Unaudited Half-year Report

MicroSalt PLC

29 September 2026

 

29 September 2026

MicroSalt plc

("MicroSalt", “the Company" or the “Group")

Unaudited Half-yearly Report for the period ending 30 June 2026

MicroSalt plc, (AIM: SALT) a company commercialising a patented technology to produce full-flavour low-sodium salt, is pleased to announce its unaudited results for the six-month period ended 30 June 2026 (“H1 2026” or the “Period”).

Highlights:

	Record revenue of US$1.4m (H1 2025: US$0.8m) up 67% reflecting our ongoing focus on bulk sales.
	Gross margins improved from 1% (H1 2025) to 12% during the period. The Company expects further margin improvement reflecting increased production efficiencies, manufacturing scale and a growing proportion of higher end margin commercial successes.
	Net loss of US$1.5m (H1 2025: US$1.9m) reflecting improvement to bulk sales as well as developing economies of scale in both production and sales efforts.
	Commenced commercialisation and consumer testing with a number of multinational FMCG companies and food manufacturers for bulk salt.
	Continuing advanced discussions with major food manufacturers, particularly Customer 3, with volume estimates of approximately US$3.1m for the balance of 2026.  If delivered, this would result in full year revenue of US$4.5m. Achievement of this full year revenue expectation is dependent upon the timing of the rollout with Customer 3, and their launch of at least 17 new formulations in Q4 2026.
	The strong pipeline of significant customer projects, together with the rollout mentioned above, leaves the Board confident with the $15m sales forecast for FY27.
	Important R&D projects focused on MicroSalt Premium and its sales rollout which will lead to additional markets and new potential applications both short- and long-term.
	Post Period end, and subject to shareholder approval on 2 October 2026, the Company significantly strengthened its balance sheet through:
	An oversubscribed equity fundraising totalling approximately $2.0m before expenses.
	The conversion of $2.4m of convertible lean notes into equity, the shares of which were admitted to trading on AIM on 25 September 2026.

This leaves the Company with significantly reduced debt levels and cash available until the Company becomes trading cash flow positive which is expected when the customer 3 rollout noted above reaches forecast volumes.

Rick Guiney, CEO of MicroSalt commented: “The first half of 2026 demonstrates the continued strength of our commercial model. Despite the previously reported delay in rollout of the very large snack food order for logistical reasons unrelated to MicroSalt, revenues still increased by 75%; we expanded relationships with existing multinational customers, secured new customers and delivered more than 1.4 billion healthier servings of MicroSalt globally.

“Importantly, momentum continues to be driven by recurring customer demand, expanding product adoption and a growing commercial pipeline. While the qualification process for large food manufacturers can be extensive, requiring rigorous testing, validation and reformulation work, successful adoption typically reflects a significant investment by customers in our product and helps foster long-term commercial relationships. MicroSalt is being rolled out into one of the marquee product lines of one of the largest snack food companies in the world, providing absolute validation of our products efficacy in reducing salt, whilst keeping the flavour profile unchanged.

“We believe MicroSalt is increasingly establishing itself as a commercially proven solution for food manufacturers seeking meaningful sodium reduction without compromising taste, functionality or clean-label requirements. With improving margins, increasing revenue visibility and continued innovation across our product portfolio, we remain confident in our proposition."

For more information, please visit www.microsaltinc.com, follow on X @microSaltPLC or contact:

MicroSalt plc	Via Gracechurch PR
Rick Guiney, CEO
Gary Urmston, Interim CFO
Zeus (Nominated adviser and broker)	[phone]
David Foreman / Ed Beddows (Investment Banking) Nick Searle (Head of Equity Capital Markets)
Gracechurch Group (Financial PR)	[phone]
Heather Armstrong / Alexis Gore / Rebecca Scott

About MicroSalt

MicroSalt is disrupting the global salt market with its patented, full-flavour, low-sodium salt designed for both food manufacturers and consumers. Using proprietary micron-sized particles, MicroSalt delivers the same salty taste as traditional salt with approximately 50% less sodium, offering a scalable solution to one of the world's most pressing health challenges.

