Full unaudited results to 31 March 2025

Results announcement




Results for announcement to the market
Name of issuer Being AI Limited
Reporting Period 12 months to March 2025
Previous Reporting Period 12 months to March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$40,993 1.4%
Total Revenue $40,993 1.4%
Net profit/(loss) from
continuing operations
$(11,517) 977.4%
Total net profit/(loss) $(11,517) 977.4%
Interim/Final Dividend
Amount per Quoted Equity
Security
The Company does not propose to pay a dividend at this time.
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$(0.070) $(0.071)
As at 31 March 2024 and
adjusted for the 10 to 1 share
consolidation on 6 September
2024
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
Refer to the market release and unaudited financial statements for
the year ended 31 March 2025 that accompany this announcement.
Authority for this announcement
Name of person authorised to
make this announcement
Michael Stiassny
Contact person for this
announcement
Mike Dunshea
Contact phone number +64 27 579 8687
Contact email address mike.dunshea@beingai.group
Date of release through MAP 30 May 2025

Unaudited financial statements accompany this announcement. At the date of this release the financial
statements are in the process of being audited.

---

30 May 2025

Market announcement
NZX Limited
AUCKLAND


Being AI Releases Unaudited FY25 Results

Being AI Limited (NZX: BAI) today announced its preliminary unaudited financial results for the fiscal
year to 31 March 2025 (FY25). The Company reported a poor financial performance, marked by a net
loss before tax of -$11.98 million, reflecting the significant challenges it has faced.

Summary of Key Financial Results
(Figures are quoted in NZ dollars)

 Revenue: $40.10 million
 Operating EBITDA loss: $3.94 million
 Net loss before tax: $11.98 million
Financial Overview
For FY25, Being AI Limited recorded revenue of $40.10 million. Despite efforts to streamline
operations and raise external capital to fund growth, the Company delivered an operating EBITDA
loss of $3.94 million. The net loss before tax amounted to $11.98 million, underscoring the financial
difficulties encountered throughout the year.

 Goodwill impairments: Project Treehouse
1
$5.96 million; Filecorp $500,000
 Shareholders’ equity: -$6.99 million
 Provision: $1.1million against the $2 million Excalibur loan
While Send Global continued to perform well in FY25, its contributions were insuƯicient to oƯset the
overheads incurred by the wider Being AI group.
A significant factor contributing to the net loss was the goodwill impairment relating to Project
Treehouse an, amounting to $5.96 million. Project Treehouse failed to secure external funding or
implement pilot customer programmes. After a strategic review by the new Being AI Board, it was

1
In this document Project Treehouse refers to Agentic Commerce as well as the Company’s other AI initiatives

determined that the project would continue to incur negative cash flows. Consequently, Project
Treehouse was shut down on 16 May 2025, to prevent further losses and protect shareholder value.

Under NZ IAS 36, each year Being AI is required to assess the carrying value of certain assets in the
Company’s balance sheet. Analysis of Filecorp’s forecast through to 31 March 2030 indicates that its
goodwill asset should be impaired by $500,000.

