Ora Technology PLC - Annual results

Press Release

11 December 2023

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Ora Technology PLC

("Ora" or "the Company"")

Annual results

Ora Technology PLC (AQSE: ORA), a leading innovator in retail carbon trading, announces its audited results for the period ended 31 July 2023. The full Annual Report of the Company will be available on the Company's website: https://plc.oracarbon.com/.

Comments from Michael Edwards, Executive Chairman of Ora:

I am pleased to report Ora Technology's (the Company's), maiden results spanning the first financial period from 1 December 2022 to 31 July 2023, a period that pre-dates the Company's debut on AQUIS on 20 July 2023. No revenue was generated and a loss before tax of £724,882 was incurred in the period under review.

These reflect the start-up costs of the business, professional and other costs relating to the early rounds of equity funding, followed by the Company's IPO. Cash and cash equivalents amounted to £1,036,994 as at 31 July 2023.

The focus of 2023 was to formulate a clear strategy and raise the necessary capital to build one of the world's leading carbon trading platform companies.

I would like to take this opportunity to thank all shareholders for their support, which has enabled the Company to ramp up its resources and activities in a very short time. The key driver of our core business will be the growth of the overall carbon offset market. We remain excited about the carbon market dynamics especially coming from the United Nations Climate Change Conference (COP 28) currently being held in UAE. This conference has historically raised the media profile for carbon credits and brought new followers into the ecosystem, which we expect to benefit the sector and Ora long term.

Morgan Stanley predicts that the carbon offset market will grow from a base of $2B in 2020 to over $250B by 2050 (https://www.morganstanley.com/ideas/carbon-offset-market-growth) - our mission at Ora is to capture this explosive market for retail investors.

A key element to capturing this growing market is to build a robust and delightful product. I am pleased to report that the product is now complete and available for download on both iOS AppStore and Android Google Play in UK. This product launch is a major milestone for the company. The product allows users to buy, sell and hold carbon credits and will serve as the key driver of our growth moving forward. The UK product launch was followed soon after with our first international launch in Singapore. We will continue to layer on international markets as we move forward in 2024.

The second key element of our vision was our pre-launch strategy. This strategy has already generated a waiting list of over 5,000 people who are interested in the carbon trading space and looking to use our product. This result shows us that there is clear demand for the product, and we are very excited to onboard this waitlist and beyond in the coming months. Our pre-launch strategy has also included an educational campaign about carbon offsets which has proven to be a key element to driving users to the waitlist. Our observation has been that once people are educated about the supply and demand dynamics at play in the carbon industry, they are keen to become an active participant in the carbon economy.

Our IPO and investment in the business in 2023 provides a solid platform for long term growth and the value necessary to drive revenue in the year ahead and beyond. Our waitlist pipeline remains robust and has exceeded our expectations. We are confident that we have laid the foundation to provide tremendous value to our customers and as well as create long-term shareholder value. I commend all our employees and partners for their hard work and dedication which has positioned the Company for growth in the years ahead.

Michael Edwards - Executive Chairman

The Directors of Ora accept responsibility for this announcement.

This announcement may contain "forward-looking" statements and information relating to the Company. These statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

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About Ora Technology 

Ora Technology PLC is a software company that is developing a digital carbon trading platform that intends to offer users the ability to buy, sell and retire carbon credits in the voluntary carbon market, an instrument used by both the public and private sectors to work towards carbon neutral and net-zero climate goals. Ora's 'Ora Carbon' platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices and an emphasis towards providing a simple and intuitive user experience.

Statement of Profit or Loss and Other Comprehensive Income

For the period ended 31 July 2023

Statement of Financial Position

As at 31 July 2023

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2023 and were signed on its behalf by:

Nicholas Lyth

Director     

Ora Technology PLC

Statement of Changes in Equity

For the period ended 31 July 2023

Ora Technology PLC Statement of Cash Flows

For the period ended 31 July 2023

The notes contained in the Company's Annual Report form part of these financial statements.