Highlights

  • Project Ixian has progressed into a pre-contract stage with an initial customer.
  • Cash balances increased following capital raising and lower reported liabilities.
  • Delivery activity expanded across allied defence programmes and technology partners.

Defence Holdings PLC (LSE:ALRT) released an operational update alongside its unaudited interim results for the six-month period ended 30 September 2025. The update outlines progress across the Company’s defence-technology activities, including programme development, organisational changes, and engagement with allied defence stakeholders.

During the reporting period, Defence Holdings continued its transition to a defence-focused operating model following its readmission to the Main Market of the London Stock Exchange in July 2025. The Company also completed a cross-listing on the US OTC Market under ticker ALRDF, broadening investor access in North America. Management indicated that delivery activity increased as development programmes advanced and stakeholder engagement widened.

Project Ixian: Movement Toward Contract Finalisation
Project Ixian represented a key area of operational focus during the period. Defence Holdings confirmed that the programme has entered a pre-contract pathway and is now in the final stages of contract finalisation with its first customer. The update stated that this transition reflects the programme’s technical maturity and alignment with current operational requirements.

Further technical development iterations were completed during the period, incorporating feedback from operational engagement. The Company noted that confidentiality and procurement restrictions continue to limit the level of detail disclosed, with further updates expected once those constraints are lifted.

Partnerships and Delivery Integration
During the interim period, Defence Holdings formalised a strategic partnership with UK-based AI infrastructure provider Whitespace. The partnership operates through the Defence Technologies platform and focuses on sovereign-ready AI delivery for defence and national-security customers. Multiple co-development workstreams commenced, including intelligence fusion, autonomous decision-support, cyber resilience, and information-domain operations.

The Company committed GBP 1.0 million to co-development activities under the partnership, with GBP 0.5 million paid before the reporting date and the remainder settled shortly thereafter. In parallel, Defence Holdings expanded technical workstreams with global hyperscale technology partners, covering secure deployment, edge inference, and integration into classified environments.

Financial and Corporate Overview
The interim results showed a material change in the Company’s balance sheet. Total assets increased from GBP 77,000 to GBP 2.72 million, while total liabilities declined from GBP 729,000 to GBP 78,000. Cash balances rose from GBP 69,000 to GBP 2.21 million at period end.

Gross proceeds of GBP 3.45 million were raised during the period, including GBP 350,000 subscribed by certain Board members. Following the reporting period, Defence Holdings utilised its at-the-market equity facility, raising GBP 620,317.49 in gross proceeds as of 18 December 2025.

Leadership and Governance Update
The Company confirmed it is in the advanced stages of appointing a Chief Executive Officer, with a further update expected in Q1 2026. During the period, Defence Holdings also completed several governance appointments, including the appointment of a Non-Executive Chairman and a Chief Technology Officer, and expanded engagement with NATO-aligned industry forums.

Share Price Snapshot
ALRT was trading at GBX 1.25 per share as of 22 December 2025.