Rezolve AI PLC Ordinary Shares 2026 Q2 Earnings Call

Please go ahead. Thank you operator, and good morning, everyone.

Before we begin, I would just like to remind you that today's discussion will include some forward-looking statements. These statements include, amongst other matters, our expectations regarding full year revenue, annual recurring revenue, second half performance and seasonality, enterprise deployments, partner-led distribution, infrastructure licensing, the commercial potential of our technology, and our future operating and financial performance. Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to materially differ. Please refer to risk factors contained in Rezolve AI's annual report on Form 20-F and our subsequent filings with the Securities and Exchange Commission. We will also refer to annual recurring revenue or ARR, which is a non-GAAP operating metric. ARR is not a substitute for revenue recognized under U.S. GAAP and is not a forecast of future recognized revenue.

The definition of ARR is included in today's results announcement. Our results announcement and financial statements are available on Rezolve AI's investor relations website. I will now hand over to Dan Wagner, our founder, chairman, and CEO.

Dan, over to you. Thank you, Crispin, and good morning, everybody.

H1 2026 was a breakout period for Rezolve AI. Revenue reached $130.8 million, compared with $6.3 million in H1 2025, an increase of approximately 1,970%, or nearly 21 times. In six months, we generated nearly three times the revenue that we reported for the whole of 2025. Our customer base also expanded to more than 1,640, compared to just over 950 at the year-end. These figures demonstrate that Rezolve can execute against ambitious growth objectives, but if the investment case is larger, then the H1 numbers alone point out. I want to focus today on three developments that reinforce one another. First, we have built an increasingly powerful suite of agentic commerce, customer engagement, loyalty, and payments capabilities. Second, Microsoft, Google, Tata Consultancy Services, and Tech Mahindra provide Rezolve with global routes to market, enterprise deployment, and infrastructure adoption.

Third, the proprietary data intelligence, transaction, and payment infrastructure beneath our products can increasingly be licensed independently, creating a potentially much larger long-term opportunity for Rezolve AI. We are a business entering global scale. Our immediate priority remains execution. We now serve more than 1,640 enterprise customers across the group. Publicly disclosed customer relationships include companies such as H&M, ASOS, Ferrero, Myntra, Rakuten Group, Omaha Steaks, Cineplex, Target, New Era, BJ's Wholesale Club, Rebag, The Container Store, Urban Outfitters, Mango, Qatar Airways, and Graybar. I will not go through all 1,640, but they are all of equal quality. The significance is not simply the number of customers. It is the installed base we are creating for the broader adoption of our technology. Our products address the principal stages of the modern commerce journey. Brain Commerce supports intelligent product discovery and customer engagement. Brain Checkout and our payments capabilities support transaction execution.

brainpowa provides sophisticated commerce intelligence and is our proprietary large language model. TraceWare, Auditable AI, and Rezolve Provenance provide accuracy, accountability, and trust. Our proprietary distributed database platform provides the reliable, current, and verifiable data infrastructure that AI agents require. Together, these capabilities create the rails through which AI agents can access trusted information, understand intent, make decisions, engage customers, execute transactions, and support payments. We are distributing this technology through global industry leaders. We are also scaling differently from a conventional enterprise software company. We are not attempting to build this business one customer and one salesperson at a time. Our relationships with Microsoft, Google, Tata Consultancy Services, and Tech Mahindra provide access to global cloud marketplaces, enterprise sales organizations, established customer relationships, and large-scale implementation capacity.

Our brainpowa commerce-tuned models are available through Microsoft Foundry and can be deployed on Microsoft Azure with integrations across Microsoft Dynamics 365 and Microsoft 365 Copilot. Our relationship with Tata Consultancy Services combines Rezolve AI agentic commerce technology with Tata Consultancy Services' global enterprise relationships, implementation expertise, and delivery network. Our alliance with Tech Mahindra provides a route to market through more than 1,100 enterprise customers, approximately 146,000 professionals and operations across 90 countries. Our relationship with Google spans both the commercial distribution and infrastructure adoption. These relationships are not simply logos. They are routes through which Rezolve AI technology can be introduced, procured, integrated, and deployed within enterprise environments around the world. They give us the potential to reach a substantially larger enterprise market without replicating the full cost, headcount, and geographic footprint of our partners.

