Unaudited 2026 Interim Financial Statements

Losses widened sharply as Golden Rock Global's RTO process remains stalled and shares suspended.

What the company is saying

Golden Rock Global PLC is reporting its unaudited interim results for the six months ended 30 June 2026, emphasizing a significant increase in operating loss to £656,355 from £288,713 the previous year. The company frames the higher losses as a result of increased professional and advisory costs tied to its ongoing Reverse Takeover (RTO) with StarEdge Digital Infrastructure Inc. (SEDI). Management highlights that all £1,490,000 of its Convertible Loan Note (CLN) facility has been fully drawn to fund working capital, and cash at bank has risen to £728,659, largely due to this financing. The company’s shares have been suspended since 21 January 2026, following the RTO announcement, and remain suspended due to delays from SEDI’s reorganization. The board, led by Non-executive Chairman Paul Carroll, acknowledges the extended suspension and states that advisors, including SPARK Advisory Partners Limited, are now in place to progress the transaction. No interim dividend is proposed, and the company stresses that further updates will be provided as the RTO advances.

What the data suggests

The financial statements show a deteriorating position, with the operating loss more than doubling year-on-year to £656,355 and loss per share rising to 2.54 pence from 1.26 pence. Even after adjusting for non-cash charges related to CLN and warrants, the loss increased to £466,160 from £112,066, indicating that underlying costs have escalated. Cash at bank rose to £728,659, but this is entirely attributable to drawing down the CLN facility, not improved operations. Administrative expenses surged, with professional fees at £316,449 and share-based payments at £171,901. The company’s equity position improved to £623,386 from a negative balance a year earlier, but this is due to new financing rather than profitability. Shares remain suspended, and there is no revenue or operational progress disclosed, with the company’s future hinging on the successful completion of the RTO. The disclosure is detailed and transparent, but the numbers point to a business consuming cash with no operating income and dependent on external funding.

Analysis

The announcement is factual and restrained, with no promotional or exaggerated language. All key claims are realised and supported by detailed financial disclosures, including operating loss, loss per share, cash position, and the status of the CLN facility. The only forward-looking statement is a generic note that further updates will be provided, which does not constitute hype. The financial direction is negative, with losses increasing year-over-year and no revenue or operational progress reported. The company has fully drawn a substantial CLN facility to fund ongoing costs, but the benefits of this capital outlay are not immediate or defined, as the RTO process remains incomplete and shares are suspended. There is no attempt to inflate the narrative or overstate progress; the tone is matter-of-fact and focused on reporting the current status.

Risk flags

• ●The company is fully reliant on external financing, having drawn down the entire £1,490,000 CLN facility to fund ongoing costs, which raises questions about sustainability if the RTO is further delayed or fails.
• ●Shares have been suspended since January 2026, leaving investors unable to trade and exposing them to indefinite illiquidity risk until the RTO is completed or the suspension is lifted.
• ●The RTO process is subject to delays outside the company’s control, as evidenced by SEDI’s reorganization, and there is no guarantee the transaction will close or deliver value.
• ●Operating losses are accelerating, with no revenue or operational activity to offset costs, increasing the risk that further capital will be required if the RTO does not proceed promptly.

Bottom line

Golden Rock Global PLC’s interim results reveal a company in financial limbo: losses are mounting, cash is being consumed by advisory and transaction costs, and all working capital is now sourced from convertible loan notes that have been fully drawn. The entire investment case now depends on the successful completion of the RTO with SEDI, but the process is delayed and shares remain suspended, leaving investors locked in. There is no visibility on when or if trading will resume or when the RTO will close. Until a binding agreement is signed and the suspension is lifted, the company offers no operational upside and remains a high-risk, binary situation. The key takeaway is that this is now a pure event-driven play with no near-term catalysts and significant downside if the RTO fails.

Announcement summary

(LSE:GCG) Golden Rock Global PLC has released its unaudited interim financial statements for the six months ended 30 June 2026. The company reported an operating loss of £656,355 for the period, compared to a loss of £288,713 for the same period in 2025. The loss per share was 2.54 pence, up from 1.26 pence per share in the prior year. Adjusted for non-cash charges relating to Convertible Loan Notes (CLN) and warrants, the loss for the six months was £466,160, compared to £112,066 in 2025. The company secured increased CLN funding of £1,035,000 during the period, bringing the total facility to £1,490,000, all of which has been fully drawn as of 30 June 2026. Cash at bank at 30 June 2026 was £728,659, up from £272,892 at 30 June 2025. On 21 January 2026, the company suspended its listing on the Equity shares (shell companies) category of the Official List and trade on the Main Market of the London Stock Exchange, following the announcement of entering into non-binding heads of terms for a Reverse Takeover (RTO) transaction with StarEdge Digital Infrastructure Inc. (SEDI). The shares remain suspended as of the report date due to delays from SEDI's reorganization announced on 23 July 2026. Advisors, including SPARK Advisory Partners Limited as Financial Advisor and Sponsor, have been appointed to progress the RTO. Administrative expenses for the period included professional fees of £316,449, directorship fees of £40,000, other expenses of £100,687, and share-based payments of £171,901. Finance income was £1,371, while finance costs were £22,218. The company had total assets of £820,362 and total equity of £623,386 at 30 June 2026. Current liabilities stood at £196,976. The company issued 3,000,000 shares on exercise of a warrant at a price of £0.00021978, raising £659. The CLN facility was increased to £1,500,000 on unchanged terms, with total subscriptions of £1,490,000 as of 17 March 2026. The company used a Black Scholes valuation model for the equity option component of the CLN, calculating a net conversion option value of £280,786 and £754,213 as equity (SAFE). No interim dividend was declared for the period. The company wholly owns Golden Rock Services Limited, incorporated in England & Wales. The company is incorporated in Jersey and is subject to a 0% tax rate.

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