REG - Cykel AI PLC - Interim results for the 6 months to 31 July 2025
30/10/2025 07:00
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RNS Number : 3973F Cykel AI PLC 30 October 2025
30 October 2025
Cykel AI PLC
("Cykel AI" or the "Company")
Interim results for the 6 months to 31 July 2025
Cykel AI PLC (LSE: CYK) announces its unaudited financial results for the six
month period ended 31 July 2025. The full interim financial statements will be
uploaded to the Company website: https://www.cykel.ai/investors
(https://www.cykel.ai/investors) .
For further information:
Cykel AI plc
Nick Lyth investors@cykel.ai
Interim Chairman
First Sentinel (Financial Adviser)
Brian Stockbridge brian@first-sentinel.com (mailto:brian@first-sentinel.com) +44 (0) 7858 888 007
Fortified Securities (Broker)
Guy Wheatley +44 (0) 7493 989014
CYKEL AI PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
Interim Management Report
The period marked Cykel's transition from product development to initial
commercialisation. Lucy (Recruitment) launched publicly in March, followed by
Eve (Sales) in June. Since Eve's launch, revenue has grown, and the agent now
accounts for the majority of new demo bookings, indicating early traction for
sales automation within our agent portfolio. Marketing spend has remained
deliberately low during this phase, with resources focused on delivering value
to early adopters rather than pursuing aggressive customer acquisition. While
this approach has supported product validation, it limits near-term revenue
growth.
We introduced GTM AI in August, designed to optimise reply rates through
prospect research, contextual messaging, and multi-channel coordination. Early
customer feedback has been encouraging, though adoption remains at an early
stage. The AI Sales Development Agent market is projected to grow
significantly over the coming years, and we aim to position ourselves within
the premium segment of this expanding category. However, these projections are
industry-wide and do not guarantee our future performance.
Looking ahead, we expect Eve to remain central to commercial progress as we
continue to develop GTM AI and strengthen our underlying agent infrastructure
through TaskOS. These initiatives are intended to support scalability and
differentiation, but they require sustained investment and execution. The
Company's ability to realise its strategy is dependent on continuing to secure
additional funding.
Subsequent to the reporting period, the Company raised £2.8m in gross
proceeds and is actively pursuing additional fundraising.
N Lyth
Interim Chairman
CYKEL AI PLC
INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
Statement of Directors' Responsibilities
The directors are responsible for preparing the interim management report in
accordance with applicable law and regulations. The directors confirm that the
interim condensed financial information has been prepared in accordance with
International Accounting Standard 34 ('Interim Financial Reporting') as
endorsed for use in the United Kingdom.
The interim management report includes a fair review of the information
required by the Disclosure and Transparency Rules paragraphs 4.2.7 R and 4.2.8
R, namely:
• the interim condensed financial statements, which have been prepared in
accordance with applicable accounting standards, give a true and fair view of
the assets, liabilities, financial position, and profit or loss of the Company
as required by DTR 4.2.4R; and
• an indication of important events that have occurred during the six months
ended 31 July 2025 and their impact on the condensed set of financial
information and a description of the principal risks and uncertainties for the
remaining six months of the year; and
• material related-party transactions during the six months ended 31 July
2025 and any material changes in the related-party transactions described in
the Annual Report and Accounts for the period ended 31 January 2025.
The interim management report was approved by the Board of Directors and the
above responsibility statement was signed on its behalf by:
N Lyth
Director
Date: 30 October 2025
CYKEL AI PLC
INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
6 month period ended July 2025 6 month period ended June 2024
(unaudited) (unaudited)
Notes £ £
Revenue 4,107 466
Other operating income - 123,000
Cost of sales (93,279) -
Gross Profit / (Loss) (89,171) 123,466
Administrative expenses 8 (1,103,238) (4,107,712)
Operating loss (1,192,409) (3,984,246)
Finance costs - (821)
Other gains/(losses) - -
Gain/(loss) on foreign exchange - -
Profit/(loss) before taxation (1,192,409) (3,985,067)
Income tax expense - -
Profit/(loss) after taxation (1,192,409) (3,985,067)
Other comprehensive income 574 1,968
Profit/(loss) and total comprehensive loss for the year (1,191,835) (3,983,098)
Profit/(Loss) per share from continuing
operations attributable to the equity owners
Basic profit/(loss) per share (pence per share) 2 (0.26) (1.03)
Diluted profit/(loss) per share (pence per share) (0.26) (1.03)
The income statement has been prepared on the basis that all operations are
continuing operations.
The notes on pages 12 to 15 form part of these financial statements.
