Executive Summary / Key Takeaways

• Rezolve AI is rapidly emerging as a transformative force in the $30 trillion global retail sector, directly addressing the pervasive issue of cart abandonment in e-commerce through its proprietary, vertically-focused AI platform, BRAiNPOWA.
• The company's unique technological differentiation lies in its patented large language model, BRAiNPOWA, specifically designed for commerce with deep product knowledge, empathetic prompt analysis, and integrated sales techniques, setting it apart from generic AI solutions.
• Strategic partnerships with industry giants Microsoft and Google (GOOGL) provide unparalleled market access to approximately 90% of enterprise retail customers, significantly accelerating client acquisition and validating Rezolve's technology.
• Rezolve AI is demonstrating explosive growth, projecting to achieve $100 million in Annual Recurring Revenue (ARR) by the end of 2025, a substantial leap from immaterial revenue in 2024, and has improved its adjusted EBITDA break-even target to $90 million ARR.
• Recent financial strengthening, including the elimination of warrant overhangs and a significant $200 million private placement, bolsters liquidity and provides capital for accelerated growth initiatives and strategic acquisitions.

The Digital Commerce Conundrum and Rezolve AI's Intelligent Solution

The global retail sector, a colossal $30 trillion market, faces a fundamental paradox in its digital transformation: while seven out of ten customers typically make a purchase in a physical store, the opposite holds true online, with seven out of ten digital shoppers abandoning their carts. This significant challenge represents an equally immense opportunity for companies that can bridge the gap between the in-store and online shopping experiences. Rezolve AI plc ($RZLV), a London-based generative AI solutions provider, is at the forefront of this revolution, leveraging decades of its founder's experience in search, commerce, and cloud technologies to redefine customer engagement and sales conversion in digital platforms.

Rezolve AI's core strategy is built on its proprietary large language model (LLM), BRAiNPOWA, which was developed from 2016 with the explicit goal of creating "the best salesperson on the planet" for digital channels. This vertical-specific approach contrasts sharply with generic AI models, which often serve as mere building blocks for customers to construct their own solutions. Rezolve AI offers a market-ready product suite designed to be implemented off-the-shelf, providing immediate, measurable impact for retailers.

Technological Moat: BRAiNPOWA's Vertical AI Advantage

At the heart of Rezolve AI's competitive edge is BRAiNPOWA, a 30 billion parameter LLM trained on over 300 billion tokens, specifically focused on product catalogs and digital commerce. This specialized training allows BRAiNPOWA to overcome common AI limitations, such as "hallucination or drift," particularly when interpreting nuanced product descriptions. For instance, the company has patented a process for structuring product catalogs to ensure AI accurately understands complex terminology, a capability recognized as "pretty smart" by partners like Google and Microsoft. This patented approach is crucial for preventing misinterpretations that can plague generic AI, such as confusing fragrance notes like "sandalwood and blackberries" with actual forest elements.

BRAiNPOWA is imbued with three critical skills that form its technological moat: deep product and category knowledge, empathy (supported by a patent on prompt analysis), and training in sales closing techniques. The empathetic understanding of customer intent allows the AI to tailor responses, distinguishing between an urgent request for "two AA batteries" and a more consultative query about "disposable versus rechargeable batteries for an electric toothbrush." This combination of specialized knowledge, emotional intelligence, and sales acumen enables BRAiNPOWA to replicate the personalized, effective interactions of a human salesperson online.

The BRAiNPOWA product suite comprises three market-ready solutions: Brain Commerce, a conversational commerce piece for comprehensive query answers and product discovery in 96 languages; Brain Checkout, a fast checkout solution that streamlines the purchase process and incorporates geolocation-triggered online/offline capabilities; and Brain Assistant, an after-sales customer service solution. These integrated tools are designed to replace the in-store experience online, directly addressing the high cart abandonment rates and driving stronger customer conversion, higher average order values, and greater omnichannel adoption for retailers.

Strategic Execution: Partnerships, Acquisitions, and Global Expansion

Rezolve AI's go-to-market strategy is a three-pronged approach encompassing direct sales, strategic partnerships, and acquisitions. This strategy has been instrumental in the company's rapid ascent. In the second half of 2024, Rezolve AI secured multi-year strategic partnerships with Microsoft and Google, ensuring its AI-powered solutions are available on the Microsoft Azure Marketplace and Google Cloud Platform. These alliances are pivotal, granting Rezolve AI access to approximately 90% of enterprise retail customers. The partnerships also include powerful incentives: cloud customers can credit their Rezolve subscription spend against their cloud commitments, and Microsoft and Google sales agents are incentivized by having Rezolve subscriptions count towards their sales quotas. These arrangements validate Rezolve's technology and significantly accelerate customer awareness and adoption.

The company's acquisition strategy, characterized as a "roll-up strategy," aims to accelerate enterprise customer adoption and expand its market footprint. A prime example is the strategic acquisition of GroupBy, a leader in enterprise search, product discovery, and merchandising solutions, which enhances Rezolve's sales force and deepens commercial relationships in North America. This strategy quickly bore fruit with a multi-year agreement with Liverpool, Mexico's premier department store chain, valued at nearly $10 million annually. This deal, an upsell of the Brain Commerce product solution (including the Google-collaborated SEO Studio) to a former GroupBy customer, is emblematic of the success in their go-to-market approach and demonstrates the potential for deal sizes significantly larger than initial internal estimates of $1 million per customer per annum.

