REG - Astrid Intelligence - Interim results
Mon 16:15
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RNS Number : 7798E Astrid Intelligence PLC 18 May 2026
The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014, as retained as part of the law of England and Wales.
Upon the publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the public domain.
Press release
18 May 2026
Astrid Intelligence PLC
("Astrid " or "the Company")
Interim results
Astrid (AQSE: ASTR), announces its unaudited half-year results for the six
months ended 28 February 2026.
The directors of Astrid accept responsibility for this announcement.
For further information please contact:
Astrid
Executive Chairman
Mark Creaser via FSCF
First Sentinel Corporate Finance (FSCF)
AQSE Corporate Adviser
Brian Stockbridge +44 7858 888 007
Oak Securities
Corporate Broker +44 20 3973 3678 / +44 7432 270 007
Jerry Keen / Calvin Man jerry.keen@oak-securities.com
calvin.man@oak-securities.com
Astrid Intelligence PLC
Chairperson's report
for the six months ended 28(th) February 2026
This is my first statement as Executive Chairman of Astrid Intelligence PLC,
covering the six months ended 28 February 2026. It has been an eventful
period, and I want to be straightforward about what we stepped into, what we
have done, what the numbers show, and where we are going.
What we stepped into
When Siam Kidd and I joined the business in November, the company had been
through several strategic evolutions as it sought to identify the right
long-term opportunity for shareholders. In June 2025, shareholders had
supported a £10 million fundraise to fund a multi-asset crypto treasury, with
capital allocated across Bitcoin, Solana and Ethereum. By the time Siam and I
joined, that strategy had already evolved into a portfolio of deployed
positions and operating commitments within the digital asset space.
As with many companies operating in fast-moving emerging sectors, we inherited
both opportunities and obligations that reflected decisions taken across an
earlier stage of the company's development. The position was more
operationally complex than we had anticipated, particularly as the accounts
came together. Administrative expenses for the period total £1.2 million, the
majority of which is professional and consultancy fees relating to obligations
entered into during the period. These are reflected in the interim numbers as
they fell due. The detail is set out in the notes to the interim financial
statements.
Our focus since joining has been on implementing disciplined financial
oversight and ensuring that capital allocation is aligned with long-term
shareholder value creation. Every commitment the company makes runs through
the Board as a whole.
What we are building
The strategic question Siam and I were asked to answer was: what is this
company actually for? Our answer is summed up in one line we put on the front
of our website.
We do not speculate on AI. We operate within it.
That distinction matters. Every technological shift produces a wave of
speculative capital chasing the surface and a smaller group of operators who
build the infrastructure underneath. In our view, businesses that provide
infrastructure and services to growing ecosystems are more likely to generate
sustainable long-term value than purely passive exposure to underlying assets.
We have positioned the Company to be one of the operators inside Bittensor
ecosystem: one of the largest and fastest growing decentralised AI network in
crypto that seeks to incentivise the development and exchange of AI-related
computational activity through token-based economics. The Board believes this
represents an attractive area of long-term opportunity, although the sector
remains at an early stage of development and carries both volatility and risk.
Two pieces of live operating infrastructure sit at the centre of the business.
- Astrid Validator. A Bittensor validator we acquired and operate.
Validating on subnets with which we partner. Earns emissions in the tokens of
those subnets.
- Astrid Bridge. A live USDC-to-TAO (Bittensor's native token)
bridge. A tollbooth on the road into Bittensor. Earns fees on every
transaction.
Alongside the infrastructure, the company owns Subnet 127, which earns owner
emissions in TAO. The activity that justifies the slot is Astrid Arena, a live
competition in which independent participants enter their own trading agents
into recurring two-week evaluation cycles. The Board believes this activity
may, over time, contribute to the development of potentially valuable
trading-related intellectual property, although there can be no certainty
regarding future commercial outcomes.
More recently we launched Astrid Vault, which will allow holders of subnet
tokens (known as alpha) to deposit them in exchange for Subnet 127 tokens,
building a compounding pool of alpha. Although it remains at a very early
stage of deployment, we believe it has the potential to become a significant
contributor of value to the company over the medium term.
The financial position
The operating business is now generating emissions income from its core
activities. Astrid Validator emissions, owner emissions from Subnet 127 and
yield on our TAO and alpha holdings combined produced approximately £516,000
of income in the six months under review, against £101,000 in the full prior
financial year.
The digital asset book has been more volatile. The company entered the period
with £2.3 million of cash. In September, the prior board allocated £1.86
million into digital assets, with the strategy subsequently becoming
concentrated into TAO and the Bittensor alpha ecosystem. As market conditions
weakened across parts of the sector, some of those holdings were disposed of
at a lower value, crystallising losses. Combined with subsequent
mark-to-market movements, the period recorded fair value losses of
approximately £3.76 million on the digital asset book.
