DJ Thalassa Holdings Ltd: 2026 Interim Results
Thalassa Holdings Ltd (THAL)
Thalassa Holdings Ltd: 2026 Interim Results
24-Sep-2026 / 14:41 GMT/BST
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Thalassa Holdings Ltd
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa", "THAL" or the "Company")
Interim Results for the period ended 30 June 2026
The Company is pleased to announce its results for the six months ended 30 June 2026. The interim results have been
submitted to the FCA and will shortly be available on the Company's website:www.thalassaholdingsltd.com
Highlights for the 6 months ended 30 June 2026
GROUP RESULTS 1H 2026 versus 1H 2025, unless otherwise stated (Unaudited)
Profit /(loss) after tax for the year (GBP0.36)m vs GBP0.01 m
Group Earnings Per Share (basic and diluted)*^1 (GBP0.02) vs GBP0.00
Book value per share*^2 GBP0.51 vs GBP0.60
Investment Holdings *^3 GBP9.0m vs GBP10.3m
Cash GBP0.1m vs GBP0.3m
*^1 based on weighted average number of shares in issue of 16,655,838 (2024: 7,945,838)
*^2 based on actual number of shares in issue as at 30 June 2025 of 16,655,838 (2024: 7,945,838)
*^3 including all holdings excl. cash
Chairman's Statement
The first half of 2026 is well and truly behind us. It was by any measure a remarkable six months for investors. Markets embraced the continued AI boom whilst simultaneously ignoring the conflict in the Middle East, and a sharp first-quarter correction was just another bump in the road, Major US Indices recovered after a 10% pull back to reach new all-time highs by the end of June…as they do!
However, the H1 Rally was not led by the Magnificent Seven (-3% for H1) as has been the case in recent years, but by companies supplying AI infrastructure, such as semiconductor, memory, and data center businesses.
Double digit corporate earnings growth for the S&P 500 drove stocks higher, allowing investors to ignore geopolitical concerns, and helping to justify multiple expansion and higher valuations.
The U.S. economy appeared impervious to rising interest rates and higher oil prices, and until recently inflation was not on the drinks list at cocktail parties in the Hamptons or St Tropez! Capital investment, especially into AI Data Centers continued to boom, while US unemployment flat lined near historical lows at 4.3%.
Higher oil prices have pushed up the cost of many goods and whilst the August PPI number came in on target at 0.4%, Oil's jump through USD100bbl won't impact inflation data for another 60 to 90 days when higher transportation costs will really hit consumers, already feeling the pain of higher mortgage rates, which at the time of writing are headed towards 7% for a 30 year fixed mortgage.
In May, Jerome Powell retired as chair of the Federal Reserve Bank and was replaced by Kevin Warsh, adding a layer of uncertainty to future US monetary policy. The longer inflation remains higher, the
greater the impact on economic growth. Crude prices have again spiked and Gasoline Prices have hit an all time high at more than USD6 per gallon---still only about a third of the price in the UK and EU!
So, with the November mid-term elections set to add to the expanded conflict in the Gulf and the possibility of sustained higher oil process the second half of 2026 may not turn out as rosy as previously expected. Now that the UK has a new Labour PM, maybe a quote from Harold Wilson, "a week is a long time in politics" can remind us how quickly things can change in both politics but also the markets.
We anticipate further volatility during the rest of 2026 with the clear possibility that the overextended US consumer may, at some point in the not-too-distant future withdraw from the stock market if interest rates don't decline rapidly in the next month or so.
HOLDINGS' HIGHLIGHTS
Newmark Security PLC or the Gang that can't shoot straight?
NWT - https://newmarksecurity.com/
-- Our comments from last year…? Newmark Security recently published Full Year 2025. Whilst results improved, they were negativelyimpacted by a 15% decline in Safetell-sales and the never-ending increase in Executive Compensation. - We have corresponded, met and corresponded again with the Chairman and CEO regarding Compensation,lack of Corporate Governance and Operational inefficiency (Safetell). We have articulated our concerns,annoyingly however, in our opinion, the Board continue to run the Company for the benefit of insiders, ratherthan in the interest of all shareholders. - We will, therefore, be voting against the Board and any of their current or future Nominees at theupcoming AGM. - Till now, our correspondence with the NWT Board has been private, however, given their refusal toaddress our concerns, we intend to write an open letter to all shareholders outlining the reasons we will nolonger support the status quo.
