Tekcapital plc (AIM: TEK) shares climbed 20% in early trading after the intellectual property investment company reported record first-half results, driven by a sharp increase in portfolio valuations and profitability.
Net assets surged to a record US$201.7 million at 30 June 2026, up from US$55.1 million at the end of 2025, while net asset value per share rose to US$0.78 from US$0.27.
The company’s investment portfolio was valued at US$191.4 million, compared with US$46.9 million six months earlier, helping generate US$145.5 million in portfolio returns and revenue, up from US$6.1 million in the first half of 2025.
Profit after tax increased to US$144.8 million, compared with US$5.4 million a year earlier, while operating expenses fell 7.3% to US$0.69 million, reflecting continued cost discipline. Tekcapital also raised US$2 million during the period to support portfolio companies, primarily Guident, and fund future growth.
Chairman Dr. Clifford M. Gross described the first half as the most significant period in Tekcapital’s history, highlighting record net assets, portfolio value and profitability.
He noted that the majority of the increase reflected independently assessed portfolio appreciation under IFRS 13 valuation standards rather than realised cash returns, which is typical for an early-stage technology investment company.
Director Louis Castro said much of the valuation uplift came from Vesari Inc., in which Tekcapital secured a 51% equity stake during May. Vesari was established to commercialise intellectual property focused on geothermal-powered AI data centres capable of delivering carbon-free computing infrastructure.
The company said eleven US patent applications have been assigned to Vesari, covering technologies including geothermal energy integration, cooling systems, workload orchestration, satellite connectivity and carbon-free computing. Following the reporting period, an independent patent valuation firm assessed the intellectual property portfolio at approximately US$293 million.
Vesari has also begun preliminary discussions with US investment bankers regarding a potential reverse merger, de-SPAC transaction or other route to a public listing, although Tekcapital cautioned there can be no certainty over timing or completion.
Looking ahead, Vesari intends to pursue exclusive geothermal lease opportunities in the US Great Basin, subject to funding, before seeking wholesale power agreements with major hyperscale data centre operators.
Across the wider portfolio, MicroSalt increased 2025 revenue by 187% to US$2.14 million and entered a joint development agreement with one of the world’s largest food and beverage manufacturers.
Innovative Eyewear delivered its twelfth consecutive quarter of year-on-year growth, reporting preliminary second-quarter sales of around US$1 million, up approximately 71%, while securing a Canadian rollout through 345 eyewear stores and clinics.
GenIP expanded its customer base to 25 countries, with growing adoption of higher-margin AI-enabled products, while Guident raised US$2 million through secured convertible loan notes and continues to target a public listing during 2026.
Castro said Tekcapital’s strategy of commercialising university-derived intellectual property remains unchanged, but the scale of the business has transformed, with five active portfolio companies, three already publicly listed and two progressing towards potential listings.
He added that the combination of a growing portfolio, disciplined operating costs and significant intellectual property creation leaves Tekcapital entering the second half of the year in its strongest position to date.
