue to support any future losses.

The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and anticipated cash flows, availability of financing facilities and mitigating actions that can be taken during the period.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;

• it is probable that the Group will receive the consideration due under the contract;

• the stage of completion of the contract at the end of the reporting period can be measured reliably; and

• the costs incurred and the costs to complete the contract can be measured reliably.

The company derives revenue from two primary streams:

Self-serve Revenue

Self-serve revenue is generated from services where customers independently subscribe and configure their use of the platform through an automated process. Revenue from self-serve subscriptions is once-off and recognised when service is rendered.

Sale-serve Revenue

Sale-serve revenue arises from customer contracts that involve tiered pricing structures, often negotiated with sales support. These services are provided continuously over a contractual period, usually 12-24 months, and revenue is recognised evenly over the contract term, reflecting the consistent delivery of the service.

Where upfront payments are received, amounts relating to future periods are deferred and recognised as revenue over the life of the relevant service period.

The company does not recognise revenue until the commencement of the service delivery and when it is probable that economic benefits will flow to the entity and the amount of revenue can be measured reliably.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

All intangible assets are considered to have a useful life of 5 years. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Investments in subsidiaries are measured at cost less accumulated depreciation.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Operating leases: the Group as a lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Management make judgements over the fair value of shares offered as part of the EMI scheme to the Group's employees. Further details of this scheme can be found in note 20 to the accounts.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The highest paid director received remuneration of £184,456 (2024: £118,800).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,997 (2024: £29,700).

The number of directors paying into the defined contribution pension scheme was 3 (2024: 3).

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

The company has trading losses of approximately £43,348,439 (2024: £19,000,000) that can be offset against future taxable profits. A deferred tax asset has not been recognised due to the uncertainty of future profits. The amount not provided for is approximately £10,837,110 (2024: £4,033,169).

Details of the company's subsidiaries at 31 December 2025 are as follows:

Amounts owed to group undertakings are unsecured, repayable on demand and bear no interest.

Included in other loans is a balance of $2,000,000. The amount due is secured over the assets and shares of the company, and interest bearing at an annual rate of 9.3% and was repayable in September 2028. This loan was repaid in full in January 2026.

The bank overdraft is unsecured, repayable on demand.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totalling £202,159 (2024 - £83,408) were payable to the fund at the reporting date and are included in creditors.

The company operates an equity settled scheme available to UK employees via an EMI scheme, and another scheme available to US and non-employees.

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

On 11 February 2025, 158,542 Ordinary shares of £0.00000005 each were issued at par.

On 6 March 2025, 8,750 Ordinary shares of £0.00000005 each were issued at par.

On 6 March 2025, 22,084 Ordinary shares of £0.00000005 each were allotted for total consideration of $22,525.68, being £17,749.

Between 21 and 26 March 2025, 14,664 Series A shares of £0.00000005 each were allotted at par.

Between 21 and 26 March 2025, 20,129,096 Series B shares of £0.00000005 each were allotted for total consideration of $61,999,993, being £47,815,520, as part of the Company's Series B fundraising round. Series B shares confer dividend and voting rights and rank ahead of ordinary shares on a return of capital in accordance with the Company's articles of association. The shares are non-redeemable.

On 14 March 2025, 3,246,627 existing Ordinary shares of £0.00000005 each were redesignated as Series B shares of £0.00000005 each as part of the Series B share issue.

On 8 May 2025, 128,542 Ordinary shares of £0.00000005 each were issued at par.

On 15 July 2025, 68,584 Ordinary shares of £0.00000005 each were issued at par.

On 5 November 2025, 18,125 Ordinary shares of £0.00000005 each were issued at par.

On 5 November 2025, 5,625 Ordinary shares of £0.00000005 each were allotted for total consideration of $5,737.50, being £4,210.

Share premium account

Share premium reserve is made up of the consideration paid for ordinary shares above that of their nominal value.

Foreign currency translation reserve

The foreign currency translation reserve represents exchange differences arising on the translation of foreign currency balances and overseas operations into Sterling. Such exchange differences are recognised in other comprehensive income and accumulated within equity.

Share based payment reserve

The share based payment reserve comprises the cumulative fair value of share options granted by the company. Amounts are credited to the reserve over the vesting period of the awards based on their fair value at the grant date.

Profit and loss account

Profit and loss reserve is made up of the accumulated profit and loss of the entity.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The Company has taken advantage of the exemption conferred by FRS 102 section 33, 1A from the requirement to disclose transactions with other wholly owned group undertakings.

During the year, management determined that certain costs previously included within administrative expenses were more appropriately classified as cost of sales. Accordingly, the comparative figures have been reclassified to conform with the current year's presentation. As a result, prior year cost of sales increased by £1,022,002, with a corresponding decrease in administrative expenses. This reclassification relates solely to the presentation of expenses and has no impact on the loss for the year, profit and loss reserves, net assets or cash flows.

No events have arisen after the reporting date which would require disclosure in these financial statements for the year ended 31st December 2025.