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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

oREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

For the fiscal year ended December 31, 2025

OR

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to ____________________

OR

oSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report _________

Commission file number:001-40634

(Exact name of Registrant as specified in its charter)

Jersey

(Jurisdiction of incorporation or organization)

22 Grenville Street, St. Helier, Jersey, JE4 8PX, Channel Islands

(Address of principal executive offices)

Charles Gillespie, Chief Executive Officer

+44 1534 676 000

22 Grenville Street, St. Helier, Jersey, JE4 8PX, Channel Islands

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered, pursuant to Section 12(b) of the Act

Title of each classTradingsymbol(s)Name of each exchange on which registered
Ordinary shares, no par valueGAMBNasdaq Global Market

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of business covered by the annual report:

35,097,190 ordinary shares at December 31, 2025

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yeso No x

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yeso No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x Noo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x Noo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated fileroAccelerated filerxNon-accelerated fileroEmerging growth companyx

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. o

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery of analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to 240.10D-1(b)o

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP oInternational Financial Reporting Standards as issued by the International Accounting Standards Board xOther o

If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 o Item 18 o

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yeso Nox

TABLE OF CONTENTS

Page
PRESENTATION OF FINANCIAL AND OTHER INFORMATION2
SELECTED DEFINITIONS3
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS4
PART I5
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS5
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE5
ITEM 3.KEY INFORMATION5
A. [RESERVED]5
B. CAPITALIZATION AND INDEBTEDNESS5
C. REASONS FOR THE OFFER AND USE OF PROCEEDS5
D. RISK FACTORS5
ITEM 4.INFORMATION ON THE COMPANY32
A. HISTORY AND DEVELOPMENT OF THE COMPANY32
B. BUSINESS OVERVIEW36
C. ORGANIZATIONAL STRUCTURE47
D. PROPERTY, PLANT AND EQUIPMENT48
ITEM 4A.UNRESOLVED STAFF COMMENTS49
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS49
A. OPERATING RESULTS49
B. LIQUIDITY AND CAPITAL RESOURCES67
C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.70
D. TREND INFORMATION70
E. CRITICAL ACCOUNTING ESTIMATES71
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES71
A. DIRECTORS AND SENIOR MANAGEMENT71
B. COMPENSATION73
C. BOARD PRACTICES76
D. EMPLOYEES79
E. SHARE OWNERSHIP79
F. DISCLOSURE OF A REGISTRANT’S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION79
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS80
A. MAJOR SHAREHOLDERS80
B. RELATED PARTY TRANSACTIONS81
C. INTERESTS OF EXPERTS AND COUNSEL81
ITEM 8.FINANCIAL INFORMATION81
A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION81
B. SIGNIFICANT CHANGES81
ITEM 9.THE OFFER AND LISTING81
A. OFFER AND LISTING DETAILS81
B. PLAN OF DISTRIBUTION81
C. MARKETS82
D. SELLING SHAREHOLDERS82
E. DILUTION82
F. EXPENSES OF THE ISSUE82
ITEM 10.ADDITIONAL INFORMATION82
A. SHARE CAPITAL82
B. MEMORANDUM AND ARTICLES OF ASSOCIATION82
C. MATERIAL CONTRACTS83
D. EXCHANGE CONTROLS87
E. TAXATION87
F. DIVIDENDS AND PAYING AGENTS94
G. STATEMENT BY EXPERTS94
H. DOCUMENTS ON DISPLAY94
I. SUBSIDIARY INFORMATION94
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK94
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES97
PART II
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES98
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS98
ITEM 15.CONTROLS AND PROCEDURES98
A. DISCLOSURE CONTROLS AND PROCEDURES98
C. ATTESTATION REPORT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM99
D. CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING99
ITEM 16.[RESERVED]100
ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT100
ITEM 16B.CODE OF ETHICS100
ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES100
ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARD FOR AUDIT COMMITTEES100
ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS101
ITEM 16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT101
ITEM 16G.CORPORATE GOVERNANCE101
ITEM 16H.MINE SAFETY DISCLOSURE102
ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS102
ITEM 16J.INSIDER TRADING POLICIES102
ITEM 16K.CYBERSECURITY102
PART III104
ITEM 17.FINANCIAL STATEMENTS104
ITEM 18.FINANCIAL STATEMENTS104
ITEM 19.EXHIBITS104
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.