September Update and Circular to Shareholders

Medpal AI PLC

06 October 2026

 

6 October 2026

MedPal AI plc

(“MedPal”, the “Company” or the “Group”)

September Trading Update

Publication of Circular to Shareholders

Top line revenue growth takes annualised run rate to over £38 million

Monthly revenue from repeat orders and recurring business over £1 million in September

MedPal AI plc (AIM: MPAL; FRA: Z1N), the AI-native digital health and pharmacy group, reports further growth in September 2026 and announces a General Meeting of shareholders.

Highlights

•              New Health revenue of over £2.7 million in September 2026, up approximately 50 per cent. on £1.8 million in August 2026, from over 22,600 orders. The month finished well ahead of the pace reported on 21 September, with daily revenue in the final eleven days approximately 50 per cent. higher than in the first nineteen.

•              Group annualised revenue run rate is now over £38 million, up from over £35 million reported on 21 September 2026 and approximately £28 million for August 2026. This is September revenue multiplied by twelve, not a forecast.

•              Over £1 million of September 2026 revenue came from New Health repeat orders and NHS prescriptions and eMARx subscriptions together representing around one third of Group September 2026 revenue of approximately £3.2 million. Repeat orders carry no acquisition cost and had an average order value approximately 20 per cent. higher than first orders. The Board expects this share to rise month on month as recent customers reach their first reorder date.

•              The Group dispensed 58,859 prescription items and orders in September 2026.

•              New Health has now served more than 33,500 customers since marketing began in July 2026, up from more than 25,000 reported on 21 September 2026.

Outlook

The expanded GLP-1 line at Sarus Court, which will increase capacity to 14,000 orders a day and was funded by the £5 million placing completed on 24 September 2026, remains on track to open by the end of October 2026.

The Board’s priorities remain expanding capacity, increasing repeat business and concluding the working capital facility discussions announced on 21 September 2026. The Company expects to report October 2026 trading in early November 2026.

Jason Drummond, Founder and Chief Executive Officer, commented:

“New Health grew revenue by approximately 50 per cent. in September and finished the month well ahead of the pace we reported two weeks ago. Across the Group, repeat orders and recurring revenue contributed over £1 million, around a third of the month, and we expect that share will grow as more customers reach their first reorder date. Our expanded GLP-1 line opens this month, giving us capacity for 14,000 orders a day. We believe that there is more growth to come.”

Notice of General Meeting

The Company will shortly be calling a general meeting of the Company to seek shareholder approval to renew the general authorities of the Directors to issue equity securities.

As a result of the issues of equity during the last six months and following the grant of the Warrant Shares (as defined and detailed below), MedPal has almost exhausted the authorities granted by shareholders at its AGM on 30 March 2026. Some of this equity, principally in the case of eMARx, has been used as consideration for acquisitions and where possible the Company has issued new ordinary shares in lieu of fees in order to preserve its cash resources.  Alongside this, growth in sales has been even more rapid than the Directors had anticipated and meeting the high levels of customer demand and achieving the current rate of trading would have been impossible without the equity funds that have been raised by the Company. As a young company, the Group currently pays for medication before it is delivered and subsequently receives payment from the NHS and receives rebates from GLP-1 suppliers and reimbursement of VAT from HMRC, creating a working capital gap that needed to be filled.

The Company has opened discussions with UK clearing banks regarding a working capital facility secured on its receivables and expects supplier credit terms to follow as its trading record lengthens. If a facility is secured, the Board would expect it to reduce the need to raise further equity to fund the Group's working capital cycle as growth continues, however the authority being sought by the Company will provide it with the ability, should it be necessary, to raise further funds, or issue ordinary shares as consideration should an acquisition opportunity arise, prior to the renewal of its authorities at its next AGM, expected to be in March 2027. 

The Company also confirms that, under the terms of its engagement with Clear Capital Markets Limited (“Clear Capital”) as broker, in relation to fundraises that Clear Capital undertook on behalf of the Company since its admission to trading on AIM, Clear Capital is entitled to warrants (the “Warrants”) as set out below. 

Fundraise	Amount Raised	Number of Warrants	Exercise Price	Exercise Period
1 October 2025	£400,000	5,000,000	8p	the period ending on 8 October 2030
4 December 2025 - 25 February (ATM Facility)	£1,987,650	7,480,242	5.01p	the period ending on 3 March 2029
20 March 2026	£527,000	5,270,000	2.5p	the period ending on 26 March 2031
Total	2,914,650	17,750,242	-

The Company has today granted, and Clear Capital has exercised, Warrants over 3,700,000 ordinary shares (“Warrant Shares”) at an exercise price of 2.5p on account of the 5,270,000 Warrants to be granted to Clear Capital in respect of the placing completed on 20 March 2026.

The Warrant Shares were granted under the Company’s existing shareholder authorities. Subject to the Company being granted the necessary authorities to allot the balance of the Warrants at the General Meeting, the Company shall  grant the remaining Warrants  to Clear Capital on or immediately after the date of the General Meeting.

A circular and notice of general meeting will be posted by 9 October 2026 and will be available on the Company’s website at www.medpal.ai.

Admission and Total Voting Rights

The Warrant Shares will rank pari passu in all respects with the existing ordinary shares of the Company, including the right to receive all .”). It is expected that Admission will become effective and dealings in the Warrant Shares will commence at 8.00 a.m. on 9 October 2026.

Following Admission, the Company’s issued ordinary share capital will consist of 889,949,135 ordinary shares of £0.0002 each, with one voting right per share. No ordinary shares are held in treasury. The total number of voting rights in the Company following Admission will therefore be 889,949,135, which figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). The Directors of the Company are responsible for the contents of this announcement.

For further information please contact:

Enquiries:

MedPal AI plc Jason Drummond, Chief Executive Officer	Via Square1 Consulting
Cairn Financial Advisers LLP (Nomad) Louise O'Driscoll / Jo Turner	[phone]
Merlin Partners LLP (formerly known as Oak Securities)	[phone]
Clear Capital Markets Limited Bob Roberts	[phone]
Square1 Consulting – David Bick	[phone] / [phone]

About MedPal AI plc

MedPal AI plc (AIM: MPAL; FRA: Z1N) is a vertically integrated, AI-native digital health and pharmacy group. The Group operates NHS Distance Selling Pharmacy hubs at Sarus Court, Runcorn and Swaffham, New Health (new.co.uk), a dedicated GLP-1 weight management clinic, a B2B care home pharmacy supply business, eMARx, the Group’s electronic medication administration record software for care homes, and Juno, an agentic AI health companion built on Anthropic’s Claude. MedPal’s ambition is to build the UK’s leading Health OS: a single platform connecting prescribing, dispensing, delivery, administration and AI-driven patient support. The Company’s LEI is 984500EDP8B0A14CBA61.

Forward Looking Statements

This announcement contains forward-looking statements, which are based on the Company’s current expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Forward-looking statements are often identified by words such as “believes”, “expects”, “intends”, “may”, “will”, “should”, “anticipates”, “estimates”, “plans” or similar expressions. These statements, including statements regarding the Group’s annualised revenue run rate, its expected receipt of rebates and VAT reclaims and the prospect of securing bank funding, are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Annualised figures are calculated from a short period of trading and are not forecasts. No statement in this announcement is intended to be a profit forecast. The Company undertakes no obligation to update any forward-looking statements except as required by law or the AIM Rules for Companies.

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