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On September 23, 2026, Rezolve AI outlined a program targeting approximately $60 million of annualized cost savings once fully implemented. Management expects substantially lower cash burn in H2 2026 than H1 and targets positive Adjusted EBITDA for the month ending June 30, 2027.
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The September 23 release confirms Investor Day on October 6. The cost program targets approximately $60 million in annualized savings and positive Adjusted EBITDA in June 2027. These are management targets; the interim accounts and their liquidity limits remain the financial baseline. Company release
The interim accounts state that conditions and events raise substantial doubt about the company’s ability to continue as a going concern for at least a year, and name the remedies as cost savings, refinancing the short-term debt, raising capital and using the at-the-market programme. Unrestricted cash is $33.2 million of the $100.5 million the management discussion headlines, the half used $92.0 million of operating cash, and the working-capital deficit is $205.2 million.
Market fields carry their own reference dates and reporting lags, and the date beside each figure is the one it belongs to. The market capitalisation is a Merlintrader calculation from the June 30, 2026 share count and the September 18, 2026 close; it is not a provider quote. The gross margin is also a Merlintrader calculation, from revenue less cost of revenue as the interim accounts report them, and the interim accounts are unaudited.
Revenue went from $6.3 million to $130.8 million in a year and the gross margin is 48.9%, which for a company assembled by acquisition in twelve months is a real number rather than a projection. The full-year guidance of approximately $360 million was reaffirmed on July 27 and has not been changed since, and it is about 7.5 times FY2025 revenue of $46.8 million. The company says it has more than 1,000 enterprise customers, it signed a partnership in July that puts its infrastructure on a payments platform serving nearly six million customers, and it raised $289.9 million of gross proceeds in recent financings including a $250 million placement in January.
The same accounts say that conditions and events raise substantial doubt about the company’s ability to continue as a going concern for at least a year. Of the $100.5 million of cash the company headlines, $67.4 million is restricted and only $33.2 million is available. The half used $92.0 million of operating cash, the working capital deficit is $205.2 million and the accumulated deficit is $499.1 million. General and administrative expense alone was $118.8 million, of which $31.8 million was paid in shares to related parties. And the guidance requires a second half of $229.2 million, 1.75 times the first half.
On September 23, 2026, Rezolve AI outlined a program targeting approximately $60 million of annualized cost savings once fully implemented. Management expects substantially lower cash burn in H2 2026 than H1 and targets positive Adjusted EBITDA for the month ending June 30, 2027.
On September 23, 2026, Rezolve AI outlined a program targeting approximately $60 million of annualized cost savings once fully implemented. Management expects substantially lower cash burn in H2 2026 than H1 and targets positive Adjusted EBITDA for the month ending June 30, 2027.
Rezolve AI sells what it calls agentic commerce: search, conversational engagement and transactions for retailers and financial institutions, under a platform it calls Brain Suite. In the twelve months to June 2026 it bought a group of businesses, and the two the company itself names as the reason the periods are not comparable are Crownpeak, acquired on December 1, 2025 for about $81.0 million, and Reward, acquired on February 10, 2026 for approximately $228.6 million. The first-half revenue of $130.8 million is what those businesses produce once consolidated, against $6.3 million for the same half a year earlier, and the company’s own MD&A says the periods are not directly comparable because the scope of the consolidated operation expanded. What the page describes rather than resolves is the gap between that growth and the financing behind it: a going-concern paragraph, $33.2 million of unrestricted cash, a working-capital deficit of $205.2 million, and a full-year target that needs $229.2 million in the second half.
On September 23, 2026, Rezolve AI outlined a program targeting approximately $60 million of annualized cost savings once fully implemented. Management expects substantially lower cash burn in H2 2026 than H1 and targets positive Adjusted EBITDA for the month ending June 30, 2027.
Rezolve filed a communication under Rule 425 commenting on Commerce.com’s second-quarter results, in which it restated its view that Commerce.com’s board was wrong to reject the strategic combination it proposed earlier in the year. The filing says explicitly that no new or amended proposal is being announced. Commerce.com reported revenue of $84.5 million, up 0.1%, and cut its full-year guidance.
Rezolve described a four-year investment in its India operations, which it says employ 550 specialists and support more than 1,000 customers worldwide. A description of headcount is a statement about capacity, not about revenue, and no figure in this page comes from it.
The company said it expected first-half revenue of approximately $127 million against $6.32 million a year earlier, nearly twenty times, and reaffirmed full-year guidance of approximately $360 million. The final figure was $130.8 million, so the preliminary number was beaten by $3.8 million.
Rezolve said it would bring its infrastructure to Zilch’s payments platform, which it describes as serving nearly six million customers. The announcement carries no revenue figure and no term.
