Interim accounts

30 April 2025

Ora Technology PLC

("Ora" or the "Company")

Interim accounts

Ora Technology PLC (AQSE: ORA) announces its unaudited results for the six months ended 31 January 2025.

Comments from Michael Edwards, Chairman of Ora Technology plc:

During the Interim six-month period of 1 August 2024 to 31 January 2025 the Company was in an announced proposed transaction with Kondor AI plc for all but the first 22 days of the period. As such, the Company has focused in this period on working with Kondor AI plc, the proposed purchaser of the Company, to progress the transaction.

The terms of the transaction are that the Company's shareholders will receive 0.9844 shares in Kondor AI plc as consideration for each share they hold in the Company (so for example a shareholder with 10,000 ORA shares will receive 9,844 Kondor shares).

During this period the Company has restricted expenditure to only that necessary to support the transaction and maintain the listing. As such expenditure in the period was reduced by 81% compared to the same period in 2023/4. During the period, all Director fees were accrued and remain unpaid as at the date of the release of these Interim results. As a result, the Loss before Tax was reduced from £497k to £94k.

During the period the Company raised a further £255,400 before expenses by the issuance of 3,192,500 new shares at a price of 8p per share. The proceeds will be used to support the completion of the Kondor purchase transaction.

The directors of Ora accept responsibility for this announcement. 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

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About Ora Technology 

Ora Technology PLC is a software company that is developing a digital carbon trading platform that intends to offer users the ability to buy, sell and retire carbon credits in the voluntary carbon market, an instrument used by both the public and private sectors to work towards carbon neutral and net-zero climate goals. Ora's 'Ora Carbon' platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices and an emphasis towards providing a simple and intuitive user experience.

Ora Technology PLC

Statement of Comprehensive Income

For the six months ended 31 January 2025

Ora Technology PLC

Statement of Financial Position

As at 31 January 2025

Company reference number: 13720688

Ora Technology PLC

Statement of Changes in Equity

For the six months ended 31 January 2025

Ora Technology PLC

Statement of Cash Flows

For the six months ended 31 January 2025

Ora Technology PLC

Notes to the Interim Financial Statements for the six months ended 31 January 2025

1. Basis of preparation

The interim results of Ora Technology PLC (the Company) are prepared in accordance with the requirements of IAS 34 Interim Financial Reporting and are prepared in accordance with the accounting policies set out in the last financial statements for the year- ended 31 July 2024. Ora Technology PLC expects to apply the same policies in its financial statements for the year ending 31 July 2025.

The financial information for the six months ended 31 January 2025 and for the six months ended 31 January 2024 have neither been audited nor reviewed by the Company's auditors. The comparative financial information for the year-ended 31 July 2024 has been derived from the audited financial statements for that period.

2. Critical accounting estimates and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results.

There are no judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3. Loss per ordinary share

The calculation of a basic loss per share is based on the loss for the period attributable to equity holders of the Company and on the weighted average number of shares in issue during the period.

Diluted loss per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.

For the six months ended 31 January 2025, year-ended 31 July 2024 and six months ended 31 January 2024 there is no difference between the diluted loss per share and the basic loss per share presented due to the loss position of the Company.

4. Intangible assets - Software development costs