Since the period end, prices have recovered materially. As of 15 May 2026,
internal portfolio reporting indicates the company's TAO holdings have
recovered to approximately £4.3 million, broadly in line with the original
allocation.
It should be noted that digital asset valuations remain highly volatile and
subject to rapid fluctuations in market conditions. Internal portfolio
valuations referenced in this statement are unaudited.
Cash at period end was £338,000 and stood at approximately £125,000 at the
date of this statement. The company also holds a substantial digital asset
position generating ongoing yield, which provides flexibility. The board
reviews the company's funding position regularly to optimise shareholders'
interests.
Listing and shareholder access
A number of shareholders have raised questions regarding trading access and
market visibility. The Board continues to engage constructively with advisers,
market participants and Aquis, as we consider the best long-term framework to
support the company's growth and shareholder base.
The Board regularly reviews how the company can continue to improve liquidity,
accessibility and visibility for both existing and prospective shareholders.
This includes considering a range of strategic options available to the
company over time.
Our focus remains on operational delivery, financial discipline and executing
the company's stated strategy with the objective of creating sustainable
long-term shareholder value.
Mark Creaser
Executive Chairman, Astrid Intelligence PLC
Astrid Intelligence PLC
Condensed Statement of Profit or Loss
for the six months ended 28(th) February 2026
(Unaudited) (Unaudited) (Audited)
Six months to Six months to Year ended
28 February 28 February 31 August
2026 2025 2025
Notes
£ £ £
Revenue - - -
Cost of sales - - -
Gross profit - - -
Other operating income 516,235 19,888 101,227
Fair value loss on intangible assets (3,582,434) - -
Administrative
expenses (1,209,750) (149,638) (2,041,930)
Operating loss 4. (4,275,949) (129,750) (1,940,703)
Finance income 71 - -
Loss before taxation (4,275,878) (129,750) (1,940,703)
Taxation - - -
Loss for the period (4,275,878) (129,750) (1,940,703)
Other comprehensive (loss)/gain
Exchange difference on translation currency (8,832) - 391
Fair value (loss)/gain on intangible assets (178,410) - 146,349
Total comprehensive loss for the period (4,463,121) (129,750) (1,793,963)
Basic and diluted loss per share - £ 5. (0.00072) (0.00022) (0.00187)
Astrid Intelligence PLC
Condensed Statement of Financial Position
28(th) February 2026
(Unaudited) (Unaudited) (Audited)
As at As at As at
28 February 28 February 31 August
2026 2025 2025
£ £ £
Notes
ASSETS
Current & Non-Current Assets
Intangible 6. 2,417,106 434,751 975,114
Trade and other receivables 7. 693,973 14,949 4,127,144
Cash and cash equivalents 338,431 19,171 2,312,282
TOTAL ASSETS 3,449,509 468,871 7,414,540
EQUITY AND LIABILITIES
Equity attributable to owners
Share capital 8. 6,327,666 602,250 5,752,424
Share premium 15,782,180 12,988,101 15,782,180
Accumulated losses (19,742,822) (14,992,876) (15,457,836)
Share-based payment reserve 988,692 437,933 981,206
Other reserves - 1,321,983 -
Revaluation reserve - 58,422 178,133
Foreign translation reserve - (5,303) -
Total Equity and Reserves 3,355,717 410,510 7,236,107
LIABILITIES
Current Liabilities
Trade and other payables 9. 93,792 58,361 178,433
93,792 58,361 178,433
Total Equity and Liabilities 3,449,509 468,871 7,414,540
Astrid Intelligence PLC
Condensed Unaudited Statement of Changes in Equity
for the six months ended 28(th) February 2026
Ordinary Foreign Share-based
share Share translation Revaluation payment Retained
capital premium reserve reserve reserve earnings Total
£ £ £ £ £ £ £
Balance at 1
September 2025 5,752,424 15,782,180 - 178,133 981,206 (15,457,836) 7,236,107
Loss for the
period - - - - - (4,275,878) (4,275,878)
Exchange difference
on translation - - - - - (8,832) (8,832)
Other comprehensive
income - - - (178,410) - - (178,410)
Total comprehensive
loss for the period - - - (178,410) - (4,284,710) (4,463,121)
Brought forward
adjustment - - - 50,612 - (50,612) -
Transfer of FVOCI reserve
to retained earnings on disposal - - - (50,335) - 50,335 -
Share-based
payments - - - - 7,487 - 7,487
Share
issue 575,242 - - - - - 575,242
Balance at 28
February 2026 6,327,666 15,782,180 - - 988,692.38 (19,742,822) 3,355,717
Ordinary Foreign Share-based
share Share translation Revaluation payment Retained
capital premium reserve reserve reserve earnings Total
£ £ £ £ £ £ £
Balance at 1
September 2024 602,250 12,988,101 (5,303) 31,784 412,026 (13,514,304) 514,554
Loss for the
period - - - - (129,750) (129,750)
Other comprehensive
