Valereum (VLRM) H1 2026 earnings summary

Executive summary

• H1 revenue was £165,955, with VLRM Markets generating revenue as the business shifted toward commercial execution.

• A £4.44m pre-tax loss reflected £2.8m of non-cash transaction costs and continued investment in platform, partnerships and transaction capability.

• The QGP arrangement progressed to a post-period agreement for $279.5m face value of VGOLD-CORE+ tokens, backed by a first-ranking security interest over $300m of Queensland mining assets.

Financial highlights

• H1 revenue was £165,955 versus £98,318 in H1 2025; operating loss was £1.38m versus £2.62m.

• Pre-tax loss was £4.44m versus a £277,556 pre-tax profit in H1 2025; H1 2026 loss included £2.8m of non-cash transaction costs.

• Total comprehensive loss was £4.44m; net cash balance at 30 June 2026 was £0.36m versus £0.01m a year earlier.

• Operating cash outflow was £1.11m; cash at period end was £358,550 versus £13,721 at 30 June 2025.

Outlook and guidance

• Next-12-month catalysts: completing QGP liquidity arrangements, onboarding issuers and institutional clients to VLRM Markets, and expanding multi-chain tokenisation, custody and distribution.

• H2 priorities are platform execution and growth; the Board expects the platform’s contribution to grow as initiatives progress.

• VGOLD-CORE+ liquidity testing has no stated completion timeline; until completed, token saleability and recoverable value remain uncertain.