Interim Results

28 January 2026

Rosslyn Data Technologies plc

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

Interim Results

Rosslyn (AIM: RDT), the provider of a leading cloud-based enterprise spend intelligence platform, announces its interim results for the six months ended 31 October 2025.

Financial summary*

· Revenue was £1.5m (H1 2025: £1.4m)

· Gross margin improved to 46.3% (H1 2025: 35.7%)

· Adj. EBITDA** loss was £1.0m (H1 2025: £1.1m loss)

· Cash burn rate was £175k per month (H1 2025: £125k per month); cost-cutting measures implemented post-period end reduced the monthly cash burn rate to £110k

· Cash and cash equivalents of £0.7m as at 31 October 2025 (30 April 2025: £1.7m)

* H1 2025 (unaudited) figures have been restated due to the re-review of revenue recognition as part of the FY 2025 audit process

**A reconciliation of adjusted EBITDA can be found in the Financial Review

Operational summary

· Performance against operational key performance indicators ("KPIs"):

o  Annual recurring revenue ("ARR") of £2.3m (H1 2025: £2.4m), representing ARR reduction of -6% (H1 2025: -4%)

o  Total pipeline as at 31 October 2025 was £3.5m (30 April 2025: £4.1m) and weighted pipeline was £0.9m (30 April 2025: £1.3m)

· Sustained progress with implementation with major client (the "Major Client") that is a leading global technology company and household name

· Three-year contract secured with a global media and technology company that is a spin-off of an existing long-standing customer

· Secured a one-year contract with a British train operating company

· Increasing momentum with rollout of AI-powered classification solution, AICE - now been adopted by three customers and is being trialled by a further six customers

· Launched new AI-powered initiative tracking tool and progressed development of benchmarking tool

Paul Watts, CEO of Rosslyn, said: "During the first half of the year, we have continued to deliver on, and have validated, our strategy to unlock the value of procurement data through providing AI-led actionable insight. We are experiencing excellent momentum with AICE, which has been commercially adopted by several customers and is now being trialled by one of the largest companies in the world, and we have already developed two new AI-based tools. This progress has greatly supported the strengthening of our relationship with our Major Client and our introduction to a further department of that customer, which is a key element of our near-term strategy. While some of the pipeline that we had expected to convert, and commence generating revenue, in H2 2026 is now anticipated for the first half of the next financial year, we continue to expect to deliver an increase in revenue for FY 2026 and, thanks to our achievements in the year to date, we expect to become cash generative in FY 2027."

This announcement contains inside information as stipulated under the Market Abuse Regulations (UK MAR).

Enquiries

About Rosslyn

Rosslyn (AIM: RDT) provides an award-winning spend intelligence platform. The Rosslyn Platform helps organizations with diverse supply chains mitigate risk and make informed strategic decisions. It leverages automated workflows, artificial intelligence and machine learning to extract and consolidate procurement data providing visibility of complex supplier data, enabling supplier spend savings and delivering rapid ROI. For more information visit www.rosslyn.ai. Investors wishing to contact the Company should email [email protected].

Operational Review

During the six months ended 31 October 2025, Rosslyn made excellent progress in the deployment of its solution for its Major Client and further solidified its relationship with this strategically and commercially valuable customer. The Group achieved a number of milestones in its AI strategy, securing multiple new customers for its AI classification solution, AICE, alongside developing two new AI-powered tools for initiative tracking and benchmarking. In addition, Rosslyn continued to convert its pipeline with two new customer wins, as outlined below.

Progress with customers

Continued progress has been made with the Major Client that Rosslyn secured in FY 2025, for which the Group is contracted with the central procurement department. This month the Major Client commenced trialling Rosslyn's AICE product in their live environment, which represents an expansion of the Group's service provision. Furthermore, the Group is now also in discussions with a further department within the Major Client, with the rollout of Rosslyn's services to other departments of this customer being a key element of the Group's near-term strategy.

Additionally, and as previously announced, the Group secured contracts with two new customers during the period, comprising:

· A three-year contract with a global media and technology company signed in July 2025 that will generate $160k of ARR as well as $60k in professional services fees in the first year. The customer, which is a spin-off of an existing long-standing customer of the Group and which awarded the contract following a competitive tender, will be using Rosslyn's full suite of products, including being the first customer to purchase the new initiative tracking and benchmarking solutions.

· A one-year contract with a British train operating company signed in May 2025, which is worth £85k of revenue over the term of the contract.

Platform and product

Rosslyn has continued to progress the adoption of AICE with its customers, with three customers now using the AI classification tool, and a further seven, including the Major Client, undergoing a trial period. The Group hopes this will result in the customers adopting and commercialising the module in the short term.