income - - (1) 26,638 - - 26,637
Total comprehensive
loss for the period - - (1) 26,638 - (129,750) (103,113)
Share-based
payments - - - - 25,707 (26,836) (1,129)
Balance at 28
February 2025 602,250 12,988,101 (5,304) 58,422 437,733 (13,670,890) 410,312
Astrid Intelligence PLC
Condensed Cash Flow Statement
for the six months ended 28(th) February 2026
(Unaudited) (Unaudited) (Audited)
Six months to Six months to Year ended
28 February 28 February 31 August
2,026 2,025 2,025
£ £ £
Cashflow from operating activities
Loss before income tax (4,275,878) (129,750) (1,940,703)
Share-based payment charge 7,487 25,707 54,906
Fair value loss on intangible assets 3,582,434 - (67,562)
Bittensor emissions (516,235) - (33,664)
Decrease/(increase) in debtors 683,171 (5,379) (74,574)
(Decrease)/increase in creditors (84,641) (82,066) 38,007
Foreign exchange differences (8,779) - 391
Net cash flow used in operating activities (612,440) (191,488) (2,023,199)
Cash flows from investing activities
Increase in intangible assets (4,686,654) (2,967) (1,279,500)
Disposal of intangible assets - - 983,746
(Increase)/decrease in cryptocurrency receivables 2,750,000 - (2,750,000)
Cash outflow on disposal of subsidiary - - (2,292)
Net cash flow (used in)/from investing activities (1,936,654) (2,967) (3,048,046)
Cash flows from financing activities
Issue share capital 575,242 - 4,897,174
Share premium - - 2,272,726
Net cash flow from financing activities 575,242 - 7,169,900
Net increase/(decrease) in cash and cash equivalents (1,973,852) (194,455) 2,098,655
Cash and cash equivalents at beginning of year 2,312,282 213,626 213,627
Cash and cash equivalents at end of year 338,431 19,172 2,312,282
Astrid Intelligence PLC
Condensed Notes to the Financial Statements
for the six months ended 28(th) February 2026
1. Information on the Company
Astrid Intelligence PLC is a public company limited by shares, registered in
England. The company's registered number is 11537452 and its registered office
address is 9(th) Floor, 16 Great Queen Street, London, WC2B 5DG. The Company's
shares are listed on the Access Segment of the Aquis Stock Exchange Growth
Market.
The principal activity of the company in the period under review was
decentralised artificial intelligence, including the development and operation
of autonomous AI systems. The Company operates a dedicated subnet within the
Bittensor decentralised AI ecosystem, an open-source platform where
participants contribute computing power, data and models in return for TAO
emissions. Astrid's digital asset holdings are generated primarily through
network participation and support the Company's ongoing operations and
long-term capital resilience.
2. Basis of preparation and principal accounting policies
This condensed consolidated interim financial information was approved for
issue by the Board on 15 May 2026.
The Company's directors are responsible for the preparation of the unaudited
interim financial statements.
The preparation of unaudited interim financial statements in conformity with
IFRSs requires the use of estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the unaudited interim
financial statements and the reported amounts of expenses during the period.
Although these estimates are based on management's best knowledge of the
amount, event or actions, actual results ultimately may differ from those
estimates.
This condensed consolidated interim financial information has not been audited
and does not include all of the information required for full annual financial
statements. The Company auditor has not reviewed these interim statements
ahead of publication.
The financial figures included within this interim report have been computed
in accordance with IFRS applicable to interim periods, and this report
constitutes an interim financial report as set out in International Accounting
Standard 34: Interim Financial Reporting.
The same accounting policies and methods of computation are followed in the
interim financial statements as compared with the most recent annual financial
statements.
The functional and presentational currency is UK Sterling and is rounded to
the nearest GBP.
3. Going Concern
The Directors have assessed the current financial position of the Company,
along with future cash flow requirements, to determine if the Company has the
financial resources to continue as a going concern for the foreseeable future.
The conclusion of this assessment is that, based on available cash balances
and liquid cryptocurrency reserves, it is appropriate that the Company be
considered a going concern. For this reason, the Directors continue to adopt
the going concern basis in preparing the unaudited interim financial
statements.