-- Another year and what has changed? On 21 May 2026 NWT announced Full Year Trading update which showed improvement at Grosvenor, wipedout by another disaster at Safetell. Actual numbers are due in the coming weeks. - Board changes have been made, and two new independent Directors have been appointed…but to whateffect? - On 29 July 2026, NWT announced the sale of Safetell to the company's CEO for GBP1 and extended thebuyer a GBP2m loan, effectively paying the Safetell CEO GBP1,999,999 to get the Company off NWT's books! - THAL is not an activist investor but when Boards of Companies in which we are invested appear, in ouropinion, to ignore the interest of shareholders other than themselves we have a sense of humour failure. - Conclusion: We are definitely having a sense of humour failure!
ALNA - https://www.alina-holdings.com/
-- Please refer to ALNA's website, as above.
Autonomous Robotics (ARL)
-- Deep Tech projects take time, money and effort to develop; ARL is clearly in that category. After nigh on10 years of development, we are nearing completion of a commercial, pre-production model of the Company's FlyingNode, which should have been completed by Q1 26, but due to unforeseen problems with the AUV motherboard caused bycondensation, it was decided to reconfigure the motherboard, which should be completed Q3/Q4 2026.
-- Commercial opportunities identified in both oil and gas as well as offshore clean energy projects.
-- The Ukraine/Russia War has transformed warfare as previously waged. Drones and missiles have in manyinstances replaced heavy, cumbersome and slow moving or static installations which can easily be located andidentified by aerial drones.
-- The same principles that have changed land and air warfare also true for surface and sub-surface marinewarfare where unmanned warships and drones are rapidly replacing frontline assets operated and managed by humans.
-- China Type 055 Destroyer, a US Aegis class Destroyer on steroids is soon to be joined by an unmannedmini-Aegis class destroyer with no personnel on board.
https://min.news/en/military/3fa8b520c29d55e8ceecd8bbbf8e3675.html
-- ARL commercial Node has clear Defense applications.
-- The Board and Management of ARL in conjunction with the Company's external defense consultants isactively engaged in developing defense application using the ARL commercial node platform.
AMOI - https://anemoi-international.com/
-- Please refer to Anemoi website, as above.
SUN - https://www.sigroupplc.com/
-- Surgical Innovations Group PLC (SUN LN)
is a leading UK-based designer, manufacturer, and exporter of innovative high quality medical products primarily for use in laparoscopic and robotic minimally invasive surgery.
-- THAL's holding in SUN remains unchanged at 23%
Mr Soukup serves on the Board of SUN.
-- For further information on SUN please refer to SUN's website, as above.
Conclusion
My conclusion remains unchanged with the exception that the likelihood of the eventuality that I outline below increases with every day that global trade wars escalate, and conflicts impacting inflation continue to flare up.
Rather obviously, in my opinion, Trade Wars are not goodfor Global Growth. Excessive deficits funded by Trade Partners, rapidly become unfundable if a government ostracizes its Trading Partners…which the USA is doing with exceptional success.
A protracted Trade War accompanied by higher inflation, falling demand and increased unemployment could easily result in a global economic slowdown of Biblical proportions.
If such a scenario were to play out, a reversion to the mean would result in a 50%+ correction in US markets…without any overshoot.
Duncan Soukup
Chairman
Thalassa Holdings Ltd
23 September 2026
Responsibility Statement
We confirm that to the best of our knowledge:
a. the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim FinancialReporting' and gives a true and fair view of the assets, liabilities, financial position and profit or loss of theCompany and the undertakings included in the consolidation as a whole as required by DTR 4.2.4 R;
b. the interim management report includes a fair review of the information required by DTR 4.2.7R(indication of important events during the first six months and description of principal risks and uncertaintiesfor the remaining six months of the year); and
c. the interim management report includes a fair review of the information required by DTR 4.2.8R(disclosure of related parties' transactions and changes therein).
Cautionary statement
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DJ Thalassa Holdings Ltd: 2026 Interim Results -2-
This Interim Management Report (IMR) has been prepared solely to provide additional information to shareholders to assess the Company's strategies and the potential for those strategies to succeed. The IMR should not be relied on by any other party or for any other purpose.
Duncan Soukup
Chairman
Thalassa Holdings Ltd
23 September 2026
Financial Review
Total income from operations for the period to 30 June 2026 was GBP0.2m (1H25: GBP0.6m).
Cost of Sales was GBP18k (1H25: GBP23k) comprising development costs (net of capitalised costs) at ARL and direct financial holdings expenses, resulting in a Gross Profit of GBP0.1m (1H25: gross profit GBP0.6m).
Administration expenses were GBP0.4m (1H25: GBP0.4m income). Depreciation costs were GBP0.01m (1H25: GBP0.02m).