Following AICE becoming fully operational, the Group's focus has been on developing tools that leverage AI to utilise this trustworthy data to provide the procurement function with automated, actionable insights. The first two products to be developed from this process, which will both be sold as add-on modules to Rosslyn's core platform, are IniTrack and Rosslyn's Benchmarking tool, with more tools expected to be developed in due course.

IniTrack is a tool that enables customers to plan, track and report on the progress of their procurement initiatives in real time. By using generative AI, it can provide predictive intelligence to alert a spend manager to a potential outcome. While primarily focused on spend, it also has the capability to track other initiatives, such as seeking to reduce risk within the supply chain or increase sustainability.

Rosslyn's Benchmarking tool is designed to provide a comprehensive price comparison across a number of use cases. By opting into Benchmarking, customers gain insight into how their spending compares between divisions, against industry peers and public price books. These comparisons can be seen instantly, providing customers with real-time market insights.

IniTrack was launched during the period and the Group has progressed the development of the Benchmarking tool, with an initial version to be rolled out in the near-term. As noted above, the Group's new global media technology company customer is the first to purchase the two tools with the Group expecting these to go live with this customer in the coming weeks.

Alongside its own innovation, Rosslyn is working with customers to support them in becoming AI-led in their own solution architecture to enable them to truly utilise and benefit from the Group's offering. Rosslyn has been working with them on migration strategies and most of its customers are committed to implementing a shift to an AI-led environment over the coming year.

Financial Review

Revenue

Revenue for the first half of 2026 was £1.5m (H1 2025: £1.4m). The Group's revenue primarily comprises the annual licence fees that customers are charged for having access to the Rosslyn platform and professional services fees for work undertaken to tailor the Group's solution to align with customers' infrastructure or meet specific additional solution requirements. Annual licence fees continued to be the main contributor to revenue, generating £1.1m (H1 2025: £1.0m) and accounting for 76% of total revenue (H1 2025: 73%). Professional services revenue was £0.3m (H1 2025: £0.4m), and accounted for 18% of total revenue (H1 2025: 27%). Other revenue, which relates to platform hosting for the Major Client, was £0.1m (H1 2025: £nil).

ARR for the period was £2.3m (H1 2025: £2.4m). The slight reduction primarily reflects the churn of a particular customer.

Gross profit

Gross margin improved significantly to 46.3% (H1 2025: 35.7%), which reflects a reduction in hosting costs and the Group's strategic decision last year to prioritise quality of revenue. Cost of sales includes hosting costs, third-party platform costs, Customer Success and support, and professional services costs. As a result of the improvement in gross margin, gross profit increased to £0.7m compared with £0.5m for H1 2025.

Operating expenses

Operating costs were £2.1m for the period (H1 2025: £1.9m). This reflects slight increases across administrative expenses, depreciation and amortisation and share-based payments. The increase in administrative expenses is primarily due to exceptional charges of £80k (H1 2025: £2k) relating to redundancy payments.

Profitability measures

Adjusted EBITDA loss was slightly reduced to £1.0m (H1 2025: £1.1m loss) as set out in the table below:

*Adjusted EBITDA is defined as earnings before interest, taxation, depreciation, amortisation, exceptional items and share-based payments. The change in the value of share-based payments is adjusted when calculating the Group's adjusted EBITDA as it has no direct cash impact on financial performance. Adjusted EBITDA is considered a key metric to the users of the financial statements as it represents a useful milestone that is reflective of the performance of the business resulting from movements in revenue, gross margin and the costs of the business removing exceptional items, which are believed to be not representative of the ongoing business.

Operating loss was £1.4m (H1 2025: £1.4m loss) as the increased expenses offset the higher gross profit. The loss before tax for the period was £1.5m (H1 2025: £1.5m loss). The Group accrued £100k (H1 2025: £120k) in tax credits for the period. As a result, net loss for H1 2026 was £1.4m (H1 2025: £1.3m loss).

Cash flow and liquidity

Net cash used in operating activities was £0.8m (H1 2025: £0.4m), which primarily reflects movement in payables and receivables and the receipt of £1k of corporation tax in H1 2026 compared with the £235k in the first half of the prior year. Net cash used in investing activities was £0.2m (H1 2025: £0.3m), which consists primarily of software acquisition. The Group did not undertake any financing activities during the period whereas in the first half of the prior the Group generated £3.0m from financing activities, which primarily reflects the net proceeds from the issue of new ordinary shares (£2.2m) and convertible loan notes (£1.2m).

Monthly cash burn for the period was £175k (H1 2025: £125k). The increase compared with the previous period, and with the FY 2025 position of £160k, is due to increased investment in Sales & Marketing activities in Q1 2026 with a view to converting opportunities in the Group's pipeline. Post-period end, the Group implemented a number of cost-cutting measures, including staff redundancies, which reduced the cash burn rate to £110k for the month of December 2025. The Board is confident that this will be further reduced within the current financial year as the Group converts its pipeline.

