Final Results

26 May 2026

Calnex Solutions plc

("Calnex", the "Company" or the "Group")

Final Results

Calnex Solutions plc (AIM: CLX), a leading provider of test and measurement solutions for global telecommunications, digital infrastructure and government & defence markets, announces its Final Results for the year ended 31 March 2026 ("FY26" or the "Year").

Highlights

1 Refer to note 32 for explanation of the alternative performance measures calculations. A full reconciliation between Underlying EBITDA and profit before tax is also shown in the Financial Review below.

Financial Highlights

Operational Highlights

Outlook

Tommy Cook, Chief Executive Officer and founder of Calnex, said: "This has been a strong year for Calnex, delivering double-digit revenue growth, improved profitability and material progress against our diversification strategy, with increasing traction across a broader set of infrastructure and assurance markets. Our focus now is firmly on execution, advancing key development programmes and converting early engagement into commercial wins, supported by improved market access.

As this year marked our 20th year of operations, the milestone is an opportunity to reflect on how far the business has come in the last two decades; years defined by innovation, customer-focus and resilience. From this foundation we enter FY27 with confidence, supported by a robust product roadmap, strong balance sheet, and a more diversified market footprint. In a period of rapid technological and geopolitical change, the importance of high-performance network testing continues to grow, and as we move into the next decade of Calnex's journey, we are excited by the opportunities ahead."

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Overview of Calnex

Calnex Solutions designs, produces and markets innovative test and measurement instrumentation that enables customers to validate the performance of critical network technologies and applications. Our solutions support customers from R&D and pre‑deployment through to in‑service testing, providing confidence that networks and applications operate as intended in increasingly complex and performance‑critical environments.

To date, Calnex has secured and delivered orders in 68 countries across the world. Customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM, Nvidia and Meta.

Founded in 2006, Calnex is headquartered in Linlithgow, Scotland, with additional locations in Belfast, Northern Ireland, Stevenage, England and California in the US, supported by sales teams in China and India. Calnex has a global network of partners, providing worldwide distribution and market access. 

Chair's Statement

Overview

FY26 marked a year of strong progress for Calnex Solutions. The Group delivered double-digit revenue growth alongside a meaningful improvement in profitability, closing the year slightly ahead of market expectations. This performance reflects both the agility of the business and the disciplined execution of our strategy in a challenging macroeconomic environment.

Growth was driven by continued momentum in our newer end markets of government and defence, and digital infrastructure (cloud computing and data centres). This underlines the increasing relevance of Calnex's capabilities across adjacent markets and the early success of our diversification strategy.

The Board sees significant opportunity as demand for robust digital infrastructure testing continues to grow. While still at an early stage, we are encouraged by increasing engagement and adoption across data centres, cloud computing and the government and defence markets - areas well aligned to the Group's technical strengths and offering substantial long‑term growth potential.

Product innovation remains central to the business, with continued investment during the year, alongside enhancements to our channel and operations capabilities, strengthening market access. In FY27, we will focus on targeted investment to support key product launches and the further development of market and customer relationships. This will position the Group to accelerate growth in FY28 as new products are commercialised and begin to make a more meaningful contribution to revenue. 

Financial strength supporting continued investment

Revenue increased by 19% to £21.9m (FY25: £18.4m), and PBT increased by 73% to £1.2m (FY25: £0.7m). This performance was supported by increased orders within the government and defence markets for both our NAA and Sync products, alongside a significant repeat Sentry order with a hyperscaler, contributing to growth in H2.

Calnex maintained strong gross margins and effective cost discipline, with increased revenue volumes driving improved profitability and demonstrating the operational leverage inherent in the business model. Cash at year end was £9.3m (31 March 2025: £10.9m), with a further £1.9m of cash secured post-period end due to the timing of shipments through the final quarter.

This financial strength provides flexibility to invest in innovation, people and routes to market, while maintaining a scalable and controlled cost base.

ESG

The Board recognises the importance of strong environmental, social and governance practices in supporting sustainable long‑term growth. Calnex's solutions enable more efficient and resilient digital infrastructure, while our focus on governance, ethical standards and investment in our people underpins the Group's long‑term success.

During the year, the Group began to formalise its environmental reporting, voluntarily reporting Scope 1 and Scope 2 emissions for the first time - an important step in better understanding and managing our environmental impact.

Outlook

The Board is increasingly confident in the Group's long‑term prospects. Diversification across products and end markets, strengthened partner channels, and enhanced commercial capability provide a solid platform for sustainable growth.

