Interim Results & Notice of Investor Presentation
Narf Industries PLC reported a significant increase in revenue for the six months ended 30 September 2025, reaching $2.05 million, up 74% from $1.18 million in the prior year, driven by strong performance in the Government Research and Development segment. The company also saw a substantial 70% reduction in its loss for the period to $555,145, supported by an improved contracted business pipeline and cost control measures. Financial stability was maintained with cash at period end increasing by 65% to $224,512. The Ranger.ai platform achieved "Awardable" status on the US DoD's Platform One Marketplace, facilitating advanced discussions with potential clients. The CEO loan facility has been extended to July 2026.
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Narf Industries plc ("Narf", the "Company", or the "Group"), (LSE: NARF) the cybersecurity group specializing in high-end threat intelligence and critical infrastructure security, today announces its unaudited results for the six months ended 30 September 2025 ("HY2025"). The Company also confirms details of the forthcoming Investor Presentation.
HY 2025 Highlights
- Revenue increased 74% to $2.05m (HY2024: $1.18m), reflecting continued strength in the Government Research and Development segment (GR&D) with larger contract awards including DARPA's INGOTS program (see RNS: 6 March 2025).
- Loss for the period reduced significantly by 70% to $555,145 (HY2024 loss: $1,868,916), supported by an improved pipeline of contracted business and strong cost control.
- Financial stability maintained, with continued reduction in overhead costs and cash at period end increased by 65% to $224,512 (HY2024: $135,725) without recourse to the CEO loan facility.
- Ranger.ai achieved Awardable status on the US DoD's Platform One (P1) Marketplace, enabling fast-track access to federal procurement channels resulting in advanced discussions with several potential Ranger.ai clients.
- CEO loan facility extended to July 2026, providing flexibility for growth and working capital needs.
Post Period End
- No material impact from recent U.S. Government shutdown.
Chairman's Statement
The first half of the year saw solid operational progress and continued execution of Narf's strategy to advance its government-funded research segment (GR&D) business and transition promising capabilities into scalable, enterprise-ready cybersecurity products (Ranger.ai).
The Company's GR&D strategy now targets research opportunities that provide a more direct and accelerated transition to government SaaS systems, leveraging Agentic AI technology as a core capability. Building on our reputation for bringing a mission-focused approach to research and expanding our AI expertise, the Company is increasingly well positioned for larger, higher-value work in this market segment.
The Company's decision last year to focus its Government Systems and Services (GS&S) sector on building a product team to bring Ranger.ai to market, and to move away from lower-margin government work, remains on track. This strategic shift inevitably impacted short-term GS&S revenue; however, as reported below, early signs of Ranger.ai market traction reinforce our confidence that it was the right decision for the Company and its shareholders.
Ranger.ai Awardable designation on the U.S. Department of Defense's Platform One Marketplace marks a defining step for the Company. It signifies that our technology has successfully transitioned from research into a mission-ready capability - clear proof that our productization efforts have delivered. Equally important, it provides a fast-track procurement path for other government agencies, dramatically shortening the time to operational adoption.
Our GS&S Ranger.ai team is currently engaged across multiple government opportunities, directly and through major system integrators. We anticipate initial awards in the first quarter of calendar year 2026 with meaningful revenue contributions beginning in our 2027 financial year, which commences on 1 April 2026.
We continue to monitor U.S. Government shutdown developments closely.
On behalf of the Board, I would like to thank our employees, partners, and shareholders for their continued support. I am confident that the management team's efforts will continue to yield improved results as Narf builds further momentum, progressing innovation to enterprise solutions.
John Herring
Executive Chairman
Investor Presentation
The Company will host an Interim Results & Operational Update presentation via Investor Meet Company on: Tuesday 9 December 2025 at 14:00 GMT.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 09:00 GMT on Monday 8 December 2025, or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet Narf Industries plc via: https://www.investormeetcompany.com/narf-industries-plc/register-investor
Investors who already follow Narf Industries plc on the Investor Meet Company platform will automatically be invited.
DIRECTORS REPORT AND STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE CONDENSED INTERIM REPORT AND CONDENSED FINANCIAL STATEMENTS
The results of the Group have been addressed above in the Chairman's statement. The total comprehensive loss for the six-month period was $554,446 (interim period to 30 September 2024 : loss of $1,831,773) and the Group's unaudited net liabilities as at 30 September 2025 were $3,296,147 (30 September 2024: $1,841,969).
