olivLaw · European equity research
GSTechnologies Ltd GST.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
GSTechnologies Ltd is a UK-listed fintech group offering blockchain-enabled payments, foreign exchange services and cybersecurity through subsidiaries such as Angra and Semnet. Its annual report for the year ended 31 March 2026 shows a growth strategy that depends on raising capital and obtaining licences in several jurisdictions, in a sector with fast-changing regulation.
At the close of 05 Nov 2026, GSTechnologies Ltd (GST.L) stock was 0.00 GBP (+0.00% on the day), with beta -2.69, 52-week range 0.00–0.01 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.6
- weak (30–45)
- Bollinger (20, 2)
- 0.00 – 0.00
- in the lower half of the band · %B 0.09 · band width 29.3%
- SMA 50 / 200
- 0.00 / 0.00
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.9% | −0.6% | −22.2 pp | — |
| 3 months | −32.5% | −4.2% | −28.3 pp | — |
| 6 months | +33.7% | +4.3% | +29.3 pp | — |
| Year to date | −40.0% | +7.5% | −47.5 pp | — |
| 1 year | −66.3% | +9.9% | −76.2 pp | +5.8% |
| 3 years | −62.0% | +49.8% | −111.8 pp | +26.3% |
| 5 years | −88.5% | +42.8% | −131.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2025 | 2026 |
|---|---|---|
| Revenue | 2.6 m | 1.1 m |
| Revenue YoY | unavailable | −56.5% |
| Net income | -2.1 m | -5.3 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -82.6% | -471.6% |
| Free cash flow | -2.1 m | -3.9 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 1.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 5.5 m USD
- Total assets
- 6.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.43x
- ROE
- -76.8%
- ROA
- -19.8%
- FCF margin
- -348.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
Balance sheet · USD
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Cash | 4.2 m | 1.9 m | esef· 02 Sept 2026verified |
| Receivables | 38.3 m | 282.0 k | esef· 02 Sept 2026verified |
| Inventories | 13.0 k | 5.0 k | esef· 02 Sept 2026verified |
| Current assets | 42.8 m | 2.4 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 109.0 k | 6.0 k | esef· 02 Sept 2026verified |
| Total assets | 47.0 m | 6.5 m | esef· 02 Sept 2026verified |
| Accounts payable | 38.6 m | 993.0 k | esef· 02 Sept 2026verified |
| Current liabilities | 38.6 m | 993.0 k | esef· 02 Sept 2026verified |
| Total liabilities | 38.7 m | 1.0 m | esef· 02 Sept 2026verified |
| Equity | 8.3 m | 5.5 m | esef· 02 Sept 2026verified |
Cash flow · USD
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -2.1 m | -3.9 m | esef· 02 Sept 2026verified |
| Capex | 3.0 k | 0 | esef· 02 Sept 2026verified |
| Free cash flow | -2.1 m ≈ | -3.9 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -1.1 m | -752.0 k | esef· 02 Sept 2026verified |
| Financing cash flow | 4.8 m | 2.3 m | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -471.6% | 6 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial6/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GSTECHNOLOGIES LTD (GST.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 1.1 m USD in 2026; YoY growth -56.5%; net margin -471.6%; ROE -75.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- Net margin: -471.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for GST.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
GSTechnologies Ltd is a UK-listed fintech group offering blockchain-enabled payments, foreign exchange services and cybersecurity through subsidiaries such as Angra and Semnet. Its annual report for the year ended 31 March 2026 shows a growth strategy that depends on raising capital and obtaining licences in several jurisdictions, in a sector with fast-changing regulation.
SWOT
Strengths
- The group has a highly available digital infrastructure and security expertise through its Semnet subsidiary. This can support client confidence and platform protection 1.
- Its licence portfolio and partnerships with banks and payment providers can ease market access and liquidity management 1.
- In-house developed platforms and a modular architecture can reduce dependence on external vendors for critical components 1.
Weaknesses
Opportunities
- Adoption of stablecoins and cross-border payments could open new revenue sources and reduce dependence on digital-asset volatility 1.
- Expansion into Europe and Southeast Asia could grow the client base, if regulatory approvals are obtained on time 1.
- Agentic AI features in neobanking could improve efficiency and client experience, if adopted at scale 1.
Threats
- Regulatory delays or restrictions, including under MiCA, could limit products and compliance costs could rise 1.
- Competitive pressure from banks and larger fintechs could compress margins and market share 1.
- Cyberattacks and platform disruptions could affect client trust and generate remediation costs 1.
Risks
- Regulatory and licensing riskhigh
Delays in obtaining or maintaining licences, and non-compliance with AML and KYC rules, could lead to fines or operating restrictions 1.
- Cybersecurity riskhigh
Data breaches or attacks on payment platforms could affect client trust and could bring significant costs 1.
- Dependence on transaction volumesmedium
Revenues linked to transactions and crypto markets are sensitive to volume declines, which could affect cash flows 1.
- Funding and liquiditymedium
Technology and expansion investment requires additional capital. If capital markets tighten, financial flexibility could be limited 1.
- Currency risklow
Multi-currency operations expose the group to exchange rate movements that can affect asset valuations and profitability, although hedging strategies are used 1.