The annual general meeting approved a share repurchase mandate of up to $300 million, and the company filed the result on July 1, 2026. The same release says unaudited first-quarter 2026 revenue exceeded the whole of 2025. A buyback mandate, a capital raise and a going-concern paragraph coexist in the same quarter’s filings, and the page reports all three.
The 6-K carries the notice of the annual general meeting with its resolutions.
The company described itself as positioned at the centre of the AI transformation of global retail and reiterated revenue guidance of more than $360 million for 2026, about 7.5 times FY2025.
Better. The second half produces the $229.2 million the guidance needs, which is 1.75 times the first half and would require the businesses bought in the last year to keep compounding on top of a first half that was itself acquisition-driven. The restricted cash of $67.4 million is released or earned, the operating outflow of $92.0 million in the half narrows as the integration costs stop being incurred, and the $300 million repurchase mandate approved in July is used rather than left as a headline.
Flat. The year lands below $360 million and the company says so with the full-year release. Unrestricted cash of $33.2 million against a $205.2 million working-capital deficit means the ATM and the placement market remain the funding mechanism, and the share count of 416,868,894 keeps rising: it was 336,327,587 at the end of 2025, so roughly a quarter of the company was issued in six months.
Worse. The going-concern paragraph is the document’s own words, not an interpretation: the company states that conditions and events raise substantial doubt about its ability to continue as a going concern for at least a year. Its stated remedies are cost savings, refinancing the short-term debt, raising capital and using the at-the-market programme. If the second half misses and the financing market closes at the same time, those remedies are the same remedy.
None of the three cases is a forecast and none carries a price. They are built only from figures the accounts state: revenue of $130,788 thousand for the half, a gross margin of 48.9%, an operating loss of $128,082 thousand, a net loss of $139,478 thousand, adjusted EBITDA of negative $32,609 thousand, $33,153 thousand of unrestricted cash inside $100,545 thousand of total cash, a working-capital deficit of $205,234 thousand, and the company’s own guidance of approximately $360 million for the year.
One caution governs the whole page. The accounts are unaudited, the company is a foreign private issuer reporting twice a year rather than quarterly, and its own MD&A says the periods are not directly comparable because the scope of the consolidated operation changed with the acquisitions. The twenty-fold growth is real as a consolidated figure and it is not a like-for-like comparison, and both statements belong in the same sentence.
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The 6-K filed on September 1, 2026 carries the interim combined consolidated accounts for the six months ended June 30, 2026 as Exhibit 99.1 and the management discussion as Exhibit 99.2. They are unaudited, and they are the only place the half’s figures exist in a filed form: the figures released on July 27 were the company’s preliminary expectation, and the difference between the two is $3.8 million of revenue in the company’s favour.
Rezolve is a foreign private issuer, so there is no Form 10-Q and no quarterly report: the disclosure rhythm is semi-annual accounts plus current reports on Form 6-K, and the annual report is a Form 20-F filed on March 30, 2026 for the year ended December 31, 2025. That rhythm is the reason a reader sees a first half and a full-year guidance with nothing in between, and it is the reason the interim accounts are unaudited: there is no reviewed quarterly layer under them.
On September 23, 2026, Rezolve AI outlined a program targeting approximately $60 million of annualized cost savings once fully implemented. Management expects substantially lower cash burn in H2 2026 than H1 and targets positive Adjusted EBITDA for the month ending June 30, 2027.
The operating program covers cloud infrastructure, duplicated staffing and functions, offices, discretionary spending and delivery of professional services through partners including TCS and Tech Mahindra. The savings figure is the expected annual benefit at full implementation, not $60 million already saved or necessarily realized in one reporting period.
The profitability goal is an exit-month target for June 2027, not positive Adjusted EBITDA for the first half as a whole. The company cites a negative 24.9% Adjusted EBITDA margin in H1 2026 as its comparison. Adjusted EBITDA is a non-GAAP measure; achieving it would not establish GAAP profitability or operating cash-flow breakeven.
For the H1/H2 cash-burn comparison, the release uses a company-defined measure excluding capitalization, share-based compensation, restructuring and acquisition costs. It is not interchangeable with reported operating cash flow. The plan does not revise the historical June 30 liquidity balances or remove the going-concern disclosure. Investor Day is scheduled for October 6, 2026.
The accounts state it in terms. Conditions and events raise substantial doubt about the company’s ability to continue as a going concern for at least one year from the date the accounts are issued. The remedies management lists are cost savings and operating efficiencies, negotiations with lenders to refinance the short-term debt obligations, raising additional capital through debt or equity, and the existing registered at-the-market programme. The company adds that it has historically been able to raise capital and that it believes success to be probable, and that there can be no assurance.
