Rezolve AI PLC (NASDAQ:RZLV) had a rough Tuesday, with shares dropping nearly 17% despite what looks like a blowout revenue number. The company reported first-half fiscal 2026 results that were, to put it mildly, a mixed bag.
On the one hand, revenue came in at $130.79 million, beating the $101.5 million consensus estimate. On the other hand, the company posted a loss of 35 cents per share, which was significantly worse than the expected loss of 12 cents. Investors, as they often do, focused on the bottom line.
Revenue Jumps Nearly 21-Fold
Let's put that revenue number in perspective. First-half revenue surged 1,970% from a year earlier. That's not a typo. It's also nearly three times the company's full-year 2025 revenue of about $46 million. So, yes, growth is happening, and it's happening fast.
Gross profit climbed to $63.9 million from $6 million a year ago, with a gross margin of 48.9%. The company said its margins reflect its mix of software, professional services, loyalty, and platform operations. But costs tied to the rapid expansion of enterprise projects also ate into margins.
Cash flow is where things get a bit more concerning. The company used $96.1 million in operating cash during the period, compared with $19.8 million a year earlier. That's a big burn, but the company still had $33.2 million in cash and cash equivalents as of June 30, plus $67.4 million in restricted cash, bringing the total to about $100.5 million.
Customer Base More Than Doubles
One of the more encouraging signs is the customer growth. Rezolve AI's customer base grew to more than 1,640 from just over 950 at the end of 2025. That's a 72% increase in six months. The customer list includes some recognizable names: H&M, ASOS, Ferrero, Myntra, Rakuten Group, Qatar Airways, and Graybar.
The company also shared some impressive engagement metrics from the FIFA 2026 World Cup measurement period. During that time, Rezolve AI recorded about 103 million app opens, coming from 9.86 million unique devices across 16 stadiums. Its platform also tracked 5.84 million geofence events. That's a lot of data, and data is what Rezolve AI is all about.
Taps Technology Partners
Founder, Chairman, and CEO Daniel M. Wagner said the company is leveraging partnerships with Microsoft, Google, Tata Consultancy Services, and Tech Mahindra to reach more enterprise customers. These partners provide marketplaces, sales relationships, and deployment support.
The most notable partnership is with Alphabet Inc.'s (NASDAQ:GOOGL) Google, which selected Rezolve AI's distributed database technology for use within Google Cloud. During the earnings call, Rezolve AI said this infrastructure deal could mark the start of a much larger opportunity. The company expects to announce more infrastructure licensing agreements soon and has several potential deals at various stages of discussion.
The first deployment covers about 100 terabytes across 10 blockchain networks. Rezolve AI expects this agreement to create more licensing opportunities. In other words, Google is "just the beginning," as the company teases.
Beyond the Google deal, Rezolve AI's Rewards acquisition expanded its presence to more than 15 markets. Rewards has relationships with Barclays, Visa, Mastercard, NatWest, and Mashreq, and has returned more than $2 billion in cashbacks. A partnership with Zilch also expanded Rezolve AI's payments reach to nearly 6 million customers.
Reaffirms Outlook
Despite the stock's drop, Rezolve AI reaffirmed its fiscal 2026 revenue forecast of $360 million, which is slightly above the analyst estimate of $357.15 million. The company also maintained its goal of reaching at least $500 million in annual recurring revenue by the end of 2026.
Management expects seasonal retail demand and new customer deployments to support second-half growth. That's a bold prediction, but if the first half is any indication, they might just pull it off.
RZLV Price Action: Rezolve AI shares were down 16.78% at $2.40 at the time of publication on Tuesday, according to market data.