Operating Loss decreased to GBP0.3m (1H25 Profit: GBP0.1m).
Loss before tax was GBP0.4m (1H25 profit: GBP0.01m).
Net assets at 30 June 2026 amounted to GBP8.5m (1H25: GBP10.1m).
Net cash (being cash balances less any financial borrowings) was GBP0.1m as at 30 June 2026 (1H25: GBP0.3m).
Net cash outflow from operating activities amounted to GBP0.22m compared to inflow GBP0.16m in 1H25.
Net cash inflow from investing activities amounted to GBP0.15m, compared to 1H25 outflow of GBP0.06m.
Net cash outflow from financing activities amounted to GBP0.01m (1H25: outflow GBP0.01m).
Interim Condensed Consolidated Statement of Income
For the six months ended 30 June 2026
Six months Six months Year
ended ended ended
30 Jun 26 30 Jun 25 31 Dec 25
Unaudited Unaudited Audited
Note GBP GBP GBP
Income 3 5,682 12,152 17,753
Net gains/(losses) on investments at fair value 147,467 566,066 392,641
Investment dividend income 3,006 3,726 5,016
Currency gains/(losses) - - -
Total Income 156,155 581,944 415,410
Financial holdings expenses (5,979) (14,179) (20,167)
Other cost of sales (12,155) (8,460) (46,973)
Total Cost of sales (18,134) (22,639) (67,140)
Gross Profit 138,021 559,305 348,270
Administrative expenses excluding exceptional costs (384,486) (425,585) (564,156)
Exceptional administration costs - - -
Total administrative expenses (384,486) (425,585) (564,156)
Operating profit/(loss) before depreciation (246,465) 133,720 (215,886)
Depreciation and Amortisation 5&6 (8,037) (22,640) (30,806)
Operating profit/(loss) (254,502) 111,080 (246,692)
Net financial income/(expense) 22,798 22,314 44,842
Other gains/(losses) (15,771) - (61,045)
Impairment of financial assets (22,955) - (851,977)
Impairment of associated entities - - -
Share of losses of associated entities (148,310) (120,838) (252,366)
Profit/(loss) before taxation (418,740) 12,556 (1,367,238)
Taxation 63,056 (264) (1,176)
Profit/(loss) for the year (355,684) 12,292 (1,368,414)
Attributable to:
Equity shareholders of the parent (355,684) 12,292 (1,368,414)
Non-controlling interest - - -
(355,684) 12,292 (1,368,414)
Earnings per share - GBP (using weighted average number of
shares)
Basic and Diluted 4 (0.02) 0.00 (0.08)
The notes on pages 15 to 20 form an integral part of this consolidated interim financial information.
Interim Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2026
Six months Six months Year
ended ended ended
30 Jun 26 30 Jun 25 31 Dec 25
Unaudited Unaudited Audited
GBP GBP GBP
Profit/(loss) for the financial year (355,684) 12,292 (1,368,414)
Other comprehensive income:
Exchange differences on re-translating foreign operations 52,821 (346,631) (273,965)
Total comprehensive income (302,863) (334,339) (1,642,379)
Attributable to:
Equity shareholders of the parent (302,863) (334,339) (1,642,379)
Non-Controlling interest - - -
Total Comprehensive income (302,863) (334,339) (1,642,379)
The notes on pages 15 to 20 form an integral part of this consolidated interim financial information
Interim Condensed Consolidated Statement of Financial Position
As at 30 June 2026
As at As at As at
30 Jun 26 30 Jun 25 31 Dec 25
Note Unaudited Unaudited Audited
Assets GBP GBP GBP
Non-current assets
Intangible assets 5 2,568,219 2,158,446 2,386,119
Property, plant and equipment 6 7,780 23,984 15,817
Loans 8 1,108,857 2,620,661 1,087,123
Investments in associated entities 9 1,256,614 1,497,033 1,390,672
Total non-current assets 4,941,470 6,300,124 4,879,731
Current assets
Trade and other receivables 571,452 209,640 833,452
Investments at fair value through profit or loss 7 3,468,484 3,813,679 3,417,171
Cash and cash equivalents 134,886 295,194 159,569
Total current assets 4,174,822 4,318,513 4,410,192
Liabilities
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DJ Thalassa Holdings Ltd: 2026 Interim Results -3-
Current liabilities Trade and other payables 601,691 539,696 464,632 Lease liabilities 10 7,926 15,752 15,753 Total current liabilities 609,617 555,448 480,385 Net current assets 3,565,205 3,763,065 3,929,807 Non-current liabilities Lease liabilities. 10 - 7,732 - Total non-current liabilities - 7,732 - Net assets 8,506,675 10,055,457 8,809,538 Shareholders' Equity Share capital 12 196,029 196,029 196,029 Share premium 23,814,893 23,752,772 23,814,893 Treasury shares (8,558,935) (8,558,935) (8,558,935) Other reserves (1,620,859) (1,620,859) (1,620,859) Foreign exchange reserve 4,029,733 3,904,246 3,976,912 Retained earnings (9,354,186) (7,617,796) (8,998,502) Total shareholders' equity 8,506,675 10,055,457 8,809,538 Total equity 8,506,675 10,055,457 8,809,538
The notes on pages 15 to 20 form an integral part of this consolidated interim financial information.