Calnex is well positioned to benefit from the major structural investment taking place across the data centre, cloud computing and government and defence markets, supported by its strong technical expertise and market-leading solutions.

Looking ahead, the Board believes the Group's balanced approach - combining financial discipline with selective investment - will continue to deliver long‑term value for shareholders.

Margaret-Rice Jones has indicated her intention to retire from the Board of Calnex at the Company's Annual General Meeting in September 2026. On behalf of the Board, we thank Margaret for her contribution and wish her well.

Finally, I would like to thank our customers, partners and employees for their continued support, commitment and innovation throughout the year.

Stephen Davidson Non-Executive Chair 22 May 2026

CEO's Statement and Operational Review

Strong progress in FY26

FY26 was a year of strong operational and strategic progress for Calnex, delivering double‑digit revenue growth and improved profitability. It also marked the 20th year of business operations - a milestone that reflects the resilience, innovation and customer focus that have underpinned our development and will continue to shape our future.

Our performance demonstrates the value of long-term customer relationships, the strength of our technology, and the increasing relevance of our solutions across multiple end markets. While rooted in telecoms, Calnex has successfully expanded into adjacent markets where high-performance network infrastructure is critical, adapting our products to meet evolving customer needs. This progress reflects the agility and commitment of our team.

Looking ahead, we will continue to invest in market access, product development and our people to support the next phase of Calnex's growth.

Long-term customer relationships

Calnex serves a broad and expanding customer base across multiple sectors, with over 700 customer sites across 68 countries, spanning equipment vendors, service providers, hyperscalers, enterprises, and participants in semiconductor as well as aerospace and defence markets.

The specialised nature of our solutions and the strength of our customer relationships underpin high levels of repeat business, with 79% of orders coming from existing customers (FY25: 77%) on a 3-year average basis. Our top 10 customers accounted for 55% of orders (FY25: 45%) on a 3-year average basis reflecting a well-established and diversified customer base. 

Government and defence sector customers represented 21% of orders by value (FY25: 15%), with digital infrastructure remaining strong at 49% (FY25: 49%). The reported regional revenue split for FY26 was: Americas 31% (FY25: 40%), North Asia 16% (FY25: 18%), and ROW 53% (FY25: 42%). A significant repeat order for Sentry was booked through the ROW region, the quantum of which is driving the increase in the percentage of revenues allocated to that that region. A large proportion of this order, although derived in ROW on an orders received basis, will ultimately be deployed by the customer in the US. An underlying reflection of business across all three regions, adjusting for this order large order, would show a more consistent year on year percentage volume of revenues coming from the Americas.

Diversification strategy gaining traction

Our diversification strategy continued to deliver progress, reducing reliance on traditional telecoms and increasing exposure to higher-growth markets requiring digital infrastructure testing. Both our Network & Application Assurance and Synchronisation products contributed to growth in our newer end markets, while telecoms remained stable.

Telecoms

The telecoms market remained steady. While market conditions have yet to return to previous peaks, long‑term growth drivers remain intact as operators and equipment vendors continue to invest in network evolution and standards development. The move towards higher speeds, increasing timing accuracy requirements and ongoing work around next‑generation standards continue to support demand for standards‑driven test and measurement.

Digital infrastructure

Digital infrastructure represents a significant growth opportunity, driven by hyperscaler investment, network upgrades and the rapid expansion of AI‑driven workloads.

As AI environments scale, network performance becomes a critical determinant of overall system efficiency, increasing the need for controlled validation. Our solutions are well positioned to support this, enabling customers to validate synchronisation and network behaviour in increasingly complex environments.

In H2 Calnex secured a significant repeat order for Sentry from a leading hyperscaler, to monitor network sync, a testament to the relevance of our products in this space as well as the opportunity to scale. Accelerated by AI, testing solutions are increasingly important in a rapidly evolving market.

Government and Defence

The government and defence sector provides an increasingly significant market opportunity for Calnex, driven by modernisation of digital infrastructure and the need for assured performance in mission‑critical environments.

While sales cycles can be longer and routes to market differ from other sectors, FY26 provided validation of growing traction and strengthened understanding of the government and defence market dynamics, supporting our long‑term confidence in this market as a growth pillar. We have established that our solutions are applicable across a wide range of systems and equipment, including testing private government networks; supporting the validation of architectures associated with new platforms, in particular the secure implementation of data storage within the specific application environment; and training and evaluation of systems for real-world scenarios. Highlights this year include the adoption of SNE-X for training and cyber-range simulations across key government programmes, ongoing satellites and non-terrestrial network programmes, and a significant multi-product order in the US federal market. These developments prove our capabilities and highlight the relevance and value of both our NAA and Sync products in this space, providing a strong foundation for further growth.

