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Gloucestershire Constabulary
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Defence Holdings’ zero-revenue year hides a bigger 2026 test: Can its £4m funding turn defence AI into repeatable sales?
Defence Holdings plc reported no revenue and a £4.56 million operating loss for the year to March 2026, but those accounts capture a business before its first Ministry of Defence contract. The investment case now depends on whether £4 million of fresh capital, three software builds and its Meridian accelerator can produce repeatable sovereign defence technology revenue.