In addition to the goodwill impairment, Being AI Limited has made a provision of $1.1 million against
the $2 million loan extended to Excalibur, an entity owned by Sean Joyce, Being AI’s original
chairman.
This provision has been made due to uncertainties regarding the value of the security backing the
loan. The security consists of Being AI shares and Arria NLG shares owned by Excalibur. The value of
Being AI shares has declined, and the Company has been unable to determine the current market
value of the Arria NLG shares. The loan is scheduled for repayment at the end of 2028, and Being AI
Limited will continue to pursue all opportunities to collect the full amount.
The impact of the goodwill impairments, the provision against the Excalibur loan, and the net loss,
has resulted in shareholders' equity turning negative, standing at -$6.99 million. This decline in equity
reflects the significant financial strain the Company has experienced over the past fiscal year.
Operational Challenges
The financial year was marked by significant operational challenges, including multiple changes in
directors and substantial cash burn to support Project Treehouse. These factors contributed to the
Company's financial difficulties and operational inefficiencies. Additionally, Being AI Limited was
placed in a trading halt for a period of over eight weeks until new independent directors could be
appointed, further impacting its ability to operate effectively.
Being Consulting , Being Ventures and Tymestack
Being Consultants failed to make any substantive progress towards its revenue budgets in the eight
months to November 2024. It was subsequently sold to 2384 LP, as previously disclosed in the half
year results released on 30 September 2024.
Being Ventures did not identify suitable investment opportunities aligned with its original goal of
transforming legacy businesses through AI, and therefore has not contributed to the Company's
financial performance.
The Company recognised a full $240,000 impairment of its investment in Tymestack in September
2024, as outlined in the half year results. On 31 October 2024 the parties agreed a variation to the
original agreements in which the Company’s investment in Tymestack was changed to a 10%
shareholding with no further obligation to provide additional funding or services.

Strategic Review and Post-Balance Date Developments
Since the balance date, the new Board has focused on a strategic review aimed at stabilising the
Company's financial position. To date, key actions taken include significantly reducing personnel,
implementing operational cost savings, closing Project Treehouse (as noted above), divesting Being
Education, and stemming operational losses. This strategic review is ongoing.
Being Education was divested to Crimson Education Group, a strategic move that eliminated $3.9
million in Being AI group debt owed to Wilshire Treasury, along with a portion of trading liabilities.
Additionally, Being AI secured $500,000 of funding from Wilshire Treasury, which was used to retire
bank debt, further improving the company's financial position.
Strategic Outlook
The Board of Directors’ strategic review is now focused on the future of the Being AI group including
its management, assets and remaining entity, Send Global. Further market announcements are
anticipated in due course.
For further details, please refer to the unaudited financial statements accompanying this
announcement. Financial statements are currently undergoing the audit process and BAI is not
aware of any likely qualifications. The Company’s annual report, including its audited financial
statements, will be available on the Being AI Limited website and through the NZX platform by 30 June
2025.

[ends]

This announcement has been authorised by BAI Board Chair, Michael Stiassny.

For further information, in the first instance please contact:
Mike Dunshea
BAI Group Secretary
Mobile 027 579 8687
mike.dunshea@beingai.group

---

Being AI Limited
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the year ended 31 March 2025



1


Note2025 2024
(unaudited) (audited)
NZ$000 NZ$000
Revenue540,99340,409
Cost of sales(31,865) (32,193)
Gross Profit9,1288,216
Other operating income6771135
Finance income7598
Expenses
Labour related expenses7.1(7,908)(3,372)
Depreciation and amortisation expenses7(1,023)(1,064)
Property expenses(214)(183)
Other operating expenses7(4,336)(1,826)
Profit/(loss) from operations(3,507)2,004
Finance expense7.2(1,468)(616)
Gain on disposal of subsidiary806-
Impairment of goodwill(6,462)-
Provision for impairment of term receivable(1,100)-
Share of net loss of Tymestack.ai(125)-
Impairment of investment in Tymestack.ai(124)-
Reverse acquisition share based payment-(1,693)
Reverse listing expenses-(67)
Loss before income tax(11,980)(372)
Income tax (expense)/benefit9463(697)
Loss for the year after taxation(11,517) (1,069)
Other comprehensive income--
Total comprehensive loss for the year
(11,517) (1,069)
Loss per share
Basic and diluted loss per share (NZ$)11(0.1144) (0.0106)

Being AI Limited
Consolidated Statement of Changes in Equity
For the year ended 31 March 2025



