Quantum Blockchain Technologies Plc - Interim Results
("Quantum Blockchain Technologies", “the Group” or "the Company")
INTERIM RESULTS
For the 6 Months Ended
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SP Angel Corporate Finance (Nominated Adviser & Broker)
Leander (Financial PR)
About
QBT (AIM: QBT) is a London Stock Exchange AIM listed Research & Development and investing company focused on an intensive R&D programme to disrupt the Blockchain Technologies sector, and which includes, cryptocurrency mining and other advanced blockchain applications. The primary goal of the R&D programme is to develop Bitcoin mining tools and techniques, via its technology-driven approach, which the Company believes will significantly outperform existing market practices.
Chairman’s Statement
I am pleased to present the Group’s Interim Report for the first half of 2025, a period that has further strengthened Quantum Blockchain Technologies’ position as an innovator in the Bitcoin mining technology sector. Building on the achievements reported in and for 2024, the Company has continued to advance its research & development (“R&D”) programme, file new patents and deepen its engagement with potential strategic commercial partners, especially in
Technological and R&D Progress
During the first half of 2025, Method C AI Oracle continued to be the centrepiece of QBT’s innovation strategy. In January, the Company filed a patent application entitled “Implementation of Binary Decision Trees”, protecting the hardware implementation of Method C. This followed successful field-programmable gate array (“FPGA”) - based testing and the confirmation that Method C is able to deliver up to 30% improvement in mining efficiency on live Bitcoin blocks, either by reducing energy consumption or accelerating hash rates.
QBT is currently collaborating with leading ASIC manufacturers to evaluate the implementation of the AI Oracle directly onto their chip architecture. Such a milestone could pave the way for licensing opportunities and long-term strategic partnerships.
In parallel, porting of Methods A and B (the Company’s machine learning-driven optimisation techniques) onto Bitcoin mining rigs continued. QBT’s implementation onto ESP-miner has been completed and live ASIC chip cryptocurrency mining commenced in the Company’s
Further, QBT’s broader R&D pipeline remains active, with patent applications for ASIC UltraBoost and ASIC EnhancedBoost remaining pending, and a prototype design for an in-house ASIC mining chip preserved for potential future deployment. These initiatives collectively strengthen QBT’s intellectual property base and broaden the commercialisation avenues available to the Company.
Commercial Engagement and Industry Presence
QBT has actively sought to align its R&D breakthroughs with commercial opportunities. In the first half of 2025, the Company presented to potential customers at the Mining Disrupt 2025 conference in
The Company also launched a video presentation of the AI Oracle at the Bitcoin 2025 conference providing the broader market with visibility into the progress of its technology. These steps are part of a wider strategy to establish QBT not only as an R&D leader, but also as a trusted commercial partner within the Bitcoin mining community.
Other Developments & Legacy Assets
In
With regards to the Sipiem in Fallimento Srl (“Sipiem”) legal case, following the 2024 confirmation by the
Board of Directors
In
Financial Review
The Group reported a total comprehensive loss and operating loss for the period of €1.5 million (
At
The Group’s cash position at the period end was €1.7m, compared to €0.6m at
Post
There were no subsequent events of a material nature to report.
Outlook
QBT enters the second half of 2025 in a position of growing strength. With live mining tests confirming the efficiency of its AI-driven methods, strategic collaborations underway with ASIC manufacturers and significant industry recognition, the Company is poised to transition from R&D validation to commercialisation.
The board remains confident that all of QBT’s assets have the potential to transform the economics of Bitcoin mining by improving performance of SHA-256, the core algorithm for Bitcoin mining. The Company’s commitment to innovation, combined with careful financial management and expanding commercial engagement, positions QBT to become a key enabler of next-generation Bitcoin mining solutions.