Directors
The following directors held office during the period:
Steven Bassi Chief Executive Officer
John Herring Executive Chairman
Albert Hawk Non-Executive Director
Going Concern
The Directors' assessment of going concern is detailed in Note 2.
Principal Risks and Uncertainties
The principal risks and uncertainties affecting the business activities of the Group remain those detailed in the consolidated report and accounts for the year ended 31 March 2025, a copy of which is available on the Company website at https://narfgroup.com/investor-relations/corporate-document. The Board considers that these remain a current reflection of the risks and uncertainties facing the business for the remaining six months of the financial year.
By order of the Board
Steve Bassi
Chief Executive
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| 6 months | 6 months | Year | |
|---|---|---|---|
| ended | ended | ended | |
| 30 September | 30 September | 31 March | |
| 2025 | 2024 | 2025 | |
| Note | US$ | US$ | US$ |
| Continuing operations | |||
| GR &D Revenue | 2,052,329 | 1,131,926 | 2,931,041 |
| GS & S Revenue | - | 50,000 | 67,334 |
| Total revenue | 2,052,329 | 1,181,926 | 2,998,375 |
| Direct salaries | (961,372) | (1,212,209) | (2,219,175) |
| Sub-contracting and other direct costs | (304,509) | (193,454) | (364,102) |
| Gross profit/(loss) | 786,408 | (223,737) | 415,098 |
| Operating expenses | (1,024,990) | (1,151,261) | (2,155,955) |
| Loss before depreciation, amortisation, impairment, share based payments and interest | (238,542) | (1,374,998) | (1,740,857) |
| Depreciation and amortisation | - | (197,842) | (1,210,825) |
| Share based payments | (246,572) | (250,136) | (499,932) |
| Operating loss | (485,114) | (1,822,976) | (3,462,870) |
| Interest receivable and other finance income | - | - | 2 |
| Finance costs | (70,031) | (45,940) | (109,198) |
| Loss before taxation | (555,145) | (1,868,916) | (3,560,810) |
| Corporate tax | - | - | - |
| Loss for the period | (555,145) | (1,868,916) | (3,560,810) |
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
| 6 months | 6 months | Year | |||||
|---|---|---|---|---|---|---|---|
| ended | ended | ended | |||||
| 30 September | 30 September | 31 March | |||||
| Exchange differences on parent company operations | 699 | 37,143 | (57) | ||||
| Total comprehensive loss for the period attributable to the owners of the company | (554,446) | (1,831,773) | (3,560,867) | ||||
| Earnings per share | |||||||
| Earnings per share (basic and diluted) attributable to the equity holders (cents) | 3 | (0.03) | (0.13) | (0.21) | |||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||
| As at | As at | As at | |||||
| 30 September | 30 September | 31 March | |||||
| 2025 | 2024 | 2025 | |||||
| Note | US$ | US$ | US$ | ||||
| NON-CURRENT ASSETS | |||||||
| Intangible assets | - | 1,058,752 | - | ||||
| Right of use asset | - | 16,819 | - | ||||
| - | 1,075,571 | - | |||||
| CURRENT ASSETS | |||||||
| Trade and other receivables | 484,054 | 443,944 | 789,953 | ||||
| Cash and cash equivalents | 224,512 | 135,725 | 136,704 | ||||
| 708,566 | 579,669 | 926,657 | |||||
| TOTAL ASSETS | 708,566 | 1,655,240 | 926,657 | ||||
| CURRENT LIABILITIES | |||||||
| Trade and other payables | 4,004,713 | 3,497,210 | 3,914,930 | ||||
| TOTAL LIABILITIES | 4,004,713 | 3,497,210 | 3,914,930 | ||||
| NET LIABILITIES | (3,296,147) | (1,841,969) | (2,988,273) | ||||
| EQUITY | |||||||
| Share capital | 4 | 204,012 | 204,012 | 204,012 | |||
| Share premium | 4 | 35,294,816 | 35,294,816 | 35,294,816 | |||
| Reverse acquisition reserve | (16,747,959) | (16,747,959) | (16,747,959) | ||||
| Foreign exchange reserve | 11,987 | 48,488 | 11,288 | ||||
| Share based payment reserve | 2,238,265 | 1,885,715 | 1,991,693 | ||||