As a result of the above, for the first six months of 2026 there was a net decrease in cash and cash equivalents of £1.0m, with the Group having cash and cash equivalents of £0.7m as at 31 October 2025 (30 April 2025: £1.7m).

Balance sheet

As at 31 October 2025, the Group had net liabilities of £0.2m compared with net assets of £1.1m at 30 April 2025. The main movements in the balance sheet during the period were the decrease in cash and cash equivalents, as described above, and current trade and other payables increasing to £2.6m (30 April 2025: £2.3m).

Outlook

While the Board is pleased with the Group's progress with the rollout with its Major Client, in securing new contracts and in the adoption of AICE and its new AI tools, some of the pipeline that it had expected to convert in H2 2026 is now anticipated to be in the first half of the next financial year. Despite this, the Group continues to expect to report growth for the full year ending 30 April 2026, with a slight increase in year-on-year revenue and an increase in ARR of over 15%. With the improvement in gross margin, along with the cost-cutting measures implemented in H2 2026, the Group expects to deliver a year-on-year reduction in adj. EBITDA loss for FY 2026 of c.25%.

The achievements during the year to date mean that the Group remains on track to become cash flow generative in FY 2027. In order to continue to meet this target and to ensure that the Group has sufficient working capital at all times, the Board continues to monitor the Group's cost base closely and assess the Group's various funding options on an ongoing basis.

Consolidated statement of comprehensive income

For the six months ended 31 October 2025

* H1 2025 (unaudited) figures have been restated due to the re-review of revenue recognition as part of the FY 2025 audit process

Consolidated balance sheet

As at 31 October 2025

* H1 2025 (unaudited) figures have been restated due to the re-review of revenue recognition as part of the FY 2025 audit process

Consolidated cash flow statement

For the six months ended 31 October 2025

* H1 2025 (unaudited) figures have been restated due to the re-review of revenue recognition as part of the FY 2025 audit process

Notes to the unaudited interim statements

For the six months ended 31 October 2025

1. Basis of preparation

This interim report has been prepared in accordance with the accounting policies disclosed in the full statutory accounts for the year ended 30 April 2025.

These policies are in accordance with UK-adopted international accounting standards that are expected to be applicable for the year ending 30 April 2026.

The Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing the interim consolidated financial information.

The financial information in this statement relating to the six months ended 31 October 2025 and the six months ended 31 October 2024 has not been audited.

The financial information for the year ended 30 April 2025 does not constitute the full statutory accounts for that period. The annual report and financial statements for the year ended 30 April 2025 has been filed with the Registrar of Companies.

The Independent Auditor's Report on the annual report and financial statements for the year ended 30 April 2025 was unqualified and did not contain a statement under Section 498(2) or 498(3) of the Companies Act 2006. The audit report drew attention by way of emphasis to a material uncertainty relating to going concern and the recoverability of intangible assets and parent company inter-company receivables.

The interim report for the period ended 31 October 2025 was approved by the Board of Directors on 27 January 2026.

2. Segmental reporting

Management has determined the operating segments based on the operating reports reviewed by the Executive Director that are used to assess both performance and strategic decisions. Management has identified that the Executive Director is the Chief Operating Decision-Maker in accordance with the requirements of IFRS 8 Operating segments.

The determination is that the Group operates as a single segment, as no internal reporting is produced either by geography or division. The Group does view performance on the basis of the type of revenue, and the end destination of the client as shown below.

* H1 2025 (unaudited) figures have been restated due to the re-review of revenue recognition as part of the FY 2025 audit process

3. Operating EBITDA

Operating EBITDA is calculated from operating loss as shown below.

* H1 2025 (unaudited) figures have been restated due to the re-review of revenue recognition as part of the FY 2025 audit process

4. Earnings per share

Basic earnings per share is calculated by dividing the net loss for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by dividing net loss for the period attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on the conversion into ordinary shares of all potentially dilutive instruments. In the periods ended 31 October 2025, 31 October 2024 and 30 April 2025 there were share options in issue which could potentially have a dilutive impact, but as the Group was lossmaking, they were anti-dilutive for each period and therefore the weighted average number of ordinary shares for the purpose of the basic and dilutive loss per share were the same.

* H1 2025 (unaudited) figures have been restated due to the re-review of revenue recognition as part of the FY 2025 audit process

5. Borrowings

Reconciliation of financing liabilities

6. Dividends

No interim dividend (H1 2025: nil) will be paid to shareholders.

7. Principal risks and uncertainties

The principal risks and uncertainties for this six-month period remain broadly consistent with those set out in the Strategic Report section of the financial statements of the Group for the year ended 30 April 2025.

8. Interim report

Copies of the interim report are available to the public on the Group's website at https://www.rosslyn.ai/, and from the registered offices of Rosslyn Data Technologies plc at C/O Ampa Holdings LLP, Level 19, The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG or by email to [email protected].