These financial statements were approved by the board on 23 September 2026.
Signed on behalf of the board by:
Duncan Soukup
Interim Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2026
As at As at As at
30 Jun 26 30 Jun 25 31 Dec 25
Unaudited Unaudited Audited
Notes GBP GBP GBP
Profit/(Loss) before taxation from: (418,740) 12,556 (1,367,238)
Adjustments for:
Net finance costs (22,925) (25,455) (44,842)
Other income - - 61,045
Impairment losses on investments 22,955 - 851,977
(Increase)/decrease in trade and other receivables 29,743 326,953 247,935
(Decrease)/increase in trade and other payables 137,059 (33,812) (108,876)
(Gain)/loss on disposal of portfolio investments 2,816 (225,861) (253,980)
Net exchange differences (38,620) 297,226 138,209
Depreciation and amortisation 5&6 8,037 22,640 30,806
Share of losses of associate 149,220 120,838 252,366
Fair value movement on portfolio investments (149,950) (334,562) (130,638)
Cash generated by operations (280,405) 160,523 (323,236)
Taxation 63,056 (264) (1,176)
Net cash flow from operating activities (217,349) 160,259 (324,412)
Cash flows from investing activities
Interest Income 333 3,290 363
Interest Expense - (149) (832)
Sale/(purchase) of intangible assets 5 (182,100) (172,170) (399,843)
Receipts from Tappit restitution 232,257 - 224,856
Net (purchase)/sale of portfolio investments 7 97,355 111,705 165,185
Net cash flow in investing activities 147,845 (57,324) (10,271)
Cash flows from financing activities
Issuance of share capital - - 144,738
Repayment of borrowings (8,000) (8,000) (15,365)
Net cash flow from financing activities (8,000) (8,000) 129,373
Net increase in cash and cash equivalents (77,504) 94,935 (205,310)
Cash and cash equivalents at the start of the year 159,569 546,890 546,890
Effects of exchange rate changes on cash and cash equivalents 52,821 (346,631) (182,011)
Cash and cash equivalents at the end of the year 134,886 295,194 159,569
The notes on pages 15 to 20 form an integral part of this consolidated interim financial information.
Interim Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2026
Share Share Treasury Other Foreign Exchange Retained
Capital Premium Shares Reserves Reserve Earnings Total
GBP GBP GBP GBP GBP GBP GBP
Balance as at 196,029 23,752,772 (8,558,935) (1,620,859) 4,250,877 (7,630,088) 10,389,796
31 December 2024
Total comprehensive - - - - (346,631) 12,292 (334,339)
income
Balance as at 196,029 23,752,772 (8,558,935) (1,620,859) 3,904,246 (7,617,796) 10,055,457
30 June 2025
Other reserves - - 62,121 - - - - 62,121
warrants
Total comprehensive - - - - 72,666 (1,380,706) (1,308,040)
income
Balance as at 196,029 23,814,893 (8,558,935) (1,620,859) 3,976,912 (8,998,502) 8,809,538
31 December 2025
Total comprehensive - - - - 52,821 (355,684) (302,863)
income
Balance as at 196,029 23,814,893 (8,558,935) (1,620,859) 4,029,733 (9,354,186) 8,506,675
30 June 2026
The notes on pages 15 to 20 form an integral part of this consolidated interim financial information.
Notes to the Interim Condensed Consolidated Financial Information
1. General information
Thalassa Holdings Ltd (the "Company") is a British Virgin Island ("BVI") International business company ("IBC"), incorporated and registered in the BVI on 26 September 2007. The Company is a holding company with various interests across a number of industries.
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DJ Thalassa Holdings Ltd: 2026 Interim Results -4-
Autonomous Robotics Limited ("ARL" - formerly GO Science 2013 Ltd) is a wholly owned subsidiary of Thalassa and is an Autonomous Underwater Vehicle ("AUV") research and development company.