The cash figure is where the presentation matters. Note 2.4 of the interim accounts says cash and cash equivalents totalled $100.5 million at June 30, 2026, including restricted cash of $67.4 million, a decrease of $10.6 million from $111.1 million at December 31, 2025. The balance sheet separates the two: cash and cash equivalents of $33,153 thousand and restricted cash of $67,392 thousand. So the money the company can spend is $33.2 million, and the money it headlines is three times that. Against it the half used $91,956 thousand of operating cash, the working capital deficit is $205,234 thousand from total current assets of $200,350 thousand against total current liabilities of $405,584 thousand, and the accumulated deficit is $499,098 thousand.
The capital side is the other half of the same paragraph. The company reports gross proceeds of $289.9 million from recent financings, of which the largest is a securities purchase agreement of January 20, 2026 for 62,500,000 ordinary shares at $4.00, or $250.0 million, closed on January 21, 2026. The share count tells the same story in a different unit: 336,327,587 shares outstanding at December 31, 2025 and 416,868,894 at June 30, 2026, an increase of 23.9% in six months, with a weighted average of 402,916,668 used for the half’s loss per share against 233,521,905 a year earlier. Long-term debt fell to $30,086 thousand from $50,092 thousand. And on June 30, 2026 the annual general meeting approved a repurchase mandate of up to $300 million, which sits in the same quarter as the going-concern paragraph and the capital raises.
Revenue of $130.8 million against $6.3 million, a gross margin of 48.9%, an operating loss of $128.1 million, a net loss of $139.5 million and adjusted EBITDA negative by $32.6 million. The accounts are unaudited, they carry a going-concern paragraph, and the guidance of approximately $360 million for the year stands as it was set out on July 27.
The 6-K filed on September 1, 2026 carries the interim accounts for the six months ended June 30, 2026, unaudited. Revenue of $130,788 thousand against $6,317 thousand; cost of revenue of $66,844 thousand, leaving a gross profit of $63,944 thousand; total operating expenses of $258,870 thousand, in which general and administrative expense is $118,793 thousand and sales and marketing $19,785 thousand; an operating loss of $128,082 thousand; and a net loss of $139,478 thousand, or $0.35 a share, against $57,852 thousand and $0.25. Operating activities used $91,956 thousand of cash against $19,810 thousand a year earlier. The balance sheet shows total assets of $917,899 thousand, total liabilities of $515,678 thousand, shareholders’ equity of $402,221 thousand, an accumulated deficit of $499,098 thousand and 416,868,894 shares outstanding against 336,327,587 at December 31, 2025.
Cash and cash equivalents against restricted cash at June 30, 2026, as the balance sheet reports them.
Revenue was $130,788 thousand against $6,317 thousand, an increase of 20.7 times. The company’s own explanation is that the periods are not directly comparable because the scope of the consolidated operation expanded after June 30, 2025 primarily because of two purchases the management discussion names: Crownpeak and Reward. The list of subsidiaries in the accounts shows the rest of what was bought — GroupBy in Canada, Bluedot in Australia, Prediqt in India, Mpower Plus in the United Kingdom and Poland, and Rezolve’s own entities across Taiwan, India, Spain and the United States. Most of that revenue arrived with those purchases rather than from the platform the company was selling a year ago.
Cost of revenue was $66,844 thousand, so gross profit was $63,944 thousand and the gross margin 48.9%. Operating expenses were $258,870 thousand and the composition is where the loss comes from: general and administrative expense of $118,793 thousand is the largest single item and almost half the total cost, ahead of cost of revenue at 25.8%, depreciation and amortisation at 20,433 thousand, research and development at 19,942 thousand, sales and marketing at 19,785 thousand and other operating expense at 13,073 thousand. The general and administrative line includes related-party transactions of $31,755 thousand, and the cash flow statement records $31,764 thousand of share-based compensation issued to related parties.
Adjusted EBITDA was negative $32,609 thousand against negative $17,737 thousand, and the reconciliation is worth reading in full because it is where the non-GAAP figure comes from. The starting point is a net loss of $139,478 thousand; adding back interest, the tax benefit and depreciation and amortisation gives EBITDA of negative $114,354 thousand. The remaining add-backs include $41,502 thousand of share-based compensation split between employees and related parties, $13,009 thousand described as the loss before tax, depreciation, amortisation and impairment generated by Subsquid, $10,000 thousand of ordinary shares payable for services, $5,575 thousand of impairment, $5,419 thousand of unrealised foreign exchange loss, $3,845 thousand of contingent consideration revaluation, $2,479 thousand of warrants associated with post-combination employment and consulting services, $2,260 thousand of legal and professional costs associated with acquisitions and $1,260 thousand of non-recurring termination payments. Two of those are worth naming plainly: a whole business’s losses are excluded from the measure, and $10 million of the add-back is a bill paid in shares.
