2026 Annual Report

29/05/2026 08:31 NZST, ANNREPP

Being AI has released its annual report for the year ended 31 March 2026.

Introduction

Being AI Limited presents its FY26 results, a year in which all operational activities ceased. The Board acted decisively to mitigate significant losses and safeguard shareholder value, with all assets now divested.

In the last quarter, the Board’s focus shifted to assessing whether any residual value remained in the entity itself and explored opportunities to realise it for the benefit of shareholders.

Financial Performance

In FY26, Being AI recorded:

• A $8.6 million profit from discontinued operations, including gains totalling $7.3 million, arising from the sale of AGE Limited and Send Global Limited.

• A $1.5 million loss from continuing operations.

While Send Global delivered strong operational results, profitability was offset by overhead costs, interest payments, and other expenses tied to Being AI.

Going concern

The consolidated financial statements of Being AI Limited have been prepared on a realisation basis, as the company’s ability to continue as a going concern is dependent on the ongoing support of Wilshire Treasury Limited. The current cost coverage commitment from Wilshire Treasury Limited is set to expire in November 2026, and the company has no other means to sustain its operations beyond this period.

Given the divestment of core assets (Send Global and Being Education), and the absence of alternative income or funding arrangements, the directors have concluded that the going concern assumption is no longer appropriate. As such, the financial statements reflect the realisable values of assets and the settlement amounts of liabilities. A provision for wind down costs of $50,000 has been recorded in the financial statements. Stakeholders and shareholders should factor this uncertainty into their assessment of the company’s financial health and future prospects.

Outlook

The Board is open to considering opportunities to unlock any remaining value in the entity for stakeholders’ benefit. If you are aware of any good businesses that may benefit from listing on the NZX, please let us know.