AIQ (AIQ) H2 2024 earnings summary

Executive summary

• Shifted strategic focus from blockchain/NFTs to IT consultancy in alternative sectors due to ongoing market and economic pressures, with primary efforts in Asia, Australasia, and the Middle East.

• Revenue increased year-over-year, mainly from a gaming app project, but overall project wins remained low due to long sales cycles.

• Maintained tight cost control, reducing administrative expenses by over 20% compared to the prior year.

Financial highlights

• Revenue from continuing operations rose to £304,233 (2023: £207,209), with 87% from a single gaming app project.

• Gross profit increased to £230,589 (2023: £133,509), reflecting higher revenue and margins.

• Operating loss reduced to £269,417 (2023: £499,354 loss); loss per share from continuing operations was 0.4p (2023: 0.8p loss).

• Cash and cash equivalents at year-end were £44,356 (2023: £135,445).

Outlook and guidance

• Board remains cautious due to market uncertainty and is keeping all strategic options open.

• Current pipeline is larger in value than last year but consists of a small number of potential projects.

• Directors believe actions to maintain going concern are achievable, but material uncertainty remains regarding new contract wins and funding.