Google validates the infrastructure opportunity, which is a very important strategic development following the half one period end, was Google's selection of Rezolve AI's proprietary distributed database technology after an extensive technical evaluation. The technology is being deployed at infrastructure level within Google Cloud, providing indexing and data pipelines supporting Google Cloud Web3 datasets. The initial deployment covers approximately 100 terabytes of data, which is a lot of data, across 10 blockchain networks, which is a lot of blockchains. This is important because Google did not simply select a front-end commerce application. It selected underlying Rezolve AI infrastructure for deployment inside of one of the world's leading technology platforms. This is a significant external validation of both our technology and our infrastructure strategy. The technology was built to provide accurate, current, and verifiable data at scale. That capability is essential as AI evolves from answering questions to taking actions and executing transactions.

AI agents will only be as reliable as the data, intelligence, and transaction infrastructure beneath them. S&P Global Market Intelligence forecasts that annual spending on AI infrastructure supporting data ingestion, integration, and preparation will grow from approximately $109 billion in 2025 to $209 billion by 2030. We believe Google's selection establishes an important reference deployment from which Rezolve can license its infrastructure more broadly across cloud computing, commerce, payments, financial services, digital assets, and other enterprise markets. We also believe Google is the beginning of this opportunity, not its conclusion. We expect to announce further infrastructure licensing agreements in the near term. Payments, loyalty, and production scale validation. We are making important progress across payments and loyalty as well. The completion of the Reward acquisition expanded our capabilities across more than 15 markets.

Reward now has relationships with Barclays, Visa, Mastercard, NatWest, and Mashreq and has returned more than $2 billion in cashbacks to customers. Following the period end, our partnership with Zilch extended these capabilities into a payments platform servicing almost 6 million customers and driving more than $3.3 billion annually to our partner merchants. Our technology also demonstrated production scale during the FIFA 2026 World Cup. Measurement period from June 1 through July 31. Across 16 stadiums, the platform processed approximately 103 million app opens from 9.86 million unique devices and recorded 5.84 million geofence events. These are important proof points. They show that Rezolve technology is not confined to demonstrations or pilot projects. It operates inside live, high-volume environments. As we move into H2, we have a seasonally stronger second half. Before I hand back to Arthur, I want to address the shape of the year.

The revenue profile for Rezolve is weighted towards the second half. Last year, we did $40 million in the second half versus $6 million in the first, and this is reflecting the peak retail and holiday trading, customer campaign activity, enterprise deployment timing, and increased partner-led distribution. Our approximately $360 million of full-year revenue guidance implies half-two revenue of approximately $229 million, around 75% greater than H1. We believe our expanded customer base, growing product suite, enterprise deployments, and global distribution relationships provide a strong foundation for that expected second half performance. We therefore reaffirm our expectation of approximately $360 million of revenue for fiscal year 2026, and our target of at least $500 million of ARR as we exit the year. I now hand the call to Arthur to discuss our financial performance in more detail.

Thank you, Dan. Hello, everybody. Let me walk us through our financial performance for the first half of 2026. Revenue for the six months ending June 30, 2026 was $130.8 million, compared with $6.3 million in the first half of 2025. This represents a transformational increase in the scale of our business and reflects the significant progress we have made in expanding our customer base, deployments, and revenue-generating activities. Gross profit increased to $63.9 million, compared with $6 million in the prior year period, with a gross margin of 48.9%. Our gross margin today reflects the current mix of software professional services, loyalty, and platform activities, as well as the delivery and implementation costs associated with rapidly scaling enterprise deployments. It is important to emphasize that not all revenue streams carry the same margin profile.