Excess sodium consumption is a leading contributor to cardiovascular disease, the world's number one cause of death. The World Health Organisation has targeted a 30% reduction in global sodium intake by 2025, a shift projected to save seven million lives by 2030. The economic case is equally compelling: in the UK alone, cardiovascular disease costs £19 billion annually, and reducing average daily salt intake by just one gram could save over 4,000 lives and £288 million each year. 

Operational since 2018, MicroSalt has established a defensible IP portfolio, holding a granted US patent and 14 pending applications worldwide. These protections create significant barriers to entry in a market expected to grow exponentially as regulation and consumer demand accelerate.

MicroSalt is ideally positioned for scale and market leadership, with clear pathways into food manufacturing, consumer channels, and ultimately the broader £10+ billion global salt market. MicroSalt is more than a healthier alternative-it is a disruptive, category-defining solution poised to deliver significant commercial and societal impact.

Chief Executive Officer’s statement

Introduction

Our mission is to reduce excess sodium consumption which significantly contributes to hypertension and heart disease, by providing a full-flavour salt with approximately 50% less sodium than traditional salt for food manufacturers and consumers.

To achieve this, we have developed a patent protected and scalable manufacturing process that produces a salt crystal that is approximately 100 times smaller than traditional salt. Due to its micron sized particles, MicroSalt has improved adhesion to food (compared with traditional salt crystals) and dissolves much faster on the tongue, thereby delivering the same sense of saltiness but using approximately half the amount of sodium.

H1 2026 was an exciting period for MicroSalt where we saw success in our continued R&D efforts, infrastructure and staffing improvements, and strategic growth. As we promote our vision of a healthier future through reduced sodium in today’s diets, we are discovering more possibilities and commercial opportunities. We have established an active B2B pipeline for future growth and we have created a groundbreaking innovative product that is already opening significant additional revenue opportunities in 2026 and for 2027.

Our leadership team’s steadfast commitment has continually affirmed that our products are timely and essential. Our outreach initiatives have extended across continents, with inroads in Asia, Australia, South Africa, the UK, Germany, Canada, and Latin America, all of which have boosted our sales pipeline. Relationships are strong with vibrant communications amongst the largest global food manufacturers and include production execution and rollout timetables for the finished FMCG market.

Financial summary

The Company’s revenue of US$1.4m (H1 2025: US$0.8m) and net loss of US$1.5m (H1 2025: US$1.9m) are both reflective of efforts focused on B2B sales. 

Inventory increased to US$1.4m (FY 2025: US$0.6m), predominantly due to an increase in finished goods, in preparation for the expected bulk orders anticipated for the Customer 3 product rollout in H2 2026.

Trade and other receivables increased to US$1.0m (FY 2025: US$0.9m), predominantly due to higher sales levels achieved in the Period.

Trade and other payables increased to US$1.7m (FY 2025: US$1.2m), predominantly due to increased purchases to build inventory levels needed for the anticipated Customer 3 product rollout in Q4 2026.

Borrowings increased to US$3.0m (FY 2025: US$2.9m) due to accrued interest on convertible loan notes. It is noted however that post Period end, US$2.4m of this liability was resolved upon the conversion of one of the outstanding notes.

Operations summary

A key focus of the business during H1 2026 was our larger-volume B2B opportunities with several multinational FMCG companies and food manufacturers along with the expansion of our R&D efforts to ensure that we were reactive to market demand. MicroSalt is now an approved supplier for North and South America for one of the world’s largest food manufacturers as well as US, Canada, and the UK for one of the world’s largest spice and ingredient suppliers.

Product innovation remains central to our growth strategy. During the Period, the Company launched MicroSalt Fibre, a low-sodium salt infused with dietary fibre and developed to address the growing nutritional needs of GLP-1 (weight loss and type 2 diabetes management drug) consumers. We have been encouraged by the level of commercial interest generated since launch, demonstrating the potential for further product extensions within the MicroSalt portfolio.

