AIQ (AIQ) H1 2024 earnings summary

Executive summary

• Revenue increased to £153k for H1 2024, up from £73k in H1 2023, driven by a gaming application project delivery.

• Loss before tax narrowed to £189k from £339k year-over-year, reflecting cost control and reduced administrative expenses.

• Cash position was £30k at 30 April 2024, improving to £72k post-period after securing a non-interest bearing loan.

• Strategic focus shifted from blockchain/NFTs to IT services in alternative sectors due to challenging market conditions.

• Post-period, a consulting project in Hong Kong generated HK$200k, with potential for further platform development work.

Financial highlights

• Gross profit for H1 2024 was £79k, up from £71k in H1 2023.

• Administrative expenses reduced to £245k from £278k year-over-year.

• Net loss on foreign exchange was £8k, a significant improvement from £115k loss in H1 2023.

• Operating loss decreased to £175k from £323k year-over-year.

• Basic and diluted loss per share from continuing operations was £0.003 (H1 2023: £0.005).

Outlook and guidance

• Board continues to monitor cash closely and is open to all strategic options to deliver shareholder value.

• Future revenue depends on securing new contracts and ongoing support from loan holders or further funding.

• Directors consider the group a going concern but highlight material uncertainty due to reliance on new contracts and funding.