GST FY25: 91% revenue growth, bigger platform, bold Bitcoin pivot
GSTechnologies has posted audited results for the year to 31 March 2025 showing strong top-line momentum and an expanding fintech footprint, but with higher losses as the Group invests for scale. The headline: net operating income rose 91% to US$2.96 million, while the net loss widened to US$2.29 million as GST poured money into GS Money, regulatory compliance and integration work.
There is a strategic step-change here too: the full integration of the Bake cryptocurrency platform and a formal move to a Bitcoin treasury reserve policy after year end. Both materially change the complexion of the business for 2026 and beyond.
What drove the growth: Bake integration, GS20 traction, Angra progress
GST completed the acquisition and full integration of Cake Pte. Ltd. and Cake DeFi UAB, bringing the Bake platform into GS Fintech UAB, which also operates the GS20 Exchange. Bake adds scale and capability – prior to acquisition it reported around 700,000 registered users, 100,000 funded users and 50,000 users holding approximately US$80 million of digital assets on-platform.
The GS20 Exchange has seen steady increases in account openings and transaction volumes, with a brand refresh underway to support higher-frequency trading. The combined Bake-GS20 stack is now a single operating entity, with back-end systems consolidated and key staff onboarded.
Angra Global, the foreign exchange and payments arm, continues to build its multi-currency e-wallet proposition. It is an FCA Authorised Payment Institution (API) and holds a Canadian Money Services Business licence. An application is in train for a UK Electronic Money Institution (EMI) licence, which would enable broader services like issuing e-money and prepaid cards.
- Transaction fees and charges revenue reached US$1.23 million, alongside US$1.59 million of other service revenue.
- Disclosed transaction volumes were US$115.73 million and US$44.06 million for Angra Limited and GS Fintech UAB respectively.
European expansion: Metapay acquisition lined up
GST has agreed to acquire Metapay SP. Z.O.O in Poland, which holds a Small Payment Institution licence. Completion is subject to regulatory approvals and expected later in 2025. Post-completion it will be rebranded Angra Limited Z.O.O. Combined with the planned UK EMI licence, this should expand both reach and services across the EU payments market. Consider this one a medium-term catalyst if approvals land as planned.
Bitcoin treasury reserve: what it means and the risks
After the period end, GST adopted a Bitcoin treasury reserve policy, allowing a significant proportion of cash to be held in Bitcoin. The Board has already allocated an initial US$2 million to begin purchases at strategic intervals, supported by a July 2025 equity raise of £1.925 million to build the reserve.
Why it matters: this aligns with GST’s digital assets focus and potentially reduces counterparty and FX risks versus fiat balances, according to the Board. It also introduces crypto price volatility into treasury management. Shareholders should expect greater sensitivity to Bitcoin’s price cycle as holdings build. The policy is flexible – further purchases will depend on the Group’s day-to-day cash needs.
Income up, losses up: investment phase in full swing
Net operating income rose to US$2.96 million (FY24: US$1.55 million). The operating loss before tax increased to US$2.31 million (FY24: US$1.22 million) as GST stepped up spending.
- Net operating expenses rose to US$5.16 million (FY24: US$2.54 million), driven by staff, office and compliance costs, including Bake integration and MiCA work in the EU.
- Cost of goods sold increased to US$1.05 million (FY24: US$0.38 million), reflecting the nature and growth of Semnet and other operations.
Management expects further significant growth in the current year as Bake’s contribution is fully reflected and the integrated exchange ramps.
Balance sheet: big gross-ups from client balances, stronger cash and net assets
Cash and cash equivalents were US$4.21 million at 31 March 2025 (FY24: US$2.61 million), with gross proceeds of £1.925 million raised post year end in July 2025. Net assets increased to US$8.44 million (FY24: US$5.34 million).
You will notice material jumps in receivables (US$38.26 million) and payables (US$38.44 million). The auditor’s key audit matters explain this is an area of judgement for digital asset platforms, where client crypto and fiat balances can be presented on a gross basis – as assets with matching liabilities – subject to control and custody. In plain English: much of the size increase reflects client balances moving through the platform rather than core working capital stretch.
Regulatory runway: MiCA, EMI and compliance spend
GS Fintech UAB is actively aligning with the EU’s MiCA regulations and incurred significant legal, consulting and recruitment costs in FY25 to support licensing and compliance. Angra’s UK EMI licence application is ongoing. These outlays have held back near-term profit but are necessary to expand services and geographies in a regulated space.
Semnet: useful capability, listing ambition paused by arbitration
GST owns 66.66% of Semnet, the Singapore cybersecurity business supporting Angra, GS20 and Bake. The company had been preparing for a potential NASDAQ listing with an indicative 100% valuation of US$54 million, implying US$36 million for GST’s 67% stake, subject to a successful listing.
Post year end, GST initiated arbitration against the Semnet sellers for alleged breaches of non-compete and employment obligations, and the NASDAQ plans have been paused pending resolution. No recovery is booked – this is a clear uncertainty to watch.
Equity raises and dilution: why GST tapped the market
- April 2024: £1.25 million at 1.05 pence.
- January 2025: £2.50 million via placing and retail offer at 1.90 pence.
- July 2025: £1.925 million via placing and retail offer at 1.20 pence to fund the Bitcoin treasury.
The Board says it remains mindful of dilution and will include retail offers where practical. Given the integration, licensing and acquisition pipeline, the use of equity makes strategic sense, but it does raise the execution bar for converting today’s investment into tomorrow’s earnings.
Audit and governance notes
Clean audit opinion with no material going concern uncertainties. This was the first year for auditor RPG Crouch Chapman LLP. A related-party director loan of £32,976.36 was disclosed, unsecured at 10% interest and due by 31 December 2025, alongside travel expense allocations. It is not large in the context of the Group, but it is worth monitoring for repayment discipline.
Key numbers at a glance
| Net operating income | US$2.96 million (up 91%) |
| Operating loss before tax | US$2.31 million |
| Net loss | US$2.29 million |
| Cash and cash equivalents | US$4.21 million |
| Net assets | US$8.44 million |
| Post-period fundraise | £1.925 million (July 2025) |
My take: positioned for scale, with clear execution risks
On the positive side: the Bake acquisition looks transformational for scale and tech depth; regulatory alignment under MiCA and a UK EMI licence could be powerful; and the European push via Metapay should broaden the map. The Bitcoin treasury move is strategically coherent for a crypto-first fintech and could enhance returns during bull cycles.
On the cautious side: rising costs and compliance spend are weighing on the P&L, integration must translate to higher-quality revenue, the Semnet arbitration is an unhelpful overhang, and the Bitcoin policy adds treasury volatility. Funding has been available at modest prices, so delivery now needs to catch up with ambition.
Overall, FY25 reads like the heavy lifting year before scale. If the team lands the EMI licence, closes Metapay, completes the brand refresh and converts Bake users to higher activity, FY26 could look very different. For those who want to dive deeper, the full annual report is available via the RNS PDF and on the company website.
- Full FY25 annual report: RNS PDF
- Company site: gstechnologies.co.uk
