Tekcapital (LSE:TEK) reported record net assets of $201.7m for the six months to 30 June, up sharply from $55.1m at the end of December, as its investment portfolio was revalued following the formation of Vesari Inc.
The AIM-listed intellectual property investment group, which commercialises university and corporate technologies, said net asset value per share rose to $0.78 from $0.27, while its portfolio was valued at $191.4m, up from $46.9m.
Profit after tax reached $144.8m, against $5.4m in the same period last year, on portfolio returns and services revenue of $145.5m, up from $6.1m in H1 2025. Operating expenses fell 7.3% to $0.69m. Chairman Dr Clifford M. Gross said the majority of the uplift reflects portfolio appreciation rather than cash returns, "as is to be expected with early-stage technology companies", though it represents an "independently assessed, IFRS 13-compliant measure".
The bulk of the gain stems from Vesari, granted a 51% equity stake for no cash consideration in May. Vesari holds eleven non-provisional US patent applications covering geothermal-powered AI data centre technology, recorded with the USPTO on 22 June. Patent analytics firm Cardinal Intellectual Property valued the portfolio at approximately $293m as of 30 June, post period end. Director Louis Castro said Vesari has begun early-stage discussions with US investment bankers over a reverse merger, de-SPAC or similar route to listed status.
Elsewhere, Microsalt grew 2025 revenue 187% to $2.14m and signed a joint development agreement with a major food and beverage manufacturer. Innovative Eyewear posted preliminary second-quarter sales of roughly $1m, up approximately 71%, its twelfth consecutive quarter of year-on-year growth. Tekcapital raised $2m via share placements during the period, primarily supporting Guident.
News Intelligence what this means for the company
Tekcapital's net assets nearly quadrupled to $201.7m in H1 2026, driven by a $293m independent valuation of its new 51% stake in Vesari, a geothermal-powered AI data-centre venture that holds eleven US patent applications. The gain is almost entirely unrealised (portfolio appreciation rather than cash), but it materially reshapes the company's balance sheet and positions Vesari for a near-term capital event—management has begun discussions on a reverse merger or de-SPAC to achieve listed status.
- Vesari's path to public markets could unlock liquidity for Tekcapital's majority stake and validate the $293m valuation; any shortfall in that process or in Vesari's ability to commercialise its geothermal-AI patents would reverse the uplift.
- Portfolio firms Microsalt (187% revenue growth, new joint development agreement) and Innovative Eyewear (71% Q2 growth, twelfth consecutive quarter of gains) are showing operational momentum, but remain early-stage; realisation risk remains high across the portfolio.
The $201.7m net asset position is now anchored to a single, illiquid, pre-revenue asset (Vesari) valued by a third party but not yet tested in a public market. Until Vesari achieves listed status or a material cash exit, NAV per share ($0.78) remains a paper figure; the investment case hinges on whether Vesari's geothermal-AI thesis and patent portfolio can command that valuation in a real capital raise.
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