CYKEL AI PLC
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2025
Notes As at As at
31 July 2025 31 January 2025
(unaudited) (audited)
ASSETS £ £
Non-current assets
Property, plant and equipment 541 720
Intangible assets 252,093 252,093
Total non-current assets 252,634 252,813
Current assets
Trade and other receivables 3 68,833 83,620
Cash and cash equivalents 556,690 119,282
Total current assets 625,523 202,902
Total assets 878,157 455,715
EQUITY AND LIABILITIES
Equity
Share capital 4,905,356 4,329,266
Share premium 18,664,467 17,690,550
Share-based payment reserve 5 5,508,097 5,508,097
Reverse acquisition reserve (18,116,825) (18,116,825)
Retained earnings (10,415,765) (9,223,930)
Total equity 545,330 187,158
Current liabilities
Trade and other payables 4 332,827 268,557
Total current liabilities 332,827 268,557
Total liabilities 332,827 268,557
Total equity and liabilities 878,157 455,715
The notes on pages 12 to 15 form part of these financial statements.
CYKEL AI PLC
INTERIM PARENT COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2025
Notes As at As at
31 July 2025 31 January 2025
(unaudited) (audited)
ASSETS £ £
Non-current assets
Property, plant and equipment 541 720
Intangible assets 252,093 252,093
Total non-current assets 252,634 252,813
Current assets
Trade and other receivables 3 68,833 83,620
Cash and cash equivalents 556,690 119,282
Total current assets 625,522 202,902
Total assets 878,156 455,715
EQUITY AND LIABILITIES
Equity
Share capital 4,905,356 4,329,266
Share premium 3,372,357 2,398,440
Share based payment Reserve 5,508,097 5,508,097
Merger relief reserve - -
Retained earnings (13,240,480) (12,048,645)
Total equity 545,330 187,158
Current liabilities
Trade and other payables 4 332,827 268,557
Total current liabilities 332,827 268,557
Total liabilities 332,827 268,557
Total equity and liabilities 878,156 455,715
The notes on pages 12 to 15 form part of these financial statements.
The financial statements were approved by the board of directors and
authorised for issue on 30 October 2025 and are signed on its behalf by:
N Lyth
Director
Company Registration No. 11155663
CYKEL AI PLC
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
Issued Share Share SBP Convertible loan note reserve Acquisition reserve Retained Total
Capital Premium Reserve Earnings Equity
£ £ £ £ £ £ £
As at 1 Jan 2024 326,803 3,101,196 1,198,366 12,688 - (3,360,766) 1,278,287
Profit for the year - - - - -
(3,983,098) (3,983,098)
Total comprehensive income for the year
- - - - - (3,982,098) (3,983,098)
Shares issued during the year 471,507 380,550 2,872,390 - - - 3,724,447
Issue of convertible loan notes - - - (12,688) - - (12,688)
Acquisitions - - - - (392,105) - (392,105)
Total transactions with owners 471,507 380,550 2,872,390 (12,688) (392,105) - 3,319,653
Period ended 798,310 3,481,746 4,070,756 - (392,105) (7,343,864) 614,843
30 Jun 2024
Issued Share Share SBP Convertible loan note reserve Acquisition reserve Retained Total
Capital Premium Reserve Earnings Equity
£ £ £ £ £ £ £
As at 1 Feb 2025 4,329,266 17,690,550 5,508,097 - (18,116,825) (9,223,930) 187,158
Profit for the year
- - - - - (1,191,835) (1,191,835)
Total comprehensive income for the year
- - - - - (1,191,835) (1,191,835)
Shares issued during the year 576,090 973,917 - - - - 1,550,007
Issue of convertible loan notes - - - - - - -
Acquisitions - - - - - - -
Total transactions with owners 576,090 973,917 - - - - 1,550,007
Period ended 4,905,356 18,664,467 5,508,097 - (18,116,825) (10,415,765) 545,330
31 July 2025
The notes on page 12 to 15 form part of these financial statements.
CYKEL AI PLC
INTERIM PARENT COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
Issued Share Share Share Based Payment Reserve Convertible loan note reserve Acquisition reserve Retained Total
Capital Premium Earnings Equity
£ £ £ £ £ £ £
As at 1 Jan 2024 121,620 1,253,355 91,100 12,688 - (1,793,501) (314,738)
Profit for the year
- - - - - (67,189) (67,189)
Total comprehensive income for the year
- - - - - (67,189) (67,189)
Shares issued during the year 471,507 266,176 - - - - 737,683
Issue of convertible loan notes - - - (12,688) - - (12,688)
Acquisitions - - - - (392,105) - (392,105)
Total transactions with owners 471,507 266,176 - (12,688) (392,105) - 332,890
Period ended 593,127 1,519,531 91,100 - (392,105) (1,860,689) (49,037)
30 Jun 2024
Issued Share Share Share Based Payment Reserve Convertible loan note reserve Merger Relief Reserve Retained Total
Capital Premium Earnings Equity
£ £ £ £ £ £ £
As at 1 Feb 2025 4,329,266 2,398,440 5,508,097 - - (12,048,645) 187,158
Profit for the year
- - - - - (1,191,835) (1,191,835)
Total comprehensive income for the year
- - - - - (1,191,835) (1,191,835)
Shares issued during the year 576,090 973,917 - - - - 1,550,007
Issue of convertible loan notes - - - - - - -
Acquisitions - - - - - - -
Total transactions with owners 576,090 973,917 - - - - 1,550,007
Period ended 4,905,356 3,372,357 5,508,097 - - (13,240,480) 545,330
31 Jul 2025
The notes on page 12 to 15 form part of these financial statements.
CYKEL AI PLC
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
6 month 6 month
period ended period ended
31 July 2025 30 June 2024
Note £ £
Cash flow from operating activities
Loss for the financial year (1,191,835) (3,983,098)
Adjustments for:
Write down / Impairment 179 252
Foreign exchange movements - -
Finance costs - 815
Interest paid - 6
Adjustment on disposal of investments - (1,485)
Services settled by issue of warrants 5 - (2,986,764)
Changes in working capital:
Decrease / (Increase) in trade and other receivables 14,787 71,223
Increase / (decrease) in trade and other payables 64,270 (10,283)
Net cash used in operating activities (1,112,599) (935,806)
Cash flows from investing activities
Purchase of intangible assets - (118,278)
Net cash used in investing activities - (118,278)
Cash flows from financing activities
Proceeds from issue of shares 1,550,006 172,666
Loans - -
Net cash (used in)/generated from financing activities 1,550,006 172,666
Net (decrease)/increase in cash and cash equivalents 437,408 (881,417)
Cash and cash equivalents at beginning of the period 119,282 1,396,453
Foreign exchange impact on cash - -
Cash and cash equivalents at end of the period 556,690 515,036
The accompanying notes on pages 12 to 15 form part of the financial statements
CYKEL AI PLC
INTERIM PARENT COMPANY STATEMENT OF CASH FLOWS
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
6 month 6 month
period ended period ended
31 July 2025 30 June 2024
Note £ £
Cash flow from operating activities
Loss for the financial year (1,191,835) (67,189)
Adjustments for:
Write down / Impairment 179 252
Foreign exchange movements - -
Finance costs - 815
Interest paid - 6
Adjustment on disposal of investments - (1,485)
Services settled by issue of warrants - -
Changes in working capital:
Decrease / (Increase) in trade and other receivables 14,787 4,458
Increase / (decrease) in trade and other payables 64,270 (89,342)
Net cash used in operating activities (1,112,599) (152,485)
Cash flows from investing activities
Purchase of intangible assets - -
Net cash used in investing activities - -
Cash flows from financing activities
Proceeds from issue of shares 1,550,006 172,666
Loans - -
Net cash (used in)/generated from financing activities 1,550,006 172,666
Net (decrease)/increase in cash and cash equivalents 437,408 20,182
Cash and cash equivalents at beginning of the period 119,282 9,238
Foreign exchange impact on cash - -
Cash and cash equivalents at end of the period 556,690 29,420
The accompanying notes on pages 12 to 15 form part of the financial statements
CYKEL AI PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
1 Accounting policies
Company information
CYKEL AI PLC is a public company limited by shares incorporated and domiciled
in England and
Wales. The registered office is 16 Great Queen Street, London, England, WC2B
5DG.
The principal activities of the company are set out in the Directors Report on
page 1.
1.1 Basis of preparation and statement of compliance
The interim condensed financial statements are for the six months ended 31
July 2025 and have been prepared in accordance with IAS 34 'Interim Financial
Reporting'; the International Accounting Standards endorsed for use in the
United Kingdom ("IFRS"); on a going concern basis and under the historical
cost convention except for revaluation of certain financial instruments.
The interim condensed financial statements do not comprise statutory accounts
within the meaning of section 434 of the Companies Act 2006. They do not
include all of the information required in annual financial statements in
accordance with IFRS, and should be read in conjunction with the financial
statements for the year ended 31 January 2025.
The condensed financial information presented here for the year ended 31
January 2025 does not constitute the Company's statutory accounts for that
year, but is derived from those accounts. Statutory accounts for the year
ended 31 January 2025 have been delivered to the Registrar of Companies. The
auditors reported on those accounts: their report was unqualified, did not
draw attention to any matters by way of emphasis and did not contain a
statement under s498(2) or (3) of the Companies Act 2006.
The condensed financial information for the period ended 31 July 2025 has not
been audited or reviewed in accordance with the International Standard on
Review Engagements 2410 issued by the Auditing Practices Board.
In the prior year, the comparative interim period presented covers the
six-month period from 1 January 2024 to 30 June 2024. Because the entity
changed its interim reporting date, the current interim period covers the
six-month period from 1 February 2025 to 31 July 2025. Consequently, the
comparative period is not the exact same calendar months as the current
period.
This change in reporting period is considered a change in the presentation
(but not a change in accounting policy) and is disclosed here to ensure users
are aware of the difference in period coverage. The effect of differing months
on the comparability of financial performance and position is such that
caution should be exercised when making period-on-period comparisons.
The entity has applied its judgement and considers that, notwithstanding the
difference in period coverage, the interim financial statements provide
relevant and reliable information in accordance with the objectives and
minimum content requirements set out in IAS 34, in particular that the interim
report provides an update on the latest annual financial statements and
includes comparative prior period information.
CYKEL AI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
1.2 Accounting policies, critical estimates and judgements
The accounting policies, methods of computation, critical estimates and
judgements followed in the interim condensed financial statements are in
accordance with those followed in preparing the financial statements for the
year ended 31 January 2025.
A number of amendments to IFRS became applicable for the current reporting
period. The Company did not have to change its accounting policies or make
retrospective adjustments as a result of adopting these amended standards.
The preparation of the interim condensed interim financial statements requires
directors to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets and
liabilities, income and expense. Actual results may differ from these
judgements and estimates.
2 Loss per share
6 month period ended 31 July 2025 6 month period ended 30 June 2024
£ £
Number of shares
Weighted average number of ordinary shares for basic and diluted earnings per 464,013,620 387,097,983
share
Loss
Loss for the period from continued operations (1,192,409) (3,985,067)
Loss per share for continuing operations
Basic loss per share (0.26) (1.03)
Diluted loss per share (0.26) (1.03)
The share options and warrants are considered to be anti-dilutive.
3 Trade and other receivables
GROUP 31 July 31 January
2025 2025
£ £
VAT recoverable 63,240 73,537
Prepayments 4,584 10,083
Other receivables 1,009 -
68,833 83,620
COMPANY 31 July 31 January
2025 2025
£ £
VAT recoverable 63,240 73,537
Prepayments 4,584 10,083
Other receivables 1,009 -
68,833 83,620
CYKEL AI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
4 Trade and other payables
GROUP 31 July 31 January
2025 2025
£ £
Trade payables 307,431 182,665
Accruals 15,000 78,700
Social security and other taxation 10,396 7,192
332,827 268,557
COMPANY 31 July 31 January
2025 2025
£ £
Trade payables 307,431 182,665
Accruals 15,000 78,700
Social security and other taxation 10,396 7,192
332,827 268,557
5 Share based payment reserve
GROUP
£
Balance as at 31 January 2025 5,508,097
Warrants issued in the period -
Warrants lapsed/expired during the period -
Share based payment reserve total as at 31 July 2025 5,508,097
6 Going Concern
The Group has successfully raised additional capital to execute its plan of
development of AI Agents, specifically in the Recruitment, Sales and Research
sectors totalling £1,900,000 gross since the successful Reverse Takeover,
indicating that there was substantial investor appetite for exposure to the AI
Agent sector.
Post-period end the Company announced a successful further £2,800,000
fundraise.
The directors recognise that the Group remains at an early stage of its
commercial development and continues to be dependent on the successful
execution of its business plan and the availability of future funding as
required. There is no guarantee that the appetite for fundraises will
continue. As a result there is an uncertainty that may cast doubt on the
Group's ability to continue as a going concern and, therefore, that it may be
unable to discharge its liabilities in the normal course of business.
The half-year financial statements do not include any adjustments that may be
necessary were the Group not a going concern.
CYKEL AI PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED 31 JULY 2025
7 Events after reporting date
On the 28 Aug 2025, The Company announced a conditional strategic fundraising
via pre-paid warrants for gross proceeds of £2.8m, a proposed
share-restructure with a split/consolidation to create "New Ordinary Shares",
an issuance of pre-paid warrants and cash warrants to investors, the
appointment of Fortified Securities as broker, and a change of treasury policy
with a move from BTC focus to a Solana-focused digital asset treasury.
Subject to completion of the Fundraise, it is the intention of The Company and
the Investors that Cykel AI raises not less than £10,000,000 to further
support its strategy, such fundraising to be at a price per share not less
than the exercise price of the Pre-Paid Warrants. There is no guarantee that
this future fundraising will occur or be successful.
On the 2 September 2025, The Company announced board-level changes with the
appointment of Michael Chan as CEO, Ewan Collinge moving from CEO to Chief AI
Officer, Jonathan Bixby stepping down as Chairman and Nick Lyth becoming
Interim Chairman.
8 Administrative Expenses
6 months period ending 31 July 2025 £
Consultancy Fees 114,037
Depreciation 179
Rent 14,150
Professional Fees 629,304
Wages and Salaries 329,259
Miscellaneous expenses 16,309
Total 1,103,238
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