RE: MM's just taking the p??s.13 Jan 2025 20:55
Interim Results for the six months ended 30 September 2024 GSTechnologies Limited (LSE: GST), the fintech company, announces the Company’s unaudited interim results for the six months ended 30 September 2024 (“H1 25” or the “Period”). Period Highlights • Further significant progress for the Group as it focused on developing a borderless neobanking platform providing next-generation digital money solutions, both organically and through complementary acquisitions • Revenue for the Period grew nearly nine-fold to US$2.23 million (H1 24 US$0.26 million), as the Group continued to execute its strategy and all Group entities demonstrated significant growth and expansion of their operations • Net loss for the Period reduced to US$69k (H1 2024: US$737k loss) as the Company’s operating businesses gain traction whist the Group continues to invests in developing its GS Money solutions • Placing to raise gross proceeds of £1.25 million in April 2024 at 1.05 pence per share • As of 30 September 2024, the Company had US$2.91 million in cash and cash equivalents (30 September 2023: US$2.19 million) • Net assets as at 30 September 2024 increased significantly to US$7.13 million compared to US$4.38m at 30 September 2023, following the acquisition of Semnet and the progress of the Group’s businesses Post Period Highlights • On 18 November 2024 GST signed a legally binding Heads of Terms with Trident Global Capital Pte Ltd, regarding strategic preparations for a potential listing of Sement on NASDAQ in the US • On 11 December 2024 the Company’s wholly owned subsidiary GS Fintech UAB entered into a legally binding Business Purchase Agreement to acquire the business and assets of Cake Pte. Ltd. and Cake DeFi UAB. The acquisition comprises a leading cryptocurrency investment platform, Bake, and is in line with the Company’s strategy to expand and enhance the international presence and capabilities of its GS20 Exchange platform Interim Report 6