Astrid Intelligence - Interim results

Astrid Intelligence PLC

Chairperson's report

for the six months ended 28^th February 2026

This is my first statement as Executive Chairman of Astrid Intelligence PLC, covering the six months ended 28 February 2026. It has been an eventful period, and I want to be straightforward about what we stepped into, what we have done, what the numbers show, and where we are going.

What we stepped into

When Siam Kidd and I joined the business in November, the company had been through several strategic evolutions as it sought to identify the right long-term opportunity for shareholders. In June 2025, shareholders had supported a £10 million fundraise to fund a multi-asset crypto treasury, with capital allocated across Bitcoin, Solana and Ethereum. By the time Siam and I joined, that strategy had already evolved into a portfolio of deployed positions and operating commitments within the digital asset space.

As with many companies operating in fast-moving emerging sectors, we inherited both opportunities and obligations that reflected decisions taken across an earlier stage of the company's development. The position was more operationally complex than we had anticipated, particularly as the accounts came together. Administrative expenses for the period total £1.2 million, the majority of which is professional and consultancy fees relating to obligations entered into during the period. These are reflected in the interim numbers as they fell due. The detail is set out in the notes to the interim financial statements.

Our focus since joining has been on implementing disciplined financial oversight and ensuring that capital allocation is aligned with long-term shareholder value creation. Every commitment the company makes runs through the Board as a whole.

What we are building

The strategic question Siam and I were asked to answer was: what is this company actually for? Our answer is summed up in one line we put on the front of our website.

We do not speculate on AI. We operate within it.

That distinction matters. Every technological shift produces a wave of speculative capital chasing the surface and a smaller group of operators who build the infrastructure underneath. In our view, businesses that provide infrastructure and services to growing ecosystems are more likely to generate sustainable long-term value than purely passive exposure to underlying assets.

We have positioned the Company to be one of the operators inside Bittensor ecosystem: one of the largest and fastest growing decentralised AI network in crypto that seeks to incentivise the development and exchange of AI-related computational activity through token-based economics. The Board believes this represents an attractive area of long-term opportunity, although the sector remains at an early stage of development and carries both volatility and risk.

Two pieces of live operating infrastructure sit at the centre of the business.

-       Astrid Validator. A Bittensor validator we acquired and operate. Validating on subnets with which we partner. Earns emissions in the tokens of those subnets.

-       Astrid Bridge. A live USDC-to-TAO (Bittensor's native token) bridge. A tollbooth on the road into Bittensor. Earns fees on every transaction.

Alongside the infrastructure, the company owns Subnet 127, which earns owner emissions in TAO. The activity that justifies the slot is Astrid Arena, a live competition in which independent participants enter their own trading agents into recurring two-week evaluation cycles. The Board believes this activity may, over time, contribute to the development of potentially valuable trading-related intellectual property, although there can be no certainty regarding future commercial outcomes.

More recently we launched Astrid Vault, which will allow holders of subnet tokens (known as alpha) to deposit them in exchange for Subnet 127 tokens, building a compounding pool of alpha. Although it remains at a very early stage of deployment, we believe it has the potential to become a significant contributor of value to the company over the medium term.

The financial position

The operating business is now generating emissions income from its core activities. Astrid Validator emissions, owner emissions from Subnet 127 and yield on our TAO and alpha holdings combined produced approximately £516,000 of income in the six months under review, against £101,000 in the full prior financial year.

The digital asset book has been more volatile. The company entered the period with £2.3 million of cash. In September, the prior board allocated £1.86 million into digital assets, with the strategy subsequently becoming concentrated into TAO and the Bittensor alpha ecosystem. As market conditions weakened across parts of the sector, some of those holdings were disposed of at a lower value, crystallising losses. Combined with subsequent mark-to-market movements, the period recorded fair value losses of approximately £3.76 million on the digital asset book.

Since the period end, prices have recovered materially. As of 15 May 2026, internal portfolio reporting indicates the company's TAO holdings have recovered to approximately £4.3 million, broadly in line with the original allocation.

It should be noted that digital asset valuations remain highly volatile and subject to rapid fluctuations in market conditions. Internal portfolio valuations referenced in this statement are unaudited.

Cash at period end was £338,000 and stood at approximately £125,000 at the date of this statement. The company also holds a substantial digital asset position generating ongoing yield, which provides flexibility. The board reviews the company's funding position regularly to optimise shareholders' interests.

Listing and shareholder access

A number of shareholders have raised questions regarding trading access and market visibility. The Board continues to engage constructively with advisers, market participants and Aquis, as we consider the best long-term framework to support the company's growth and shareholder base.

The Board regularly reviews how the company can continue to improve liquidity, accessibility and visibility for both existing and prospective shareholders. This includes considering a range of strategic options available to the company over time.

Our focus remains on operational delivery, financial discipline and executing the company's stated strategy with the objective of creating sustainable long-term shareholder value.