| Retained deficit | (24,297,268) | (22,527,041) | (23,742,123) | ||||
| TOTAL EQUITY | (3,296,147) | (1,841,969) | (2,988,273) | ||||
| Company number: 11701224 | |||||||
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||
| Share | Share | FX | Share-based | Reverse | Retained | Total | |
| Capital | Premium | Reserve | Payment | Acquisition | Deficit | ||
| Reserve | Reserve | ||||||
| US$ | US$ | US$ | US$ | US$ | US$ | US$ | |
| AS AT 1 OCTOBER 2024 | 204,012 | 35,294,816 | 48,488 | 1,885,715 | (16,747,959) | (22,527,041) | (1,841,969) |
| Loss for the period | - | - | - | - | - | (1,359,080) | (1,359,080) |
| Foreign exchange gain on conversion of subsidiary | - | - | (37,200) | - | - | - | (37,200) |
| Total comprehensive loss for the period | - | - | (37,200) | - | - | (1,359,080) | (1,396,280) |
| Share based payments | - | - | - | 249,976 | - | - | 249,976 |
| Options expired | - | - | - | (143,998) | - | 143,998 | - |
| AS AT 31 MARCH 2025 | 204,012 | 35,294,816 | 11,288 | 1,991,693 | (16,747,959) | (23,742,123) | (2,988,273) |
| Loss for the period | - | - | - | - | - | (555,145) | (555,145) |
| Foreign exchange gain on conversion of subsidiary | - | - | 699 | - | - | - | 699 |
| Total comprehensive loss for the period | - | - | 699 | - | - | (555,146) | (554,446) |
| Shares issue costs recovered | - | - | - | - | - | - | - |
| Share based payments | - | - | - | 246,572 | - | - | 246,572 |
| AS AT 30 SEPTEMBER 2025 | 204,012 | 35,454,122 | 11,987 | 2,238,265 | (16,747,959) | (24,297,268) | (3,296,147) |
| CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
| 6 months | 6 months | Year | |||||
| ended | ended | ended | |||||
| 30 September | 30 September | 31 March | |||||
| 2025 | 2024 | 2025 | |||||
| US$ | US$ | US$ | |||||
| OPERATING ACTIVITIES | |||||||
| Loss for the period before interest and taxation | (485,114) | (1,822,976) | (3,451,614) | ||||
| Adjusted for: | |||||||
| Profit on disposal of fixed asset | 30,000 | - | - | ||||
| Amortisation and impairment of intangibles | - | 197,842 | 1,210,825 | ||||
| Amortisation of right of use asset | - | 26,162 | 42,981 | ||||
| Unrealised foreign exchange adjustment | 699 | 289,895 | (12,787) | ||||
| Share-based payment expenses | 246,572 | 250,136 | 811,182 | ||||
| Operating cash flow before movements in working capital: | (267,843) | (1,058,941) | (1,399,413) | ||||
| Decrease in trade and other receivables | 305,898 | 161,600 | (184,408) | ||||
| Increase/(decrease) in trade and other payables | 34,753 | (439,580) | (273,260) | ||||
| Net cash generated from/(used in) operating activities | 72,808 | (1,336,921) | (1,857,081) | ||||
| FINANCING ACTIVITIES | |||||||
| Amounts received from Director | 15,000 | 864,221 | 1,340,250 | ||||
| Net interest paid | - | (45,940) | (830) | ||||
| Net cash inflow from financing activities | 15,000 | 818,281 | 1,339,420 | ||||
| Taxation paid | - | - | - | ||||
| Net increase/(decrease) in cash and cash equivalents | 87,808 | (518,640) | (517,661) | ||||
| Cash and cash equivalents at beginning of the period | 136,704 | 654,365 | 654,365 | ||||
| Cash and cash equivalents at end of the period | 224,512 | 135,725 | 136,704 | ||||
Notes to the CONSOLIDATED Financial Statements
interim results to 30 SEPTEMBER 2024
Organisation and Trading Activities
The principal activity of Narf Industries plc (the "Company'') together with its operating subsidiaries (together, the "Group") is high-end threat intelligence. Its strategy is focussed on building a group capable of offering cybersecurity solutions in the US and beyond. The Company is domiciled in the United Kingdom and incorporated and registered in England and Wales as a public limited company. The Company's registered office is 5 Fleet Place, London EC4M 7RD. The Company's registered number is 11701224.