Apeiron Holdings (BVI) Ltd is a BVI registered company and is wholly owned by Thalassa. It owns 100% of Alfalfa Holdings AG which is a company registered in Switzerland.
Thalassa Holdings (II) Ltd is a wholly owned subsidiary of Thalassa which is non-operational, incorporated and registered in the BVI on 30 January 2023.
DOA Alpha Ltd is a wholly owned subsidiary of Thalassa which is non-operational and registered in the BVI. It has two additional subsidiaries, DOA Exploration Ltd registered in England and Wales and DOA Delta Ltd registered in the BVI, both non-operational.
2. Significant Accounting policies
The Company prepares its accounts in accordance with applicable UK Adopted International Accounting Standards.
The accounting policies applied by the Company in this unaudited consolidated interim financial information are the same as those applied by the Company in its consolidated financial statements as at and for the period ended 31 December 2025 except as detailed below.
The financial information has been prepared under the historical cost convention, as modified by the accounting standard for financial instruments at fair value.
2.1. Basis of preparation
The condensed consolidated interim financial information for the six months ended 30 June 2026 has been prepared in accordance with International Accounting Standard No. 34, 'Interim Financial Reporting'. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended 31 December 2025. Prior year comparatives have been reclassified to conform to current year presentation.
These condensed interim financial statements for the six months ended 30 June 2026 and 30 June 2025 are unaudited and do not constitute full accounts. The comparative figures for the period ended 31 December 2025 are extracted from the 2025 audited financial statements. The independent auditor's report on the 2025 financial statements was not qualified.
All intra-company transactions, balances, income and expenses are eliminated in full on consolidation.
2.2. Going concern
The financial information has been prepared on the going concern basis as management consider that the Company has sufficient cash to fund its current commitments for the foreseeable future.
3. Segment Information
Management have chosen to organise the Group information by revenue generated. During the period the Group had two operating segments comprised of rental income through the Aperion Group and Product Development through the rest of the Group.
Rental Income Other non-reportable segments Total Continuing Operations
GBP GBP GBP
Segment income statement
Revenue 5,682 - 5,682
Expenses (6,745) (409,640) (416,385)
Depreciation - (8,037) (8,037)
Profit/loss before tax (1,063) (417,677) (418,740)
Attributable income tax expense (237) 63,293 63,056
Profit/loss for the period (1,300) (354,384) (355,684)
4. Earnings per share
Six months Six months Year
ended ended ended
30 Jun 26 30 Jun 25 31 Dec 25
Unaudited Unaudited Audited
The calculation of earnings per share is based on
the following loss and number of shares:
Profit/(loss) for the period (355,684) 12,292 (1,368,414)
Weighted average number of shares of the Company 16,655,838 16,655,838 16,655,838
Earnings per share:
Basic and Diluted (GBP) (0.02) 0.00 (0.08)
Number of shares outstanding at the period end: 16,655,838 16,655,838 16,655,838
5. Intangible assets
Development
costs Patents Total
GBP GBP GBP
At 31 December 2025
Cost 2,183,347 202,772 2,386,119
Accumulated amortisation - - -
Net book amount 2,183,347 202,772 2,386,119
Half-year ended 30 June 2026
Opening net book amount 2,183,347 202,772 2,386,119
FX movement - - -
2,183,347 202,772 2,386,119
Additions 178,071 4,029 182,100
Amortisation charge - - -
Closing net book amount 2,361,418 206,801 2,568,219
At 30 June 2026
Cost 2,361,418 206,801 2,568,219
Accumulated amortisation - - -
Net book amount 2,361,418 206,801 2,568,219
The intangible assets held by the Company increased as a result of capitalising the development costs of Autonomous Robotics Ltd ("ARL").
6. Property, plant and equipment
Plant
Land and and Motor
Total buildings Equipment Vehicles
Cost GBP GBP GBP GBP
Cost at 1 January 2026 375,346 31,118 107,715 236,513
FX movement - - - -
375,346 31,118 107,715 236,513
Additions - - - -
Disposals - - - -
Cost at 30 June 2026 375,346 31,118 107,715 236,513
Depreciation
Depreciation at 1 January 2026 359,529 15,559 107,457 236,513
FX movement - - - -
359,529 15,559 107,457 236,513
Charge for the year on continuing operations 8,037 7,779 258 -
Disposal - - - -
Foreign exchange effect on year end translation - - - -
Depreciation at 30 June 2026 367,566 23,338 107,715 236,513
Closing net book value at 30 June 2026 7,780 7,780 - -
7. Securities
The Company classifies the following financial assets at fair value through profit or loss (FVPL):-
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