Defence Holdings, the UK-listed defence technology company, confirmed the year to 31 March was a pre-revenue investment period as it built out its new strategy.
The company did not disclose specific loss or cash figures in the narrative report, but said administrative expenses reflected the cost of building its platform, including leadership hires, technical development and partnership infrastructure.
The period followed the disposal of Defence Holdings' former esports operations and its repositioning around sovereign, AI-enabled software for defence and national security customers.
The company completed a binding strategic partnership with Whitespace Global in August 2025, covering co-development of defence software and AI agents on Whitespace's Collective OS platform, with initial builds already underway for UK Ministry of Defence and allied use cases.
Defence Holdings built three proprietary products to proof-of-concept stage during the year, engaging the Ministry of Defence, the UK intelligence community, law enforcement and international allies.
One of those products triggered a revenue-bearing Ministry of Defence contract after the year end, with management expecting further contracts to follow.
The board also launched the Defence Holdings Accelerator in February to identify and deploy early-stage sovereign software and AI capabilities, and strengthened the board with Lord Houghton of Richmond as non-executive chairman and Andrew Roughan as chief executive, effective 30 March.
"The international defence and national security environment continues to favour organisations that can translate software, AI and data capability into operational effect quickly and securely," the company said in its chairman's report.
