The Guident IPO and AI data centres with Tekcapital

I think the logical place to start would be looking at the results and then we'll move on to portfolio companies a little bit later on in the podcast.

So, yes, numbers out this morning.

What do they look like?

Well, the headline numbers tell one story, but the underlying commercial momentum tells another.

And we think the second story is a bit more interesting.

On the financials, net assets closed the year out at $55.1 million versus $70.1 million in 2024, with NAV per share at $0.23.

The loss after tax was $17.1 million, driven almost entirely by unrealized fair value movements in our listed portfolio, principally the share price of Microsoft, which has partially recovered post-period end.

So this was a mark-to-market story, not an operational one.

What's far more telling is what our portfolio companies actually did commercially in 2025.

Innovative Eyewear grew sales 69%, Microsoft grew sales 187%, GenIP grew sales 330%, and Guiding grew sales 862% as it advanced towards its planned US IPO.

That's the kind of underlying traction that ultimately drives shareholder value.

We also continue to tighten the ship.

We reduced total annual expenditures by approximately 7% last year from just over $2 million to $1.88 million.

And that was our third consecutive year of expense reduction.

Since 2023, our cost base has reduced by 34%.

which is difficult to achieve in an inflationary environment, but we were able to do it.

Further, we were recognized with the 2025 Leadership in High Value IP Strategy Award by Capital Finance International.

So the takeaway is this.

The share price movements created a paper loss, but the businesses underneath are accelerating.

We closed out the year with $55 million in net assets, which translates to $0.23 or $0.17 a share and no debt.

The results are somewhat backward looking.

I think the logical place to start would be looking at the results and then we'll move on to portfolio companies a little bit later on in the podcast.

So, yes, numbers out this morning.

What do they look like?

Well, the headline numbers tell one story, but the underlying commercial momentum tells another.

And we think the second story is a bit more interesting.

On the financials, net assets closed the year out at $55.1 million versus $70.1 million in 2024, with NAV per share at $0.23.

The loss after tax was $17.1 million, driven almost entirely by unrealized fair value movements in our listed portfolio, principally the share price of Microsoft, which has partially recovered post-period end.

So this was a mark-to-market story, not an operational one.

What's far more telling is what our portfolio companies actually did commercially in 2025.

Innovative Eyewear grew sales 69%, Microsoft grew sales 187%, GenIP grew sales 330%, and Guiding grew sales 862% as it advanced towards its planned US IPO.

That's the kind of underlying traction that ultimately drives shareholder value.

We also continue to tighten the ship.

We reduced total annual expenditures by approximately 7% last year from just over $2 million to $1.88 million.

And that was our third consecutive year of expense reduction.

Since 2023, our cost base has reduced by 34%.

which is difficult to achieve in an inflationary environment, but we were able to do it.

Further, we were recognized with the 2025 Leadership in High Value IP Strategy Award by Capital Finance International.

So the takeaway is this.

The share price movements created a paper loss, but the businesses underneath are accelerating.

We closed out the year with $55 million in net assets, which translates to $0.23 or $0.17 a share and no debt.

The results are somewhat backward looking.