Dexory auditor raises evidence concerns as robotics firm losses widen
Auditors for Dexory have issued a rare warning over gaps in its financial records after the British robotics firm Dexory reported surging revenues alongside deepening losses.
In newly filed accounts, auditors at Moore Kingston Smith said they were “unable to obtain sufficient appropriate audit evidence regarding the stock quantities”, adding they could not determine whether any adjustment was needed to reported figures as of March 2025.
Despite the audit qualification, the company said its growth trajectory remains strong as it scales its AI-driven warehouse platform globally.
Turnover jumped to £3.2m for the year to March 2025, up from £615,797 the year before, while pre-tax losses widened to £22.5m from £12m as Dexory ramped up investment.
Expansion drive driven by fresh funding
The accounts come just days after Dexory secured £8.5m from the British Business Bank as part of a wider Series C round, with backing from investors including Eurazeo, Atomico and Lakestar.
The firm is betting heavily on its robotics and AI to improve efficiency in its warehouses.
Its autonomous robots scan its storage facilities in real time, feeding data into its platform to help firms track inventory and reduce errors.
Dexory has now built a dataset of more than a billion warehouse location scans, a key asset as it looks to scale globally.
The business has already expanded across Europe, North America and Asia-Pacific, opening a US headquarters in Nashville as it targets global logistics customers.
Directors said revenue growth was driven by “new customer deployments and expansion of existing contracts”, while the number of active customer sites and contracts continued to rise.
At the same time, costs surged as the company invested heavily in sectors like engineering and product development.
Administrative expenses climbed to £25.1m, up from £12.8m the previous year, while the group also increased spending on research and development as it builds out its robotics and AI platform.
Cash reserves strengthened to £20.4m at year-end, up from £6m, reflecting fresh funding and giving the company runway to continue scaling.