Separately, MicroSalt has progressed to the final stage of co-development of a proprietary oil-based low-sodium solution with an international lipid and food oils company which generates more than US$1.3 billion in annual revenue. The solution is designed to expand MicroSalt's application opportunities across additional food categories and delivery systems.

Sales & marketing

H1 2026 total bulk sales reached a new Company record in H1 2026 (US$1.3m) representing a 60% increase over H1 2025. This includes shipments to existing markets of Canada, Mexico, United States and newly opened markets in the UK and Belgium.

We made significant advancements in strengthening the positioning of our technology platform within the clean-label and health-focused food categories in the Period. In particular, we note that our WISECode range has been positioned as a non-ultra-processed (non-UPF) ingredient solution, aligning with growing industry and consumer demand for minimally processed, recognisable ingredients. This further enhances the attractiveness of the MicroSalt offering to food manufacturers seeking to reduce sodium without compromising product transparency or taste.

MicroSalt also attended several US based and international food shows, which has been the core focus of our sales and outreach efforts. We also invest actively into brand awareness and social media campaigns with a focus on our B2B business.

Political & regulatory update

The World Health Organisation ("WHO") has set a target of reducing global sodium intake by 30% by 2030, which it estimates will save 7 million lives by 2030. WHO research also found that every US$1 spent on sodium reduction translates to US$12 in healthcare cost savings for treating cardiovascular disease. Governmental pressure continues to increase with new regulations in Canada for 2026. Additionally, local dieticians and purchasing authorities are taking action, regardless of any legal mandates, to lower sodium.

Governmental pressures from the US Food & Drug Administration regarding the use of petroleum-based colours did however postpone a number of low sodium reformulation efforts until Q3/Q4 2026. Governmental pressures on HFSS (high fat salt or sugar) regulation in the UK are also re-igniting sales conversation for both bulk and private label.

Post period end & outlook

Looking ahead, our future remains bright, with growing sales volumes, including an expanding range of applications, broader sales channels and an increasing number of countries served. Continued regulatory support for lower-sodium food products provides an important catalyst for growth in both the US and international markets, while supporting the long-term opportunity for MicroSalt to become a key component in the food industry.

As announced earlier in September 2026, the Company has also significantly strengthened its balance sheet. An oversubscribed fundraise, supported primarily by existing shareholders and Directors, is expected to raise US$2.0m before expenses, subject to the necessary share issuance authority being granted at the General Meeting on 2 October 2026. In addition, the conversion of US$2.4m of convertible loan notes into equity in September 2026 has further reduced the Company's debt levels. Together, these developments leave MicroSalt with a significantly strengthened financial position and cash resources to support the business as it continues to scale towards being trading cash flow positive, which is expected when the Customer 3 rollout reaches its forecast volumes.

Since the Period end, this progress has been further recognised through our winning the 2026 Fast Company World Changing Ideas Award, highlighting our contribution to healthier food innovation through our patented sodium-reduction technology. We have also strengthened our network of brand ambassadors through a new partnership with internationally recognised chef and artisan baker Loïc Autret, who brings extensive expertise in artisan breads, viennoiserie and premium bakery products. Joining existing ambassador Jack Stein, Loïc will support product development and help demonstrate the ability of MicroSalt to reduce sodium in bakery applications without compromising taste or functionality, further strengthening our engagement with customers across the sector.

We remain excited by the growing range of possibilities and commercial opportunities for MicroSalt in 2026 and beyond. On behalf of the Board, I would like to thank all our stakeholders for their continued support and contribution to the progress we are making towards our mission and objectives.