Investment thesis
What would need to be true (bull case)
- If the growth targets for Semnet and Angra are met, the group could benefit from a more diversified revenue base less dependent on digital-asset volatility 1.
- There could be an advantage in controlling part of its own technology and holding an EMI licence, which may support expansion into new jurisdictions 1.
- A focus on payments and stablecoins could reduce sensitivity to speculative markets and attract institutional clients, if the strategy delivers 1.
What would break the thesis
- Intense investment and operating losses could require additional funding, which could dilute current shareholders or limit flexibility 1.
- Regulatory delays could postpone product launches and slow the growth pace management expects 1.
- If trading volumes fall or competition intensifies, margins could be compressed and growth could be slower than estimated 1.
What to watch
- Development of Semnet revenues against the projected annual growth rate2027
- Status of regulatory approvals in Europe and Southeast Asianext 10-K
- Need for additional funding and the terms of future equity raises2027
- Trading volumes and adoption of stablecoin servicesQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
GSTechnologies provides secure fintech and ICT services combining blockchain-enabled payments (GS Money), foreign exchange (Angra Global) and digital assets and wealth management (GS Fintech UAB, formerly Bake/GS20). The group presents itself as a fully digital company with proprietary platforms and achieved 99.9% uptime in fiscal 2026 1. Its activity is regulated across several jurisdictions, including the UK FCA, the EU MiCA regime and Singapore.
The group is organised around three pillars: payments and e-money, foreign exchange and cybersecurity. Semnet provides security services and software platforms, while Angra Limited holds a UK Electronic Money Institution (EMI) licence and assumes 5% annual organic growth 1. Management also describes expansion plans into Europe and Southeast Asia, with a focus on niches such as SPIs.
In fiscal 2026 the group raised £1.925 million through equity issues, which the report says supports access to capital needed for technology and regulatory investment 1. The report also mentions a Bitcoin reserve, presented as part of a long-term approach to protection against fiat-related risks 1.
Segments
Payments and e-money (GS Money, Angra)
This segment covers cross-border payments and e-money services, supported by the UK EMI licence. Angra Limited has a forecast of 5% annual organic growth and a 2% terminal growth rate in its impairment test 1. Partnerships with Stripe and Nuvei are described as a way to reduce customer acquisition costs 1.
Cybersecurity (Semnet)
Semnet provides security expertise and software platforms for the group and for external clients. Management estimates Semnet revenue could grow 22% per annum from FY2028, a forecast dependent on expanding the customer base and recovering from weaker trading in FY2026 1. The report states this is management's estimate rather than a guarantee.
Digital assets and wealth management (GS Fintech UAB)
This segment, resulting from the integration of Bake/GS20, includes digital asset exchange and stablecoin solutions. The report shows crypto trading volumes are a material sensitivity, and the group emphasises diversification towards payments and stablecoins to reduce dependence on these volumes 1.
Market context
The group operates in fintech, where cross-border payments and foreign exchange are contested by established banks, larger fintechs and new entrants. The report describes pressure on margins and market share, against demand that depends on currency volatility, crypto markets and macroeconomic conditions 1. The EU MiCA framework is an important regulatory factor that could restrict or delay new product launches 1.
Management considers that agentic adoption of AI neobanking services and stablecoins could support growth, but the report notes that slower-than-expected adoption could affect growth projections 1. The digital asset market remains volatile, and price shocks could reduce trading volumes and fees 1.
Trends
- Fintech regulation and licensingheadwind
Regimes such as the EU MiCA and the UK FCA are becoming more complex, and the group noted difficulties with its MiCA licence application in Lithuania. Authorisation delays could postpone product launches, but a multi-jurisdiction licensing approach could reduce the risk 1.
- Adoption of digital payments and stablecoinstailwind
The report indicates a strategic move from volatile digital assets towards payments, foreign exchange and stablecoin services. If this adoption grows, it could stabilise revenues, which currently depend heavily on volumes 1.
- Crypto market and currency volatilityheadwind
Shocks in crypto markets and currency fluctuations affect volumes and client demand. The group uses hedging instruments, but this exposure remains one of the major sensitivities identified in stress tests 1.
- Artificial intelligence in financial servicesmixed
The group is investing in agentic AI features for neobanking and in compliance automation. The efficiency potential is real, but management explicitly flags execution and regulatory risks around automated decision-making 1.
Competitive position
Competition comes from traditional banks, larger fintechs and new entrants in cross-border payments and foreign exchange. The report considers this pressure could affect margins, client acquisition and market share 1. Consolidation in the fintech and crypto sectors is presented as a factor that could amplify competitive pressure 1.
The group responds by diversifying across three pillars, focusing on niches such as SPIs and working with payment partners. The report does not name individual competitors, so direct comparisons depend on information from other sources 1.
- Traditional banks offering cross-border payments
Competition in payments and foreign exchange, mentioned generically in the report without specific names 1.
- Larger fintechs in payments and foreign exchange
Pressure on margins and market share, described in the report without company names 1.
- New entrants in blockchain-based payments
The risk of new players in digital-asset payments is flagged, with no names given in the source 1.
- Cybersecurity and cloud infrastructure providers
Competition in security and dependence on external cloud vendors are cited as risks, without specific names 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / GSTechnologies Ltd · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.