GSTechnologies Limited (LSE:GST) reported lower revenue and a wider annual loss for the year ended 31 March 2026, as the fintech group continued to invest heavily in its technology platform, regulatory capabilities and product development while advancing its long-term growth strategy.
Revenue Declines as Accounting Changes Affect Comparisons
The company generated net revenue of US$1.455 million in FY26, compared with US$2.817 million in the previous year, while the loss before tax widened to US$5.458 million from US$2.313 million. Management said the year-on-year comparison was distorted by accounting changes within Angrafx, where safeguarded customer funds are now treated as liabilities rather than revenue, together with Semnet’s shorter 12-month reporting period versus an 18-month comparative period and lower hardware sales following the loss of several overseas customers.
Balance Sheet Reflects Continued Investment
Net assets stood at US$5.48 million at 31 March 2026, down from US$8.32 million a year earlier, while cash and cash equivalents declined to US$1.85 million from US$4.21 million. GST said its financial position was strengthened after year-end by securing a US$10 million unsecured loan facility, which it believes provides additional flexibility to fund future expansion while reducing dependence on equity fundraising.
AI and Payments Platform Remain Central to Growth Strategy
The group continues to position itself as a blockchain and fintech business focused on digital payments, foreign exchange and AI-enabled financial services. During the year, its Singapore-based software development team continued building the Angra Global and AngraB2B platforms while progressing the development of an Agentic AI-powered GS Money neobanking platform designed to automate complex financial services and cross-border transactions.
Angra Business Expands Across Europe
GST said Angra continues to expand its foreign exchange and payments operations through its UK and Canadian regulated businesses while increasing engagement with more than 2,000 UK Small Payment Institutions. The company also completed the integration of its Polish subsidiary, Angra SP z.o.o., strengthening its regulatory footprint and expanding its presence across the European Union.
Lithuania Exit and Semnet Challenges
The company completed the wind-down of its standalone crypto exchange and wealth management operations in Lithuania after difficulties obtaining a MiCA licence, transferring customer assets and platform operations to Finferno S.P.Z.O.O. Meanwhile, subsidiary Semnet continues to face pressure from legal proceedings involving former founders, although GST said it remains confident about the business’s long-term recovery and is pursuing claims valued at approximately US$4.2 million.
Management Targets Commercial Growth
Looking ahead, GST said its priority is to convert recent investments into stronger commercial activity and improved financial performance. The company believes trends including real-time payments, stablecoins, AI-driven financial services and increasing regulatory clarity across key markets support its long-term strategy of building a borderless digital financial platform.
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