Rick Guiney 

Chief Executive Officer

28 September 2026

Condensed consolidated statement of profit or loss and other comprehensive income

	Note	Six months ended		Six months ended		Year ended
		30 June 2026		30 June 2025		31 December 2025
		Unaudited		Unaudited		Audited
		US$’000		US$’000		US$’000
Revenue		1,397		835		2,069
Cost of sales		(1,236)		(830)		(1,982)
Gross (loss)/profit		161		5		87
Other operating income		-		-		-
Administrative expenses		(1,455)		(1,598)		(3,314)
IPO Costs		-		-		-
Operating loss		(1,294)		(1,593)		(3,227)
Finance income		4		7		8
Finance expense		(144)		(137)		(275)
Loss before taxation		(1,434)		(1,723)		(3,494)
Taxation		-		-		-
Loss for the year		(1,434)		(1,723)		(3,494)
Loss for the year attributable to:
Owners of the parent		(1,434)		(1,723)		(3,494)
Non-controlling interests		-		-		-
		(1,434)		(1,723)		(3,494)
Other comprehensive income
Items that may or may not be recognised in profit or loss:
Foreign currency translation differences		(20)		(188)		(252)
Total comprehensive income		(1,454)		(1,911)		(3,746)
Total comprehensive loss attributable to:
Owners of the parent		(1,454)		(1,911)		(3,746)
		(1,454)		(1,911)		(3,746)
Loss per share for loss attributable to the owners
Basic and diluted loss per share (US$)	5	(0.03)		(0.04)		(0.07)

Condensed consolidated statement of financial position

Company Number 10061337	Note	As at		As at
		30 June 2026 Unaudited		31 December 2025 Audited
		US$’000		US$’000
Assets
Current assets
Inventories		1,353		591
Trade and other receivables		1,015		938
Cash and cash equivalents		316		1,908
Total current assets		2,684		3,437
Non-current assets
Property, plant & equipment		277		300
Intangible assets		541		525
Total non-current assets		818		825
Total assets		3,502		4,262
Liabilities
Current liabilities
Trade and other payables		1,712		1,176
Total current liabilities		1,712		1,176
Non-current liabilities
Borrowings		3,015		2,871
Total non-current liabilities		3,015		2,871
Total liabilities		4,727		4,047
Net (liabilities)/assets		(1,225)		215
Equity
Share capital	6	116		116
Share premium		11,898		11,842
Share-based payment reserve		1,133		1,174
Capital contribution reserve		500		500
Accumulated losses		(14,694)		(13,260)
Translation reserve		(178)		(157)
Total equity		(1,225)		(215)

Condensed consolidated statement of changes in equity

For the six months ended 30 June 2026

	Note	Share capital		Share premium		Share based payment reserve		Capital contribution reserve		Accumulated losses		Translation reserve		Total attributable to the company		Non – controlling interests		Total equity
		US$’000		US$’000		US$’000		US$’000		US$’000		US$’000		US$’000		US$’000		US$’000
Balance as at 31 December 2024		99		6,183		1,340		500		(9,766)		95		(1,549)		-		(1,549)
Loss for the year		-		-		-		-		(1,723)		-		(1,723)		-		(1,723)
Other comprehensive income		-		-		-		-		-		(277)		(277)		-		(277)
Transactions with owners
Issue of ordinary share capital		7		3,314		-		-		-		-		3,321		-		3,321
Share-based payments		-		-		69		-		-		-		69		-		69
At 30 June 2025 (unaudited)		106		9,497		1,409		500		(11,489)		(182)		(159)		-		(159)
Balance as at 31 December 2025		116		11,842		1,174		500		(13,260)		(157)		215		-		215
Loss for the year		-		-		-		-		(1,434)		-		(1,434)		-		(1,434)
Other comprehensive income		-		-		-		-		-		(21)		(21)		-		(21)
Transactions with owners
Issue of ordinary share capital	6	-		-		-		-		-		-		-		-		-
Option exercised to Ordinary Shares		-		56		(56)		-		-		-		-		-		-
Share-based payments		-		-		15		-		-		-		15		-		15
At 30 June 2026 (unaudited)		116		11,898		1,133		500		(14,694)		(178)		(1,225)		-		(1,225)

