WeCap (WCAP) H2 2025 earnings summary

Executive summary

• WeShop began Nasdaq trading on 14 November 2025, creating a quoted market for the principal investment; direct and indirect holdings represented ~11.8% of its Class A shares.

• Shares held before listing are locked up until 15 November 2026; afterward, possible value-realisation routes include an in-specie distribution, a share sale or another structure.

Financial highlights

• FY26 loss was £5.317m versus £781,069 in FY25; revenue remained nil.

• Unrealised investment revaluation loss was £4.490m versus £29,000 in FY25, primarily relating to WeShop; administrative costs were £302,770 versus £267,973.

• Cash was £10,132 at 30 April 2026 versus £58,111 a year earlier; net assets were £1.718m versus £6.774m.

Outlook and guidance

• Priorities are supporting WeShop’s development, managing financial obligations including the DCB, and preparing for the WeShop lock-up expiry in November 2026.

• WeShop’s U.S. social-commerce app launch is scheduled for 16 November 2026; future investment value and ability to address the DCB depend significantly on WeShop performance and valuation.