2



Note
Share
capital
Share based
Payments
Accumulated
losses Total equity
NZ$000 NZ$000 NZ$000 NZ$000
Balance at 1 April 20233,944-1,6535,597
Loss for the year-- (1,069) (1,069)
Total comprehensive income for the year-- (1,069) (1,069)
Transactions with owners in their capacity as owners
Dividends declared10-- (2,001) (2,001)
Share buyback 10, 20(3,943)- (1,370) (5,313)
Shares issued on reverse acquisition231,631--1,631
Shares issued on business acquisition245,000--5,000
Balance at 31 March 2024 (audited)6,632- (2,787) 3,845
Balance at 1 April 20246,632- (2,787) 3,845
Loss for the year-- (11,517) (11,517)
Total comprehensive income for the year-- (11,517) (11,517)
Transactions with owners in their capacity as owners
Shares issued during the period12342--342
Less: share issue costs(50)--(50)
Share options issued13-392-392
Balance at 31 March 2025 (unaudited)6,924392 (14,304) (6,988)

Being AI Limited
Consolidated Statement of Financial Position
As at 31 March 2025


3
Note2025 2024
(unaudited) (audited)
NZ$000 NZ$000
Current assets
Cash and cash equivalents
12
4102,215
Receivables and other current assets
13
4,4714,055
Inventories
14
5111,217
Total current assets5,3927,487
Non-current assets
Term deposit-22
Term receivable
27
9002,000
Property, plant and equipment152,6452,745
Right-of-use assets16.15,9867,926
Goodwill - Being Consultants Limited17-10,962
Goodwill - other entities174,1144,614
Other intangible assets171,4691,405
Bond502-
Deferred tax asset9.3567151
Total non-current assets16,18329,825
Total assets21,57537,312
Current liabilities
Trade payables and other current liabilities185,87113,089
Taxation payable12656
Borrowings193,8115,897
Lease liabilities16.2285450
Total current liabilities9,97920,092
Non-current liabilities
Borrowings1912,3741
Student bonds135150
Contingent consideration24-5,600
Lease liabilities16.26,0757,624
Total non-current liabilities18,58413,375
Total liabilities28,56333,467
Net assets
(6,988)3,845
Equity
Share capital206,9246,632
Share based payments reserve392-
Accumulated losses(14,304)(2,787)
Total equity
(6,988)3,845

Being AI Limited
Consolidated Statement of Cash Flows
For the year ended 31 March 2025


4


Note2025 2024
(unaudited) (audited)
NZ$000 NZ$000
Cash flows from operating activities
Receipts from customers40,64741,999
Government grants received410113
Payments to suppliers and employees(43,218)(40,746)
Payment of bond(502)-
Income tax (paid)/refunded(600)72
Net cash from operating activities25(3,263)1,438
Cash flows from investing activities
Interest received7598
Proceeds from term deposit22-
Payments for property, plant and equipment(199)(69)
Receipts from sale of property plant and equipment2236
Payments for intangible assets(76)(7)
Investment in Tymestack.ai(249)-
Payment for acquisition of business(200)-
Net cash outflows on disposal of subsidiary(176)-
Payments for related party short-term loans-(1,864)
Cash received from business acquisition-21
Net cash used in investing activities(781) (1,785)
Cash flows from financing activities
Proceeds from borrowings29,3848,299
Principal repayment of borrowings(19,136)(7,545)
Interest paid on borrowings(981)(375)
Principal repayment of lease liabilities(315)(420)
Interest paid on lease liabilities(451)(144)
Payment of related party payable(6,554)-
Proceeds from issue of share capital342-
Payment of share issue costs(50)-
Dividends paid-(734)
Net cash used in financing activities2,239(919)
Net increase in cash and cash equivalents(1,805) (1,266)
Cash and cash equivalents at the beginning of the year2,2153,481
Cash and cash equivalents at the end of the year
124102,215

Being AI Limited
Consolidated Statement of Cash Flows
For the year ended 31 March 2025