Condensed consolidated statement of cash flows

		Six months ended		Six months ended
		30 June 2026 Unaudited		30 June 2025 Unaudited
	Note	US$’000		US$’000
Cash flows from operating activities
Loss before income tax		(1,434)		(1,723)
Depreciation of property, plant and equipment		31		21
Amortisation of intangible assets		35		11
Share based payment expense		15		69
Finance income		(5)		(7)
Finance expense		144		137
(Gain) on foreign currency translation		(21)		-
		(1,235)		(1,492)
(Increase) in inventories		(762)		(199)
(Increase) in trade and other receivables		(77)		(129)
Increase / (decrease) in trade and other payables		535		(308)
Net cash used in operating activities		(1,539)		(2,128)
Cash flows from investing activities
Purchase of intangible assets		(50)		(29)
Payments to acquire property, plant and equipment		(8)		(91)
Interest received		5		7
Net cash used in investing activities		(53)		(113)
Cash flows from financing activities
Issue of shares		-		3,322
(Payment of) borrowings		-		(150)
Net cash from financing activities		-		3,172
(Decrease) / increase in cash and cash equivalents		(1,592)		931
Cash and cash equivalents at beginning of year		1,908		261
Effect of foreign exchange rate changes		-		(277)
Cash and cash equivalents at end of period		316		915

Notes to the consolidated financial statements

 

1.       General information

MicroSalt plc (the “Company”) is a private company limited by shares and registered and incorporated in England and Wales. The registered office is 12 New Fetter Lane, London, United Kingdom, EC4A 1JP. The Company is a public limited company, which has been quoted on the AIM market of the London Stock Exchange since 2024.

The principal activity of the Company together with its subsidiary undertaking (the “Group”) is that of the development and sale of low sodium salt and snack foods.

 

2.       Basis of preparation

The financial information for the six months ended 30 June 2026 set out in this interim financial information is unaudited and does not constitute statutory financial statements. The interim condensed financial information has been presented in US Dollars ("$") and is rounded to the nearest dollar.

3.       Accounting policies

3.1 Statement of compliance

The accounting policies applied by the Group and its subsidiaries in these unaudited half year results are consistent with those applied in the annual financial statements for the year ended 31 December 2025. 

The financial statements of MicroSalt plc Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) as adopted by the United Kingdom and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 2 of the FY 2025 accounts.

4.       Going concern

The 2026 interim financial information has been prepared on a going concern basis.

The Directors have assessed the ability of the Group to continue as a going concern using cash flow forecasts. The Company is in the process of completing an equity fundraise totalling approximately US$2.0m which is subject to shareholder approval to allot the necessary shares at General Meeting on 2 October 2026. Once this is achieved, the Directors are satisfied that there are sufficient resources to continue in business for the foreseeable future and for at least 12 months from the date of signing these financial statements.

Furthermore, the Directors are not aware of any material uncertainties that may cast significant doubt upon the Group’s ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis.

5.       Basic and diluted loss per share

Basic and diluted loss per share is calculated by dividing the result attributable to equity holders by the weighted average number of ordinary shares in issue. Loss per share is presented based on the number of shares outstanding in the Company.

	30 June		31 December
	2026		2025
Loss used in calculating basic and diluted loss per share (US$)	(1,454,000)		(3,746,000)
Weighted average number of shares	52,417,669		52,411,452
Basic and diluted loss per share (US$)	(0.03)		(0.07)

The diluted earnings per share is identical to the basic loss per share as the exercise of warrants and options would be anti-dilutive.

6.       Share capital

	30 June		30 June		31 December		31 December
	2026		2026		2025		2025
	Shares		US$		Shares		US$
Allotted, called up and fully paid
Opening number of £0.001625 ordinary shares	56,143,893		115,942		48,217,134		98,597
Issue of ordinary shares	-		-		7,419,641		16,235
Exercise of Stock Options	206,266		444		507,118		1,110
Closing number of £0.001625 ordinary shares	56,350,159		116,386		56,143,893		115,942

All issues are for cash unless otherwise stated.

 

END