**Summary of Supply@ME Capital PLCs 2024 Annual Report and Accounts**
**Overview**
Supply@ME Capital PLC, a fintech company providing an inventory monetisation platform, released its 2024 Annual Report and Accounts on October 13, 2025, following a delay that led to a temporary suspension of its shares on the London Stock Exchange. The report highlights financial challenges, operational progress, and strategic initiatives for the year ended December 31, 2024.
**Financial Performance**
**Revenue**Group revenue declined to £129,000 in FY24 from £158,000 in FY23, reflecting challenges in converting inventory funding opportunities into transactions.
**Operating Loss**Adjusted operating loss improved to £2.3 million in FY24 from £3.6 million in FY23, due to cost-saving efforts and reduced corporate activities.
**Funding Challenges**Significant funding issues arose due to underperformance by The AvantGarde Group S.p.A. (TAG) in fulfilling a £3.5 million shareholder loan agreement. Only £1.3 million was received from TAG during FY24.
**New Funding**A new equity subscription raised £1.6 million in May 2024. A funding agreement with Nuburu Inc. was announced in March 2025, with USD $2.95 million received as of the report date.
**Losses**The company reported a total loss of £2.923 million in FY24, the fifth consecutive year of losses since its listing in 2020.
**Material Uncertainties**Directors identified material uncertainties in the going concern assumption due to low revenue, funding risks, and reliance on external financing.
**Operational Highlights**
**Inventory Monetisation**Monetised inventory increased to £4.5 million as of September 30, 2025, from £3.5 million in December 2024.
**Pipeline**The client pipeline grew to £87.3 million as of September 30, 2025, supported by signed letters of interest or term sheets, up from £31.3 million in April 2024.
**Strategic Partnerships**Collaboration with inventory funders and successful issuance of a secured bond valued at up to €5 million by an SFE subsidiary, leading to two new inventory monetisation transactions.
**White-Label Strategy**Progress with Banco BPM S.p.A. (BBPM) has been slow due to remarketer requirements and external delays, including potential acquisition discussions involving BBPM.
**Strategic Initiatives**
**Bond Funding Structure**Established through an SFE subsidiary to provide inventory funding, enhancing revenue predictability.
**Nuburu Partnership**New funding agreement with Nuburu Inc. addresses immediate funding needs and offers potential for further inventory monetisation transactions.
**Team Changes**Higher-than-desired attrition in 2024 led to increased workloads for remaining staff, with a focus on cross-training to ensure operational resilience.
**Principal Risks and Uncertainties**
**Strategic Risk**Delays in establishing the business model and securing reliable funding impact client pipeline growth and revenue generation.
**Funding Risk**Continued reliance on external funding, with delays from TAG and Nuburu posing significant challenges.
**Operational Risk**Business continuity and talent retention risks heightened by funding delays and team attrition.
**Regulatory and Reputational Risk**Delayed financial reporting and overdue tax balances pose regulatory and reputational challenges.
**CEO and Chairman Statements**
**Alessandro Zamboni (CEO)**Expressed confidence in the inventory monetisation concept but acknowledged slower-than-expected progress. Highlighted the importance of new funding from Nuburu and focus on new business to accelerate growth.
**Albert Ganyushin (Chairman)**Noted the challenges in scaling the business model and securing funding. Emphasised the importance of the bond funding structure and the need to restore investor confidence.
**Conclusion**
Supply@ME Capital PLC faced a challenging year in 2024, marked by financial losses, funding delays, and operational hurdles. Despite these challenges, the company made progress in establishing strategic partnerships and expanding its client pipeline. The new funding agreement with Nuburu Inc. and focus on cost-saving measures are expected to support future growth, though material uncertainties remain regarding revenue generation and funding stability.
| Metric | 2024 (£'000) | 2023 (£'000) | Change (£'000) |
|---|---|---|---|
| Revenue | 129 | 158 | (29) |
| Adjusted Operating Loss | (2,329) | (3,625) | 1,296 |
| Loss Before Tax | (3,062) | (4,160) | 1,098 |
| Total Loss for the Year | (2,923) | (4,345) | 1,422 |
| Total Assets | 1,175 | 2,184 | (1,009) |
| Net Liabilities | (4,246) | (3,807) | (439) |
| Long-term Borrowings | 364 | 840 | (476) |
| Receivable from Related Party (TAG) | 52 | 847 | (795) |
Key Observations:
- Revenue Decline: Revenue decreased by £29,000 from £158,000 in 2023 to £129,000 in 2024, reflecting challenges in converting inventory funding opportunities into transactions.
- Reduced Operating Loss: Adjusted operating loss improved by £1,296,000 due to cost-saving efforts and lower corporate activities compared to 2023.
- Funding Challenges: Significant funding challenges persisted, with TAG underperforming on its £3.5 million top-up loan agreement. New equity and debt funding (e.g., Nuburu facility) were secured to address these issues.
- Debt Reduction: Long-term borrowings decreased by £476,000, primarily due to the repayment of the TAG unsecured working capital facility and continued repayment of the Banco BPM loan.
- Related Party Receivables: Receivables from TAG decreased by £795,000 due to repayments related to the TradeFlow Restructuring and other contractual commitments.