5
Reconciliation of profit or loss after taxation with cash flow from operating
activities




2025 2024
(unaudited) (audited)
NZ$000 NZ$000
Net loss after taxation(11,517) (1,069)
Adjustments for:
Finance income (75)(98)
Share base payments
3921,693
Depreciation on property, plant and equipment276246
Depreciation on right of use assets541491
Amortisation of intangible assets208327
Gain on disposal of subsidiary(806)-
Impairment of goodwill6,462-
Impairment of term receivable1,100-
Share of net loss of Tymestack.ai125-
Impairment of investment in Tymestack.ai124-
Interest paid on borrowings630174
Interest paid on lease liabilities451145
Interest paid on related party borrowings388298
Movement in deferred tax(416)11
Gain on disposal of property plant and equipment-(1)
Movements in working capital
(Increase) / decrease in receivables and other current assets(416)1,421
(Increase) / decrease in inventory7065,092
(Increase) / decrease in bond(502)-
Increase / (decrease) in trade payables and other current liabilities(7,218)(1,506)
Increase / (decrease) in student bonds(15)70
(Increase) / decrease in tax benefit(644)758
Movement in working capital due to disposal of subsidiary
389-
Movement in other current liabilities related to financing activities6,554(6,581)
Movement in working capital due to reverse listing transaction-(33)
Net cash received from operating activities(3,263)1,438

Being AI Limited
Accounting policies
For the year ended 31 March 2025

6
Changes in Material Accounting Policies
There have been no changes in the accounting policies and methods of computation used in preparing
the consolidated financial statements compared to those used in preparing the audited consolidated
financial statements for the 12 months ended 31 March 2024, except for the new accounting policies
applied that have been detailed below.
Share based payment transactions
The fair value of share options issued to directors, employees and consultants is determined at the grant
date and is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of
the share options that will eventually vest, with a corresponding increase in equity.
At the end of each reporting period, the Group revises its estimate of the number of share options
expected to vest. The impact of the revision of the original estimates, if any, is recognised in profit or loss
such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the
share based payments reserve.
Investments in associates
An associate is an entity over which the Group has significant influence and that is neither a subsidiary
nor an interest in a joint venture. Significant influence is the power to participate in the financial and
operating policy decisions of the investee but is not control or joint control over those policies.
The results and assets and liabilities of associates are incorporated in these financial statements using
the equity method of accounting. Under the equity method, an investment in an associate is recognised
initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise
the Group’s share of the profit or loss and other comprehensive income of the associate. When the
Group’s share of losses of an associate exceeds the Group’s interest in that associate, the Group
discontinues recognising its share of further losses. Additional losses are recognised only to the extent
that the Group has incurred legal or constructive obligations or made payments on behalf of the
associate.
When a group entity transacts with an associate, profits and losses resulting from the transactions with
the associate are recognised in the Group’s consolidated financial statements only to the extent of
interests in the associate that are not related to the Group.

Going concern
The consolidated financial statements have been prepared on a going concern basis, which assumes that
the Group has the intention and ability to continue its operations for the foreseeable future.
The Group incurred an after-tax loss of $10.2 million in the year 31 March 2025 (2024: $1.1 million loss).
The Group’s net cash outflows from operating activities was $3.3 million (2024: $1.4 million cash inflow).
At the reporting date the Group had cash of $0.4 million (2024: $2.2 million), negative working capital of
$4.6 million (2024: $12.6 million negative) and net liabilities of $7.0 million (2024: net assets of $3.8
million). Liabilities included borrowings of $16.2 million (2024: $5.9 million) of which $3.8 million were
current (2024: $5.9 million) and $12.4 million were non-current (2024: $nil).
The net loss for the year included the following one-off items: impairments of assets of $7.7 million and a
gain on disposal of subsidiary of $806,000.
Subsequent to the reporting date the Company divested its education group, Being Education. The
divestment eliminated the education segment’s debt of $3.9 million, significantly strengthening the
Group’s balance sheet.

