Pelican AI Corp. (CSE: PEL) is advancing the deployment of an artificial intelligence-powered trade-compliance module at what the company describes as the largest bank in the United Arab Emirates.
The financial institution selected Pelican’s Advanced Trade-Based Money Laundering module under an expansion agreement signed in July 2025. According to Pelican’s September 23 announcement, the software is now in the final phase of production deployment.
Pelican did not identify the customer or disclose the contract’s value, expected revenue contribution or scheduled completion date. The bank has used Pelican’s existing Trade Compliance software for several years, making the new deployment an expansion of an established customer relationship.
Trade-based money laundering involves disguising illicit financial activity through commercial transactions. Potential warning signs include manipulated invoices, nonexistent shipments, inaccurate commodity pricing and inconsistencies involving vessels or shipping routes.
Pelican’s software uses artificial intelligence, machine learning and natural language processing to analyze trade documents and transactional data. It can also incorporate commodity prices, vessel movements, voyage histories and maritime intelligence from external sources.
CEO Nino Di Teodoro said the deployment “represents an important expansion of an established relationship” and provides further validation of Pelican’s technology for financial institutions.
Once fully deployed, the system is intended to help the bank identify suspicious trade activity, reduce manual document reviews and comply with UAE Central Bank requirements. The expected operational benefits remain forward-looking and have not been independently verified.
Pelican began trading on the Canadian Securities Exchange on September 1 following a reverse takeover. The company provides payment-processing, financial-crime compliance and trade-finance software to banks and financial-technology companies.
The operating business’s unaudited interim financial statements reported second-quarter revenue of US$2.16 million, down approximately 20% from US$2.70 million one year earlier. It recorded a US$525,592 net loss, compared with net income of US$89,177 in Q2 2025.
First-half revenue declined approximately 13% to US$4.33 million. The first-half net loss narrowed to US$470,027 from US$748,604.
At June 30, Pelican Canada had US$45,644 in cash and a US$16.72 million working-capital deficit. Those figures predate the August reverse takeover and subsequent release of escrowed financing proceeds. The statements identified financing requirements and substantial litigation as material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern.
Pelican has also disclosed ongoing litigation involving Parth Desai and related parties. The company disputes the claims, has filed a counterclaim and said no court has determined the merits of either side’s allegations.
Upcoming Catalysts
Future updates may confirm completion of the UAE deployment and provide additional information about its revenue contribution. Investors may also watch for additional product expansions among Pelican’s existing banking customers.
The company’s next financial reports should provide updated information about revenue, liquidity and the effect of its recently completed financing and public listing. Developments in the ongoing litigation and any further disclosure about the unnamed UAE customer will also be relevant.
Sources
- Pelican AI advances UAE anti-money-laundering deployment
- Pelican Canada interim financial statements for June 30, 2026
- Pelican AI CSE issuer profile
- Pelican AI litigation update
- Pelican AI receives final CSE approval
Editorial Disclosure
This article is based entirely on publicly available company announcements and regulatory disclosures. Next Gen Tech Stocks was not compensated by Pelican AI Corp. for this coverage, and the author holds no position in the securities mentioned. The UAE customer was not identified, and the deployment’s contract value, revenue contribution and completion date were not disclosed. Company statements regarding the software’s performance and expected benefits have not been independently verified. Pelican is a newly listed small-cap company with declining recent revenue, a working-capital deficit, ongoing litigation and material going-concern uncertainty. Information is current as of September 23, 2026. This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Read the full disclaimer.