Summary of Significant Accounting Policies
The principal accounting policies adopted and applied in the preparation of these interim Group Financial statements are set out below.
These have been consistently applied to all the periods presented unless otherwise stated:
Basis of accounting
These interim financial statements of Narf Industries plc (the "Group") have been prepared in accordance with UK adopted international accounting standards ("UK-adopted IAS") applied in accordance with the provisions of the Companies Act 2006.
The interim financial statements have been prepared under the historical cost convention on the basis of the accounting policies as set out in the Group's audited annual financial statements and are presented in US Dollars, the presentational and functional currency of the Group. The Group has applied IAS 34 in the preparation of these interim financial statements.
This announcement was approved and authorised by the Board of directors on 12 November 2025. Copies of this interim report can be found on the Company's website at https://narfgroup.com/investor-relations/corporate-document
These condensed interim financial statements for the six months ended 30 September 2025 are unaudited and do not constitute fully prepared statutory accounts. The comparative figures for the year ended 31 March 2025 are extracted from the 2025 consolidated financial statements of the Company. The independent auditor's report on the 2025 financial statements opinion was qualified principally due to the inability to gain sufficient and appropriate audit evidence in respect of the opening balances at 1 January 2023 and the potential impact that would have on the comparative numbers in the income statement.
Going concern
Any consideration of the foreseeable future involves making a judgement, at a particular point in time, about future events which are inherently uncertain. The Directors have prepared cash flow forecasts covering the period to 31 December 2026. The Chief Executive has agreed not to demand repayment of his loan until the Group has sufficient cash resources to repay it, whilst those members of senior management who had accepted salary deferrals have agreed to accept repayment of those deferrals over an extended period such that revenues are expected to be sufficient for the Group to settle the outstanding amounts. The forecasts accordingly, indicate that the Group will have sufficient cash resources to meet all foreseeable liabilities, other than those relating to the loan to the Chief Executive, through to a period which is at least twelve months after the issue of these condensed interim financial statements
Accordingly, the Directors have a reasonable expectation that the Group will be able to meet any future obligations and thus to continue operating for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the interim financial statements.
Summary of Significant Accounting Policies (contiNUED)
Basis of consolidation
The Financial Statements consolidate the financial information of the Company and companies controlled by the Group (its subsidiaries) at each reporting date following the acquisition in March 2022.
Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity, has the rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns. The results of subsidiaries acquired or sold are included in the financial information from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the results of acquired subsidiaries to bring their accounting policies into line with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. The financial statements of all Group companies are adjusted, where necessary, to ensure the use of consistent accounting policies.
The Financial Statements consolidate the financial information of the Company and companies controlled by the Group (its subsidiaries) at each reporting date.
EARNINGS per Share
The basic earnings per share is based on the loss for the period divided by the weighted average number of shares in issue during the period. Since the Group has made a loss in the current and each of the prior periods, the options and warrants in issue are not dilutive.
| Six months to 30 Sept 2025 US$ | Six months to 30 Sept 2024 US$ | Year to 31 Mar 2025 US$ | |
|---|---|---|---|
| Loss attributable to owners of the Group : | (554,446) | (1,831,773) | (3,560,867) |
| Weighted average number of ordinary shares in issue for basic earnings | 1,697,381,100 | 1,697,381,100 | 1,697,381,100 |
| Weighted average number of shares in issue for fully diluted earnings | 1,697,381,100 | 1,697,381,100 | 1,697,381,100 |
| LOSS PER SHARE (CENTS PER SHARE) | (0.03) | (0.11) | (0.21) |
| BASIC AND FULLY DILUTED: | |||
| - from continuing and total operations (cents) | (0.03) | (0.11) | (0.21) |
| 4. Share capital AND SHARE PREMIUM | |||
| The following table is presented in US Dollar equivalents: | |||
| Ordinary shares of £0.0001 each Number | Share Capital $ | Share Premium $ | |
| At 1 October 2024 | 1,697,381,000 | 204,012 | 35,294,816 |
| At 31 March 2025 | 1,697,381,000 | 204,012 | 35,294,816 |
| At 30 September 2024 | 1,697,381,000 | 204,012 | 35,294,816 |
Post period end events
There were no significant events subsequent to the balance sheet date which have any bearing on these interim financial statements.
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