Highlights

  • Being AI recorded HY26 revenue of USD 17.4 million, with net loss of USD 0.1 million.
  • Divestment of Being Education and closure of Project Treehouse reduced debt and simplified operations.
  • Wilshire Treasury proposes acquisition of Send Global to address ongoing financial obligations.

Being AI (NZX:BAI) released its interim results for the first six months of FY26, reporting revenue of USD 17.4 million. Operating EBITDA from continuing operations was USD 0.7 million, while the net loss from continuing operations was USD 0.1 million. The Group recognised a loss of USD 0.3 million from discontinued operations and a gain of USD 1.7 million from the divestment of Being Education. The results were influenced by overhead costs, interest payments, and other expenses across Being AI and its subsidiaries. Send Global remained the key contributor to operational results during the period.

Governance Developments
The Board experienced changes in January 2025 following the resignations of independent directors Brett O’Riley and Andy Higgs. Being AI was placed in a trading halt from 3 February to 14 April 2025. To restore compliance, three new independent directors—Michael Stiassny, Greg Cross, and Steve Phillips—were appointed. NZ RegCo issued a public censure, a USD 50,000 financial penalty, and an order to cover the disciplinary process costs.

Subsidiary Updates
Project Treehouse underwent a review that determined the initiative would continue generating negative cash flows. The Board resolved to wind down the project on 16 May 2025, resulting in the resignations of the Group CEO, CTO, and associated personnel.

Being Education was divested to Crimson Education Group in May 2025. The transaction removed USD 3.9 million in debt owed to Wilshire Treasury and a portion of trading liabilities, simplifying the Group’s financial structure.

Send Global
Send Global, despite continued operational performance, faced financial constraints due to obligations across the Group. As of 31 October 2025, Send Global held USD 9.3 million in debt with ANZ and USD 3.8 million with Wilshire Treasury (excluding unpaid interest). Projected cash flows were insufficient to meet overheads, interest payments, and other costs without additional support.

Being AI Debt Position
Being AI had USD 500,000 outstanding to Wilshire Treasury, with an agreed increase to USD 1.1 million.

Proposed Transaction
Wilshire Treasury submitted a non-binding indicative offer to acquire 100% of Send Global shares and assets, announced on 4 November 2025. An independent committee of directors assessed the offer, supported by an independent valuation from Simmons Corporate Finance Limited. The conditional sale agreement has been executed, and a shareholder meeting is scheduled for 10 December 2025 at 3:00 PM to vote on the proposal.

Share Price Snapshot
BAI was trading at NZD 0.069 per share as of 28 November 2025.