Product innovation underpins growth and market expansion

Product innovation remains central to Calnex's differentiation and enables us to address customers' specific needs and expand into new applications. Our portfolio supports customers across the full lifecycle, from R&D and pre‑deployment through to in‑service testing.

Lab synchronisation

In synchronisation testing, our Paragon‑Neo‑S 800Gb/s platform continues to perform strongly across telecoms and data centres. Demand is being driven by the need for higher‑speed validation and standards‑driven testing across sectors.

In H2 we secured a partnership with Viavi Solutions Inc. to deliver a suite of Open RAN testing solutions that enable simple, cost‑effective pre‑testing ahead of formal validation. Early customer feedback has been encouraging, reinforcing Calnex's position as a leader in telecoms infrastructure innovation and highlighting Open RAN as a growing area within the sector.

Building on this momentum, we have been investing in the next evolution of synchronisation testing, 1.6Tb/s, for delivery in FY28, to address the next wave of interface speeds. We are progressing development through close alignment with key customers and next‑generation chipset technology, positioning Calnex to support future technology transitions as standards and customer requirements evolve.

Network and Application Assurance (NAA)

Our NAA portfolio continues to evolve in response to customer demand for real-world validation of networks and applications.

Our Network emulation products support infrastructure validation requirements across cloud computing and data centres as well as government and defence. Post-period end, we made a significant advancement in network emulation for AI infrastructure, demonstrating that we can realistically simulate very high‑speed (400G) networks to test and check large AI computing systems that rely on congestion‑free Ethernet connections, before they are deployed in the real world. This capability supports controlled, repeatable lab validation of congestion, microbursts and latency effects that can materially impact efficiency in large‑scale AI environments. Looking ahead we see significant scope from our SNE emulation network range to scale demand, such as SNE X supporting 400GbE interfaces.

We are also progressing development of next‑generation capabilities within our data centre assurance offering, including enhancements to our Sentry product designed to better align to data centre operational requirements. This is attracting keen interest from hyperscaler and data centre customers, with anticipated revenue generation in late FY27.

Strong financial performance

Group revenues increased by approximately 19% to £21.9m (FY25: £18.4m), with PBT improving to £1.2m (FY25: £0.7m).

The Group maintained a strong balance sheet, with cash as at 31 March 2026 of £9.3m (31 March 2025: £10.9m), and further cash received post-period end due to the phasing of shipments through the final quarter, taking the closing cash balance to £11.2m at 22 May 2026.

Strengthening market access

In FY26 we continued to strengthen our routes to market and internal execution capability. The change in our channel strategy resulted in a transitional period as we moved away from Spirent Communications and was therefore a process we undertook with extreme rigour.

Our global partner network across North America, Europe, India, and Asia-Pacific, expanded and improved our sales coverage further, in line with our strategy, with new partners onboarded in North America and increased focus on partner enablement and internal processes. We have been pleased with how the business has navigated this significant shift in operations and expect to see the full benefit of this transition in FY27 and beyond.

Our partnership with Viavi Solutions Inc. continues to progress, providing access to a broader installed base and enhanced go-to-market reach.

People

Our team remains the engine of the business. The headcount at 31 March 2026 increased to 163 from 155 at the start of the year. We have enhanced our global sales and marketing teams to underpin ongoing growth, with senior hires across sales, marketing and partner management including a Sales Operations manager in H2 to oversee partner onboarding and enablement. These hires are already strengthening and supporting growth in newer markets.

Targeted investment in FY27 to drive accelerated growth in FY28

FY27 will be a year of targeted investment, focused on key product launches, market expansion and customer relationships to underpin future growth. Our confidence in accelerated growth in FY28 is based on multiple initiatives progressing in parallel, focused on both market access and product developments, with investment in FY27 intended to translate into more meaningful revenue contribution as new products are launched and commercialised. Our key product innovation programmes are progressing well, with strong customer interest in our SNE network emulation product, continued next‑generation development of Sentry in data centre assurance, and ongoing investment in 1.6Tb/s synchronisation technology. In addition, we are increasing investment in our go‑to‑market capability, with a stronger focus on channel partners supported by a recent senior hire to lead partner onboarding, enablement and execution.