CEO and Chairman
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED
Note Six months to 30 Six months to 30 Year ended31
June 2025 June 2024 December 2024
(Unaudited) (Unaudited) (Audited)
Continuing €’000 €’000 €’000
operations
Revenue - - -
- - -
Administrative (1,507) (1,111) (2,977)
expenses
Other operating - - -
income
Operating loss (1,507) (1,111) (2,977)
Other gains and - - 89
losses
Share of loss from
equity-accounted - - (241)
associates
Finance charges (30) (231) 124
Loss before tax (1,537) (1,342) (3,005)
Taxation - - 152
Loss for the period
attributable to (1,537) (1,342) (2,853)
owners of the parent
Other comprehensive - - -
income/(loss)
TOTAL COMPREHENSIVE
LOSS FOR THE PERIOD (1,537) (1,342) (2,853)
ATTRIBUTABLE TO
OWNERS OF THE PARENT
Earnings per share:
Basic loss per share (€0.107) (€0.104) (€ 0.221)
(cents )
Diluted loss per (€0.080) (€0.056) (€ 0.150)
share (cents)
GROUP STATEMENTS OF FINANCIAL POSITION
AT
As at As at
As at
30 June 30 June
31 December 2024
Note 2025 2024
€’000
€’000 €’000
(Audited)
(Unaudited) (Unaudited)
Non-current assets
Intangible assets 2 2 2
Property, plant and equipment 123 141 115
Financial assets at fair value 2 322 162
through profit and loss
Investments in equity-accounted - 7 -
associates
Total non-current assets 127 472 279
Current assets
Trade and other receivables 1,859 3,067 2,004
Cash and cash equivalents 1,706 1,584 604
Total current assets 3,565 4,651 2,608
Total assets 3,692 5,123 2,887
Current liabilities
Trade and other payables (309) (744) (360)
Borrowings - - -
Derivative financial instruments - - -
Provisions (80) (98) (80)
Total current liabilities (389) (842) (440)
Net current assets/(liabilities) 3,176 3,809 2,168
Total assets less current 3,303 4,281 2,447
liabilities
Non-current liabilities
Borrowings (7,519) (7,079) (7,519)
Derivative financial instruments (317) (690) (317)
Total non-current liabilities (7,836) (7,769) (7,836)
Total liabilities (8,225) (8,611) (8,276)
Net liabilities (4,533) (3,488) (5,391)
Equity
Share capital 9,740 9,219 9,219
Share premium account 56,039 54,165 54,165
Other reserves 14,237 14,629 14,237
Retained losses (84,549) (81,501) (83,012)
Total equity (4,533) (3,488) (5,391)
GROUP AUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
Share
Share Other
premium Retained losses Total equity
Group capital reserves
account €’000 €’000
€’000 €’000
€’000
At 1 January 2024 9,219 54,165 14,228 (80,159) (2,547)
Total comprehensive loss - - - (2,853) (2,853)
for the year
Issue of shares - - 8 - 8
Grant of share options - - 1 - 1
At 31 December 2024 9,219 54,165 14,237 (83,012) (5,391)
GROUP UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO
Share
Share Other
premium Retained losses Total equity
Group capital reserves
account €’000 €’000
€’000 €’000
€’000
At 1 January 2024 9,219 54,165 14,228 (80,159) (2,547)
Total comprehensive loss - - - (1,342) (1,342)
for the period
Modification of bond - - 401 - 401
At 30 June 2024 9,219 54,165 14,629 (81,501) (3,488)
GROUP UNAUDITED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS TO
Share
Share Other
premium Retained losses Total equity
Group capital reserves
account €’000 €’000
€’000 €’000
€’000
At 1 January 2025 9,219 54,165 14,237 (83,012) 5,391
Total comprehensive loss - - - (1,537) (1,536)
for the period
Issue of shares 521 1,874 - - 2,395
At 30 June 2025 9,740 56,039 14,237 (84,549) (4,533)
GROUP UNAUDITED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED
Six months to 30 June Six months to 30 June Year ended 31
2025 2024 December 2024
(Unaudited) (Unaudited) (Audited)
€’000 €’000 €’000
Cash used in
operations
Loss before tax (1,537) (1,342) (3,005)
Impairment of 228 74 241
investments
Impairment of
intercompany - - 3
receivables
Impairment of other - - 55
assets
Finance charges 30 231 (124)
Depreciation expense 1 28 55
Decrease/(increase) 145 176 1,240
in receivables
(Decrease)/increase (51) 331 (145)
in payables
Share based payments - - 9
R&D tax credit (152) - -
received
Net cash
(outflow)/inflow from (1,336) (502) (1,671)
operating activities
Cash flows from
investing activities
Purchase of property, 7 - 1
plant and equipment
31 29 -
Interest received
Net cash inflow from 38 29 1
investing activities
Cash flows from
financing activities
Proceeds from capital 2,395 -
issue
(2) - 51
Net interest paid
Net cash inflow/ 2,393 - 213
(outflow) from
financing activities
Net increase/ 1,095 (473) (1,457)
(decrease) in cash
for the period
Cash and cash
equivalents at 604 2,057 2,057
beginning of year
Exchange differences 7 - 4
Cash and cash
equivalents at end of 1,706 1,584 604
period
NOTES TO THE FINANCIAL STATEMENTS
1. General Information
The principal activity of the Group is that of an investment company with a portfolio of companies primarily encompassing the leisure and real estate sectors mainly in
2. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the period covered by these consolidated financial statements.