Mark Creaser

Executive Chairman, Astrid Intelligence PLC

Astrid Intelligence PLC

Condensed Statement of Profit or Loss

for the six months ended 28^th February 2026

Astrid Intelligence PLC

Condensed Statement of Financial Position

28^th February 2026

Astrid Intelligence PLC

Condensed Unaudited Statement of Changes in Equity

for the six months ended 28^th February 2026

Astrid Intelligence PLC

Condensed Cash Flow Statement

for the six months ended 28^th February 2026

Astrid Intelligence PLC

Condensed Notes to the Financial Statements

for the six months ended 28^th February 2026

1.     Information on the Company

Astrid Intelligence PLC is a public company limited by shares, registered in England. The company's registered number is 11537452 and its registered office address is 9^th Floor, 16 Great Queen Street, London, WC2B 5DG. The Company's shares are listed on the Access Segment of the Aquis Stock Exchange Growth Market.

The principal activity of the company in the period under review was decentralised artificial intelligence, including the development and operation of autonomous AI systems. The Company operates a dedicated subnet within the Bittensor decentralised AI ecosystem, an open-source platform where participants contribute computing power, data and models in return for TAO emissions. Astrid's digital asset holdings are generated primarily through network participation and support the Company's ongoing operations and long-term capital resilience.

2.     Basis of preparation and principal accounting policies

This condensed consolidated interim financial information was approved for issue by the Board on 15 May 2026.

The Company's directors are responsible for the preparation of the unaudited interim financial statements.

The preparation of unaudited interim financial statements in conformity with IFRSs requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited interim financial statements and the reported amounts of expenses during the period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.

This condensed consolidated interim financial information has not been audited and does not include all of the information required for full annual financial statements. The Company auditor has not reviewed these interim statements ahead of publication.

The financial figures included within this interim report have been computed in accordance with IFRS applicable to interim periods, and this report constitutes an interim financial report as set out in International Accounting Standard 34: Interim Financial Reporting.

The same accounting policies and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements.

The functional and presentational currency is UK Sterling and is rounded to the nearest GBP.

3.     Going Concern

The Directors have assessed the current financial position of the Company, along with future cash flow requirements, to determine if the Company has the financial resources to continue as a going concern for the foreseeable future.

The conclusion of this assessment is that, based on available cash balances and liquid cryptocurrency reserves, it is appropriate that the Company be considered a going concern. For this reason, the Directors continue to adopt the going concern basis in preparing the unaudited interim financial statements.

Astrid Intelligence PLC

Condensed Notes to the Financial Statements

for the six months ended 28^th February 2026 (Continued)

4.     Operating loss

Total administrative expenses include share-based payments of £7,487 (28 February 2025: £25,707). The related credit to equity is taken to retained earnings.

5.     Loss per share

Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period.

6.     Intangible assets

The Company holds a crypto reserve within the Bittensor ecosystem, which acts both as a treasury anchor and a yield-generating asset base, which funds operating expenditure. Additionally, the reserve allows the Company to participate in the Bittensor ecosystem, an open, permissionless network where machine intelligence is created, valued and exchanged without central control.

Where possible, fair value is determined using Level 1 inputs under the IFRS 13. The fair value of TAO is measured at the end of the reporting period as the quantity of tokens on hand multiplied by the price quoted on an active market website.

Additionally, the Cryptocurrency assets below include Alpha tokens, which are measured at fair value at the reporting date. Fair value is determined using Level 2 inputs under the IFRS 13. The valuation technique applied is a market approach, using observable market prices obtained from independent third-party pricing sources. The fair value is calculated by multiplying the quantity of ALPHA held at the reporting date by the quoted price per unit. The pricing inputs reflect observable market data derived from active markets.

Astrid Intelligence PLC

Condensed Notes to the Financial Statements

for the six months ended 28^th February 2026 (Continued)

6.     Intangible assets (Continued)

The cryptocurrency assets held below are discussed above. The assets are all held in secure custodian wallets controlled by Directors of the Company. The assets detailed below are all accessible and liquid in nature.

Astrid Intelligence PLC

Condensed Notes to the Financial Statements

for the six months ended 28^th February 2026 (Continued)

7.     Trade and other receivables

There were no receivables that were past due or considered to be impaired. There is no significant difference between the fair value of the other receivables and the values stated.

The receivable from broker under ATM facility relates to an outstanding At-The-Market facility held with the Company's broker, which will be realised when share prices permit.

8.     Share capital

The Ordinary Shares have been classified as Equity. The Ordinary Shares have attached to them full voting and capital distribution rights.

9.     Trade and other payables

All liabilities are payable on demand or have payment terms of less than 90 days.

Astrid Intelligence PLC

Condensed Notes to the Financial Statements

for the six months ended 28^th February 2026 (Continued)

10.  Significant events and transactions post reporting date

On 10 March 2026, the Company granted a total of 462,544,461 Warrants to two Directors of the Company as well as to its advisor to subscribe for new ordinary shares of £0.001 each.

On 13 April 2026, a service supplier converted their outstanding fees aggregating to £10,000 into equity at £0.002 per share, representing 5,000,000 ordinary shares of £0.001 in the Company. After admission, the Company's total issued share capital consisted of 6,332,665,972 Ordinary Shares.