These investments, alongside continued focus on AI‑driven infrastructure validation and assurance, will increase R&D and go‑to‑market spend in FY27, but are expected to support a step‑change in growth in FY28 as they are commercialised.

Confident long‑term outlook

We enter FY27 with confidence, supported by a strong balance sheet, a robust product roadmap and a more diversified market footprint.

Our focus will be on execution, advancing key development programmes and converting early engagement into commercial wins, underpinned by improved market access, to drive a step-change in growth in FY28 and beyond. The investments we are making today reflect a clear long-term vision for Calnex, as technological innovation supports the evolution of the business into one that addresses a broader set of infrastructure and assurance markets.

We remain committed to structured execution and long-term value creation, as Calnex continues to evolve into a broader digital infrastructure and assurance business. In times of rapid change on both a global geopolitical level and in our end markets, testing solutions are increasingly relevant, and I look forward to seeing what comes next as we step into the next decade of Calnex's journey.

Tommy Cook Chief Executive Officer 22 May 2026

Chief Financial Officer's Statement

Financial KPIs 

1 Refer to note 32 for explanation of the alternative performance measures calculations. A full reconciliation between Underlying EBITDA and the statutory measures is also shown below.

Revenue

Calnex achieved strong revenue growth on the prior year, with revenues increasing by 19% to £21.9m (FY24: £18.4m), as a result of improved trading into our increasingly diversified end markets.

Revenues generated in EMEA, India, South East Asia and Australasia are classified in the Company's Rest of World (ROW) region. The region has a broad mix of end customers and sectors, helping to manage trading risk within any single sector. Revenues recorded in the region grew by 48% on the prior year, largely attributable to a significant repeat order from a hyperscaler customer with global activities. We understand that the customer will deploy the Calnex product largely in the US. Allowing for that factor, underlying revenues in this ROW region grew year on year, driven by growth in telecoms orders in EMEA and by digital infrastructure orders across EMEA and India.

Revenues recorded in the Americas region declined by 8% year-on-year. However, adjusting for the significant repeat hyperscaler order, underlying performance appears broadly stable on a year-on-year basis. Our strategic focus in the Americas has been on government and defence sector opportunities as well as digital infrastructure growth, while the telecoms sector was subdued. In FY26, the Americas region contributed the majority of the increase in government and defence orders across the Group, as a result of FY25 targeted hires to support the expansion of our US federal customer base. 

Within North Asia, revenues have grown by 8% despite China remaining a challenging environment for trading due to the impact of US restrictions and higher levels of competition for our NAA products. We continue our focus on business in the other countries in the region as a priority. The business saw growth in digital infrastructure and telecoms orders, benefitting from the investments in cloud computing and data centres within the region.

From a product line perspective, Lab Sync (Paragon-neo and Paragon-X) experienced growth, increased trading within the government and defence sector in the Americas and the telecoms sector in ROW. Our Network Sync product revenues grew significantly in the year, driven by the repeat order from a major hyperscaler mentioned above. Our NAA network emulation product for infrastructure testing, SNE, also experienced revenue growth, particularly within Government and Defence sector in Americas and across all sectors in the ROW region. NE-ONE, our NAA network emulation for testing of applications product, experienced slight growth in orders and we continue with our focus on returning this product line to revenue growth in FY27.

Revenue model

Calnex generates revenues through the sale of bundled hardware and software, alongside the provision of software support and extended warranty programmes.

The Group's core sales model is bundled hardware and software. Sales pricing is dependent on the product type and the complexity of the software configuration built into the product package. Calnex also sells stand-alone software upgrades under licence.

Each of Calnex's units comes with a standard warranty period including maintenance and software upgrade cover in the event of any software upgrades being released for the options purchased. Calnex also sells software support programmes which provide customers with access to future software upgrades which are not included as part of the standard warranty. The Group also offers extended warranty programmes to cover repairs falling outside of the standard warranty period.

Bundled hardware and software revenues are recognised when the product is delivered to the customer, with stand-alone software revenues recognised in line with the length of the licence period. Revenues from software support and extended warranty programmes are typically recognised on a straight-line basis over the term of the contract.

Many of the products and services developed and deployed by Calnex's customers are interlinked and need to be tested independently, such as the individual components which are then built into the equipment used in telecoms networks. Calnex's test products can be used by a combination of equipment vendors, component manufacturers and network operators, to carry out testing during a new product development cycle. Products verified utilising Calnex's test solutions can be used in the knowledge that they will deliver consistent performance.

