GenIP PLC (LSE:GNIP), the generative artificial intelligence company, said it had built up a record order book and increased its cash reserves during the first half of 2025, signalling growing demand for its technology among research groups and businesses.
The company, which listed in October last year, reported a cash balance of $1.08 million at the end of June, up from $972,000 at the turn of the year.
New orders reached $488,000 in the period, including what the group called “material contract wins” in Asia. GenIP said this had helped boost its working capital.
Total orders received since the AIM listing now stand at $981,000, with an outstanding order book of $813,000. The company said this backlog provides visibility for revenue in the second half of the year.
GenIP was acquired in June last year, with a ramp-up in spending and marketing taking place after the IPO, meaning direct comparisons with previous periods are limited.
However, the company expects first-half revenues to come in at about $128,000, slightly ahead of last year’s total of $123,000. The difference reflects the timing of several large orders, with delivery and revenue expected to follow in the coming months.
Melissa Cruz, chief executive, said: “We are extremely encouraged by the strong commercial traction we've achieved in such a short period since our IPO. The size and quality of our order book reflect the value our services bring to clients worldwide.”
The company entered new markets during the period, including Brazil, Chile and the UK’s academic sector. Its main product, Invention Evaluator, a service that assesses the potential of new inventions, accounted for most of the first half’s revenue and orders.
Another product, Vortechs, is expected to contribute more significantly in the second half.
GenIP said it continues to invest in technology, with further developments due to be delivered early in the third quarter.
The company added that it was “well positioned to deliver accelerated growth in the second half of the year and beyond”, pointing to a strong pipeline of new business and a solid balance sheet.