The guidance has not changed. The company reaffirmed approximately $360 million of revenue for 2026 on July 27 and has not revised it since, against FY2025 revenue of $46.8 million, which it describes as about 7.5 times. The first half produced $130.8 million, so the second half has to produce $229.2 million, or 1.75 times the first. The company also targets an exit-2026 annual recurring revenue run rate of at least $500 million and says it has more than 1,000 enterprise customers.
Revenue in millions of dollars, each figure as the accounts and the annual report state it.
October 6, 2026: Investor Day, confirmed in the September 23 release. The June 2027 Adjusted EBITDA exit-month target is a separate forecast, not a reporting appointment.
Undated. The 2026 interim accounts are the last filed disclosure and no date has been announced for a third-quarter update; as a foreign private issuer the company is not obliged to publish one, and its own rhythm is semi-annual, so the next filed accounts would normally be the Form 20-F for the year ended December 31, 2026. Anything before that arrives as a Form 6-K at the company’s discretion, and the July 27 preliminary release is the pattern to expect.
Undated, and the largest single item in the story. The proposed combination with Commerce.com. Rezolve approached the company, Commerce.com’s board rejected the proposal in April 2026, and the August 6 communication says explicitly that no new or amended proposal is being announced. A rejected approach is not a transaction, and the page does not treat it as one.
Undated. The $300 million repurchase mandate approved on June 30, 2026. A mandate is authorisation, not an obligation, and no purchase has been disclosed since.
What would confirm the guidance. A second half of $229.2 million, which is the figure to hold against any announcement between now and the annual report. Anything else — a partnership, a customer count, a headcount, an annual recurring revenue run rate — is capacity or intention, and this page treats those as what they are.
The ordinary shares trade on the Nasdaq Global Market as RZLV. The reference price is the September 18, 2026 close of $2.27, and the market capitalisation of about $946 million is a Merlintrader calculation from that close and the 416,868,894 shares the interim balance sheet states at June 30, 2026. The provider’s own figure for the same day was $959 million on a slightly higher price, so the two agree within the price difference.
On the provider fields read on September 21, 2026, insiders hold 41.78% and institutions 7.83%, against a float of 242.72 million shares out of 416.87 million. So nearly six shares in ten are in the float and tradeable, and most of what is not belongs to the insiders who hold 41.78% — which is what a company that has just issued a quarter of itself to a small group of buyers looks like. Short interest is 13.99% of the float, or 2.25 days of average volume, and the average daily volume is about 15.06 million shares.
The company pays no dividend. The provider put the mean recommendation at 1.00 with a target of $10.00 on September 21, 2026, against the September 18 close of $2.27. That is an aggregate with its retrieval date and is reported as an aggregate, not as the note of a named firm: under the rules Merlintrader follows, a single target is published only with the issuing house and the exact date of the note, and no such note was obtained in its original form. A target more than four times the price is also a description of how thinly the shares are followed, not a statement about the company.
Every company figure quoted comes from the filings listed above, each with the date it was filed. Provider fields are used only for the market, ownership, short interest and consensus figures, and each carries its retrieval date. Rezolve AI is a foreign private issuer: the half-year figures come from a Form 6-K and there is no Form 10-Q, and the annual report is a Form 20-F. The figures for the first half of 2026 are unaudited, and the company’s own management discussion states that the two halves compared are not directly comparable because the scope of the consolidated operation changed with the acquisitions made in the intervening year.
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Disclaimer. This content is published by Merlintrader for educational and informational purposes only. It is independent journalism and research. It is not financial, legal or tax advice; it is not an investment recommendation, an offer or a solicitation to buy or sell any security; and it is not a research report within the meaning of applicable U.S. securities regulation. Nothing here is a recommendation to buy, sell or hold $RZLV or any other security.
The September 1, 2026 H1 financial tables are expressly labelled unaudited by the company. The latest audited accounts reviewed for this Hub are the FY2025 Form 20-F. Management statements from the conference call are identified as such, and Merlintrader calculations are derived from the published company tables. Two internal H1 reconciliation differences remain unresolved and are not silently adjusted.
Foreign private issuers may report less frequently than U.S. domestic issuers. Artificial-intelligence companies with negative earnings, restricted cash, large working-capital deficits, substantial acquisition activity and equity-financing capacity can be highly volatile and can lose all their value. Readers must verify the primary sources, conduct their own research and consult an appropriately licensed adviser before making financial decisions.
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