Sources of Revenue

Revenue streams

In FY26, 83% (FY25: 79%) of the Group's revenues were generated from the sale of bundled hardware and software products, with 17% (FY25: 21%) from software support and extended warranty programmes.

Bundled hardware and software revenues grew 25% on the prior year in line with increased demand for our products, revenues from software support and extended warranty programmes remained in line with prior year revenues. 

Geographical split (revenues)

The Group's customers are located across the world. Our global customer base and distributor network enables the Group to spread risk across our three key regions: the Americas, North Asia and Rest of the World (ROW).

On a three-year average basis, the split of revenues across the three key regions was 48% for ROW (FY25: 44%), 34% for Americas (FY25: 35%) and 18% (FY25: 21%) for North Asia. The repeat hyperscaler order contributed to the strong performance in the ROW region, together with a general increase in overall revenues coming from the EMEA region, predominantly across telecoms and digital infrastructure. Although the Americas region saw a slight decline in trading in FY26, it is experiencing a growth in government and defence opportunities as a result of enhanced sales and marketing focus within that sector. North Asia has been experiencing a steady decrease since FY20 reflecting the ongoing US-China geopolitical tensions, although FY26 revenues in the region saw a slight increase compared with the prior year, despite the trading challenges.

Top 10 customer orders (3 year order average)

In FY25, Calnex received orders from 244 customers, with the number of customers declining slightly on the prior year (FY25: 274 customers) and the order value per customer increasing in the year.

The Group's top ten customers accounted for 51% of total orders on average over the last three years (FY25: 45%). In FY26, as a stand alone year, orders from the top ten customers totalled 56% of total orders (FY25: 46%).

In FY26, 25% of Calnex's total orders (and 22% of revenues) can be attributed to one customer, with no other customers accounting for more than 7% of total orders. The Group continues efforts to diversify its customer base to reduce the percentage of business from this account in future years.

Repeat customers (3 year order average)

The average length of customer relationship across the top ten customers in FY26 is 13 years (FY25: 10 years), demonstrating our high levels of repeat demand from our customers, whilst new customers are also being added to the top ten list. In addition, the Group typically experiences a high level of repeat business from its total customer base. In FY26, using a three-year order average, 79% of orders were generated from existing customers (FY25: 77%).

Customer orders by market sector

Calnex's sales have previously been predominantly derived from telecoms customers where the end-application is a telecoms (fixed and mobile) network. More recently, Calnex has seen an increase in customers from the digital infrastructure markets (which include hyperscale/data centre providers and enterprise customers) and the government and defence industry. As a result of this change in the end markets that the business sells into, there was need to show a more granular split of the company's performance by market sector, compared to the previous telecoms/cloud computing split shown in prior year reports.

Equipment vendors who initially developed product for use in telecom applications are now selling the same products into other data network applications where the same technology is implemented, and these new applications are becoming a significant market opportunity for our customer's products, which is contributing to the large proportion of Calnex's business attributed to the digital infrastructure market. The increased diversification of our revenue streams into government and defence customers has also driven a need for a more granular split of revenue by market sector.

Gross Profit

Gross profit grew by 20% to £16.6m (FY25: £13.8m), driven by the growth in revenue volumes and a 1 percentage point increase in gross margin. Gross margin, which is net of commissions payable to our channel partners, improved from 75% in the prior year to 76%. Gross margin can fluctuate by 1-2% through the year depending on the mix and timing of the hardware and software bundles shipped. 

Change in accounting policy for RDEC

During the year, the Group changed its accounting policy in respect of Research and Development Expenditure Credits ('RDEC'), recognised within the other income within the Income Statement. Previously recognised in the period incurred, RDEC income will now be recognised in line with the amortisation of related capitalised development costs.

This change reflects the growing scale and ongoing nature of the Group's UK R&D investment, as well as recent UK HMRC reforms merging the SME and RDEC schemes. The revised approach enhances comparability and better aligns income recognition with the underlying economic benefits of R&D activity, providing greater transparency over financial performance as the Group's R&D activities increase over time.

The policy has been applied retrospectively from 1 April 2024. The impact of the change to other income was to reduce the current year recognised RDEC income from £1.2m to £0.8m. The £0.4m unrecognised RDEC income has been included within the RDEC credit balance within trade & other payables. Refer to note 31 of the financial statements for more information.

Underlying EBITDA

Underlying EBITDA, including R&D amortisation, increased to £1.8m (FY25: £1.2m), driven by the higher revenues and improved gross margin.