Being AI Limited
Accounting policies
For the year ended 31 March 2025

7
Also subsequent to the reporting date the Board decided to shut down its artificial intelligence initiative,
Project Treehouse.
The Group’s remaining operating businesses, following this divestment of the education group and
closure of Project Treehouse, are profitable and are forecast to generate positive cash flows. The Group
expects reduced corporate overheads with the reduced size of the remaining operations.
The Group forecasts it will be compliant with all bank covenants during the next 12 months.
The considered view of the Board is that, after making due enquiries and considering relevant factors,
there is a reasonable expectation that the Group will have access to adequate resources and
commitments from its borrowers, that will enable it to meet its financial obligations for the foreseeable
future.
For this reason, the Board considers the adoption of the going concern basis in preparing the
consolidated financial statements for the year ended 31 March 2025 to be appropriate. The Board has
reached this conclusion having regard to circumstances which it considers likely to affect the Group
during the period of at least one year from the date of these consolidated financial statements, and to
circumstances which it considers will occur after that date which will affect the validity of the going
concern basis

Being AI Limited
Segment reporting
For the year ended 31 March 2025

8
Prior to the reverse acquisition on 28 March 2024, the Group provided courier, business mail and
logistics services, filing solutions and education services. All of these services were provided in New
Zealand. Following acquisitions and renaming on 28 March 2024, the Group embarked on a strategy to
provide diversified artificial intelligence (‘AI’) and advanced technology related services.
All of these services are provided in New Zealand.
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker. The Group has identified its operating segments based on the internal
reports reviewed and used by the Chief Operating Decision Maker (‘CODM’), being the Board of
Directors, in assessing the Group’s performance and in determining the allocation of resources.





Courier, mail Filing Education AI customer Corporate / Total
& logistics solutions services solutions unallocated
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Total revenue35,718 2,104 2,945226- 40,993
Operating EBITDA3,76494448(600) (6,840) (2,684)
Finance income1-2-7275
Finance costs(56)-(436)(14)(962) (1,468)
Depreciation and amortisation(127)(83)(477)(1)(335) (1,023)
Gain on disposal of subsidairy---696110806
Impairment of goodwill-(500)- (5,962)- (6,462)
Provision for impairment of term
receivable---- (1,100) (1,100)
Impairment of investment in
Tymestack.ai---(124)-(124)
Net profit/(loss) before taxation3,582361(863) (6,005) (9,055) (11,980)
Income tax benefit1469(61)-369463
Net profit/(loss) for the year3,728370(924) (6,005) (8,686) (11,517)
2025 (unaudited)
Courier, mail Filing Education AI customer Corporate / Total
& logistics solutions services solutions unallocated
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Total revenue36,160 2,123 2,126-- 40,409
Operating EBITDA3,704789(158)- (1,365) 2,970
Finance income5---9398
Finance costs(39)(2)(248)-(327)(616)
Depreciation and amortisation(146)(194)(400)-(324) (1,064)
Reverse acquisition - share based
payment---- (1,693) (1,693)
Reverse listing expenses----(67)(67)
Net profit/(loss) before taxation3,524593(806)- (3,683)(372)
Income tax expense(889)124125-(57)(697)
Net profit/(loss) for the year2,635717(681)- (3,740) (1,069)
2024 (audited)

Being AI Limited
Segment reporting
For the year ended 31 March 2025

9




Courier, mail Filing Education AI customer Corporate / Total
& logistics solutions services solutions unallocated
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Segment assets7,646(470) 4,39380 9,926 21,575
Segment liabilities(3,886)(172) (5,931)- (18,574) (28,563)
2025 (unaudited)
Mail &Filing Education AI customer Corporate / Total
courier solutions services solutions unallocated
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
Segment assets7,793 2,228 12,052 10,883 4,356 37,312
Segment liabilities(7,307) (3,445) (12,665) (5,883) (4,167) (33,467)
2024 (audited)