Further demonstrating its global ambition, Rezolve AI opened its Asia Pacific regional headquarters in Singapore in August 2025, backed by a multi-million-dollar investment from the Singapore Government. This expansion positions the company to capitalize on Asia Pacific's projected contribution of over 60% of global retail growth by 2030, extending its "follow-the-sun" operations model across eight global innovation hubs. Additionally, a collaboration with Tether, the largest digital asset company, aims to develop a crypto payment solution, advancing cryptocurrency as an everyday payment method and eliminating transaction fees for merchants, aligning Rezolve with the future of regulated digital commerce.

Financial Trajectory: From Foundation to Explosive Growth

Rezolve AI's financial narrative is one of strategic investment and nascent, explosive growth. The company ended 2024 with revenue of $188,000, primarily from ancillary business activities, as it focused on laying a strategic foundation for commercial scale. However, 2025 has marked a dramatic shift. The company reported over $50 billion in gross merchandise value (GMV) transacted through its platform and over 13.5 million transactions year-to-date through April 19, signaling significant operational traction. Rezolve AI grew from zero revenue to over $70 million in Annual Recurring Revenue (ARR) in the first half of 2025, placing it among the fastest-growing AI companies globally. The company was also included in the prestigious Russell 2000® and Russell 3000® Indices, effective June 27, 2025.

While the company reported a GAAP net loss of $172.6 million for 2024, this figure included substantial one-time non-cash items, such as $28.9 million related to the DESPAC transaction and a $44.3 million loss on extinguishment of convertible debt. Operating cash flow for 2024 was a negative $21.6 million, with capital expenditures at a relatively low $3.5 million.

Rezolve AI has significantly strengthened its balance sheet and liquidity position. Prior to its August 2024 NASDAQ listing, the company carried approximately $94 million in fixed-rate convertible debt. By year-end 2024, $53.8 million of this debt was converted to equity, with an additional $31 million converted in February 2025, and $3.5 million repaid in cash. As of the end of Q1 2025, remaining debt includes $30 million in traditional interest-bearing bank loans and $6 million in convertible debt expected to convert to equity over the remainder of 2025.

The company held approximately $18.9 million in cash on hand at the end of Q1 2025, against a monthly cash burn rate of approximately $2.2 million. This liquidity is further bolstered by access to up to 48.3 million shares in an Equity Line of Credit (E-LOC). In a significant development, Rezolve AI secured $200 million in an oversubscribed private placement from existing institutional investors, expected to close around September 25, 2025. These funds are earmarked for accelerated investment in the sales organization, potential M&A, working capital, and general corporate purposes, providing substantial capital to fuel its aggressive growth strategy. Furthermore, the elimination of private placement warrant overhangs in September 2025 has simplified the capital structure, removing a "distortion that was weighing on the market" and creating a "cleaner runway for investors."

Competitive Positioning and Outlook

Rezolve AI operates in a competitive landscape alongside established technology giants like Salesforce (CRM), Adobe (ADBE), and Microsoft (MSFT), all of whom offer AI-powered solutions for commerce and customer engagement. However, Rezolve AI's vertical focus and proprietary BRAiNPOWA LLM provide distinct competitive advantages. While Salesforce excels in broad CRM and commerce ecosystems, and Adobe in creative and experience management, Rezolve AI's specialized AI for dynamic, real-time consumer connections across devices and locations offers a more streamlined and efficient approach to direct sales conversion. Microsoft, with its vast cloud resources, provides comprehensive enterprise solutions, but Rezolve AI's agility and niche specialization allow it to respond more rapidly to specific retail needs.

Rezolve AI's patented technology for structuring product catalogs and its empathetic, sales-trained AI differentiate it from competitors' more generic AI offerings. This specialized approach aims to deliver higher efficiency in real-time personalization, fostering superior margins through improved user retention. While larger competitors benefit from diversified revenue streams and greater scale, Rezolve AI's focused strategy and rapid customer adoption suggest comparable growth rates in its niche, with the potential for strong cash flow generation as its high-margin SaaS model scales.

Looking ahead, Rezolve AI expects to achieve an estimated annual recurring revenue (ARR) target of $100 million by the end of 2025, a target that includes both organic growth and contributions from strategic acquisitions. The company has also improved its profitability outlook, now expecting to achieve break-even operating performance (adjusted EBITDA) at $90 million ARR, down from a prior estimate of $100 million. This revised target reflects management's confidence in its flexible cost base and its ability to align resource additions with revenue growth, particularly by focusing on revenue-generating roles in sales and marketing. Management views reaching adjusted EBITDA break-even as the "first of multiple milestones" to be accomplished over the next 12 to 24 months. The early momentum in enterprise customer adoption, larger-than-anticipated deal sizes, and the strategic contributions from partnerships and acquisitions underscore the company's confidence in achieving its ambitious 2025 targets.

Conclusion

Rezolve AI plc stands at a pivotal juncture, transforming the digital commerce landscape with its innovative, vertically-focused AI solutions. By directly tackling the pervasive problem of online cart abandonment, the company is unlocking significant value for retailers in the vast $30 trillion global retail market. Its proprietary BRAiNPOWA LLM, with its unique blend of deep product knowledge, empathetic understanding, and sales acumen, fortified by strategic patents, forms a robust technological moat that differentiates it from broader AI platforms.

The company's strategic alliances with Microsoft and Google, coupled with a disciplined acquisition strategy, are providing an accelerated pathway to market penetration and customer acquisition, as evidenced by explosive ARR growth and significant platform usage in early 2025. With a clear path to profitability, bolstered by a flexible cost structure and recent substantial capital infusion, Rezolve AI is well-positioned to execute its vision of becoming a dominant market leader. While the journey involves scaling operations and navigating competitive dynamics, Rezolve AI's compelling technology and strategic execution present a powerful investment thesis for those seeking exposure to the transformative potential of AI in commerce.