Being AI Limited Analysis

Overview

Being AI is a diversified artificial intelligence services, development and investment group.

Being AI comprises three business models: Being Consultants (providing AI and advanced technology support to third-party companies), Being Labs (developing AI and patentable technologies) and Being Ventures (investing in industries that will be significantly enhanced with the deployment of AI and advanced technologies).

Being Consultants, Being Labs and Being Ventures are in the early stages of generating revenue. Initial Ventures investments are in logistics (with Send Global) and education (with AGE).

Being AI was previously known and listed on the NZX Main Board as Ascension Capital (ACE). On 11 December 2023, ACE announced to NZX that it had reached a conditional agreement to acquire the Being AI Group via a proposed ‘reverse listing’. On 28 March 2024, ACE Shareholders passed resolutions to approve the proposed acquisition and ACE was renamed Being AI Limited (ticker code ‘BAI’).

Performance

The following information was extracted from Being AI's ("BAI") Full Year Results, released 29 May 2026:

Being AI Limited presents its FY26 results, a year in which all operational activities ceased. The Board acted decisively to mitigate significant losses and safeguard shareholder value, with all assets now divested. In the last quarter, the Board’s focus shifted to assessing whether any residual value remained in the entity itself and explored opportunities to realise it for the benefit of shareholders.

Financial Performance In FY26, Being AI recorded:

• A $8.6 million profit from discontinued operations, including gains totalling $7.3 million, arising from the sale of AGE Limited and Send Global Limited.

• A $1.5 million loss from continuing operations.

While Send Global delivered strong operational results, profitability was offset by overhead costs, interest payments, and other expenses tied to Being AI.