Administrative expenses (excluding depreciation & amortisation) were £11.1m in FY26 (FY25: £9.2m). Alongside inflationary cost increases in the year, the administrative cost increases were driven by planned targeted headcount increases, predominantly in the sales, product and marketing teams to support our growth and channel enhancement goals in our diversified end markets, increased recruitment costs to support these hires and other replacement hires through the year, increased legal costs to support contract reviews with new partners, and a small increase in the share-based payments charge as result of an additional award participant added in the year. Performance bonuses and company profit share were accrued at the end of the year as the Group's FY26 budgeted profit share triggers were achieved. In the prior year, there was no bonus cost accounted for as a result of the FY25 budgeted profit targets not being achieved. This also contributed to the increase in administration costs in the year. 

Amortisation of R&D costs increased by £0.3m to £4.6m (FY25: £4.3m) due to increased R&D investment in the current and previous years to support the product roadmap. R&D spend is capitalised and amortised to the P&L over five years. 

Positive operational gearing drove the underlying EBITDA margin to 8% from 6% in FY25 as a result of the higher revenue volumes and improved gross margin.

Profit before tax

The Group generated a profit before tax of £1.2m in the year (FY25: £0.7m) with the improvement in profitability attributable to growth in revenue performance and the maintenance of strong margins. Profit before tax margin was 6% in the year (FY25: 4%).

Tax

The tax charge in the year was £0.5m (FY25: £0.4m), representing an effective tax rate of 41% (FY25: 53%), principally driven by prior year adjustments, the majority of which relate to the effects of the new RDEC accounting policy. The normalised run rate range for the business' effective tax rate going forward will be closer to the applicable tax rate, which is currently 25%.

The difference between the applicable rate of tax of 25% and the effective rate in FY26 is largely due to the following:

· Adjustments in respect of prior periods (increasing the effective rate by 12%);

· Overseas tax (increasing the effective rate by 4%);

· Timing differences not recognised in the computation (increasing the effective rate by 3%); and

· Other differences, such as disallowable expenses, and deferred tax charged to equity (decreasing the effective rate by 3%).

Earnings per share

Basic earnings per share was 0.83 pence in the year (FY25: 0.38 pence) and diluted earnings per share was 0.80 pence (FY25: 0.36 pence), with the increases in both metrics reflecting the improved profitability in the year.

Cashflows

The Group experienced a cash outflow of £1.6m in the year (FY25: £1.0m outflow) with the improved trading performance being offset by timing of trade receivables receipts at the end of the year, due to the increased trading in Q4 and the timing of shipments towards the year end.

Net cash from operating activities was £5.6m (FY25: 4.4m) reflecting the increased trading levels in the year, lower working capital movements compared to the prior year and an increase in R&D tax credits received in the year.

Working capital in the year increased by £1.1m (FY25: £1.8m increase) driven predominantly by increases in trade receivables in the period as a result of the increased volume of orders and timing of shipments towards the year end.

Cash used in investing activities is principally spent on R&D activities, which is capitalised and amortised over five years. Investment in R&D in the year was £6.4m (FY25: £4.8m). During the year, the Company took the decision to secure early access to new silicon technology to enable the timely development of our next‑generation 1.6Tb/s Lab Sync solution and £0.8m of the increase in R&D investment spend in the year can be attributed to this. Other increases are resulted from inflationary increases in salary costs across the R&D staff base and slightly higher equipment purchases in H2 as the Paragon 1.6Tb/s project commenced.

There is no debt on the balance sheet, leading to no borrowings related cashflows in the current or prior periods. Closing cash at 31 March 2026 was £9.3m (31 March 2025: £10.9m). The closing cash balance on 21 May was £11.2m after a large proportion of year end trade receivables were collected after the reporting date.

Dividend

The directors are proposing a final dividend with respect to the financial year ended 31 March 2026 of 0.68p per share. The final dividend will be proposed for approval at the Annual General Meeting in September 2026 and, if approved, will be paid on 8 September 2026 to all shareholders on the register as at close of business on 14 August 2026, the record date. The ex-dividend date will be 13 August 2026.

Ashleigh Greenan Chief Financial Officer 22 May 2026

Consolidated Statement of Comprehensive Income

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Consolidated and Company Statement of Financial Position

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Consolidated Statement of Changes in Equity

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Company Statement of Changes in Equity

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Consolidated and Company Cash Flow Statement

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