MedPal AI (MPAL) Trading update summary

Trading performance

• Achieved an annualised recurring revenue run rate of over £8.6 million, up more than 70% in two months and from zero nine months ago.

• July 2026 marked a record month across all three revenue streams: NHS prescriptions, private prescriptions, and SaaS software subscriptions.

• Dispensed 47,223 NHS prescription items in July, an 11.8% increase over the previous record, with NHS turnover run rate now exceeding £5.5 million.

• Private prescription revenue annualised at over £2.2 million, with over £180,000 generated in July from just three weeks of marketing.

• SaaS revenue from eMARX is approximately £0.843 million annualised at an 82% gross margin.

Revenue quality and growth strategy

• All revenue streams are recurring, with no one-off revenues; NHS and private prescriptions are based on repeat monthly plans, and SaaS is subscription-based.

• Plans to accelerate growth through cross-selling NHS services to private patients and upselling additional services like at-home blood testing and digital health apps.

• Customers often generate multiple recurring revenue streams, supporting further growth.

Corporate actions and share capital

• Final settlement for the eMARX acquisition expected by end of August, with consideration of about £94,000 (35% cash, 65% new shares).

• Issued 928,570 new ordinary shares in lieu of £32,500 advisory fees, valued at 3.5p per share.

• Post-admission, total issued share capital will be 778,042,430 ordinary shares, each with one voting right.