Astrid Intelligence PLC
Condensed Notes to the Financial Statements
for the six months ended 28(th) February 2026 (Continued)
4. Operating loss
Total administrative expenses include share-based payments of £7,487 (28
February 2025: £25,707). The related credit to equity is taken to retained
earnings.
5. Loss per share
Basic earnings per share is calculated by dividing the loss attributable to
equity holders of the Company by the weighted average number of Ordinary
Shares in issue during the period.
28 February 28 February 31 August
2026 2025 2025
£ £ £
Loss used to calculate basic and diluted earnings per share (4,463,121) (129,750) (1,940,703)
Weighted average number of shares used in calculating basic earnings per share 6,231,792,243 602,250,000 1,037,031,269
Weighted average number of shares used in calculating diluted earnings per 6,231,792,243 602,250,000 1,037,031,269
share
Basic loss per share (0.00072) (0.00022) (0.00187)
Diluted loss per share (0.00072) (0.00022) (0.00187)
6. Intangible assets
The Company holds a crypto reserve within the Bittensor ecosystem, which acts
both as a treasury anchor and a yield-generating asset base, which funds
operating expenditure. Additionally, the reserve allows the Company to
participate in the Bittensor ecosystem, an open, permissionless network where
machine intelligence is created, valued and exchanged without central control.
Where possible, fair value is determined using Level 1 inputs under the IFRS
13. The fair value of TAO is measured at the end of the reporting period as
the quantity of tokens on hand multiplied by the price quoted on an active
market website.
Additionally, the Cryptocurrency assets below include Alpha tokens, which are
measured at fair value at the reporting date. Fair value is determined using
Level 2 inputs under the IFRS 13. The valuation technique applied is a market
approach, using observable market prices obtained from independent third-party
pricing sources. The fair value is calculated by multiplying the quantity of
ALPHA held at the reporting date by the quoted price per unit. The pricing
inputs reflect observable market data derived from active markets.
Astrid Intelligence PLC
Condensed Notes to the Financial Statements
for the six months ended 28(th) February 2026 (Continued)
6. Intangible assets (Continued)
The cryptocurrency assets held below are discussed above. The assets are all
held in secure custodian wallets controlled by Directors of the Company. The
assets detailed below are all accessible and liquid in nature.
Coins / tokens Fair value
£
As at 28 February 2026
Crypto asset name
TAO 1,104.18 150,136
ALPHA 2,106,079 2,218,620
2,368,756
Other intangible assets
Subnet 24,500
Software development 23,850
48,350
Total as at 28 February 2026 2,417,106
As at 31 August 2025
Solana 3,432.89 503,395
Bitcoin 5.28 423,257
ALPHA 73,872 23,962
950,614
Other intangible assets
Subnet 24,500
Total as at 31 August 2025 975,114
Astrid Intelligence PLC
Condensed Notes to the Financial Statements
for the six months ended 28(th) February 2026 (Continued)
7. Trade and other receivables
28 February 28 February 31 August
2026 2025 2025
£ £ £
Trade receivables - 790 -
VAT debtor 19,545 14,159 54,504
Prepayments 159,185 - 29,640
Unpaid share capital - - 1,293,000
Receivable from broker under ATM facility 515,242 - -
Cryptocurrency receivable - - 2,750,000
693,973 14,949 4,127,144
There were no receivables that were past due or considered to be impaired.
There is no significant difference between the fair value of the other
receivables and the values stated.
The receivable from broker under ATM facility relates to an outstanding
At-The-Market facility held with the Company's broker, which will be realised
when share prices permit.
8. Share capital
28 February 28 February 31 August
2026 2025 2025
£ £ £
Ordinary shares of £0.001 6,327,666 602,250 5,752,424
The Ordinary Shares have been classified as Equity. The Ordinary Shares have
attached to them full voting and capital distribution rights.
9. Trade and other payables
28 February 28 February 31 August
2026 2025 2025
£ £ £
Trade creditors 42,860 55,361 78,617
Accruals 36,326 3,000 97,026
Social security payable 14,506 - -
Other creditors 100 - 2,790
93,792 58,361 178,433
All liabilities are payable on demand or have payment terms of less than 90
days.
Astrid Intelligence PLC
Condensed Notes to the Financial Statements
for the six months ended 28(th) February 2026 (Continued)
10. Significant events and transactions post reporting date
On 10 March 2026, the Company granted a total of 462,544,461 Warrants to two
Directors of the Company as well as to its advisor to subscribe for new
ordinary shares of £0.001 each.
On 13 April 2026, a service supplier converted their outstanding fees
aggregating to £10,000 into equity at £0.002 per share, representing
5,000,000 ordinary shares of £0.001 in the Company. After admission, the
Company's total issued share capital consisted of 6,332,665,972 Ordinary
Shares.
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