Basis of preparation
The interim financial statements of
The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended
The interim consolidated financial statements for the six months ended
Going concern
The Group’s activities generated a loss of €1,537,000 (
After making due enquiries, the Directors have formed a judgement that there is a reasonable expectation that the Group can secure further adequate resources to continue in operational existence for the foreseeable future and that adequate arrangements will be in place to enable the settlement of their financial commitments, as and when they fall due.
For this reason, the Directors continue to adopt the going concern basis in preparing the interim accounts. Whilst there are inherent uncertainties in relation to future events, and therefore no certainty over the outcome of the matters described, the Directors consider that, based upon financial projections and dependant on the success of their efforts to complete these activities, the Group will be a going concern for the next twelve months. If it is not possible for the Directors to realise their plans, over which there is significant uncertainty, the carrying value of the assets of the Group is likely to be impaired.
Notwithstanding the above, the Directors note the material uncertainty in relation to the Group being unable to realise its assets and discharge its liabilities in the normal course of business.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company’s medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company’s 2024 Annual Report and Financial Statements, a copy of which is available on the Company’s website:
www.quantumblockchaintechnologies.com. The key financial risks are liquidity and credit risk.
Critical accounting estimates
The preparation of interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 3 of the Company’s 2024 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Loss per share
The basic earnings per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed using the same weighted average number of shares during the period adjusted for the dilutive effect of share options and convertible loans outstanding during the period.
The loss and weighted average number of shares used in the calculation are set out below:
Six months to 30 Six months to 30 June Year to
June 2025 2024
31 December 2024
(Unaudited) (Unaudited) (Audited)
€’000 €’000 €’000
(Loss)/profit
attributable to
owners of the parent
company:
Basic earnings (1,537) (1,342) (4,206)
Diluted earnings (1,751) (1,136) (4,424)
Basic weighted
average number of 1,435,993 1,291,314 1,102,309
ordinary shares
(000’s)
Diluted weighted
average number of 2,197,383 2,043,195 1,727,130
ordinary shares
(000’s)
Basic and fully
diluted earnings per
share:
Basic earnings per (€0.107) (€0.104) (€0.382)
share
Diluted earnings per (€0.080) (€0.056) (€0.256)
share
IAS 33 requires presentation of diluted earnings per share when a company could be called upon to issue shares that would decrease earnings per share or increase net loss per share. No adjustment has been made to diluted earnings per share for out-of-the money options and warrants.
4. Investment Policy
The Company invests in the technology sector, with special focus on, but not limited to,
Blockchain, Artificial Intelligence, Cryptocurrencies and Quantum Computing. As well as making direct investments, the Company may also act as Investment Manager for one or more selected venture capital funds, in compliance with the
The Company may make investments in target businesses at all stages of development. The majority of investments will be made in unlisted companies, however listed companies may, from time to time, be considered on a selective basis. The geographical focus will be mainly
The Board expects that investments will typically be held for the medium to long term, although short term disposal of assets cannot be ruled out. The Company’s investments may range from a minority position with strategic influence to a controlling position. Any transaction constituting a reverse takeover under the AIM Rules will require shareholder approval and the publication by the Company of an admission document meeting the requirements of the AIM Rules.
5. Copies of Interim Accounts
Copies of the interim results are available at the Group’s website at www.quantumblockchaintechnologies.co.uk .
Copies may also be obtained from the Group´s registered office:
