REG-Quantum Blockchain Technologies Plc: Interim Results
24/09/2025 07:02
24 September 2025
Quantum Blockchain Technologies plc
("Quantum Blockchain Technologies", “the Group” or "the Company")
INTERIM RESULTS
For the 6 Months Ended 30 June 2025
Quantum Blockchain Technologies (AIM: QBT), the AIM-listed investment company
focusing on a R&D and investment programme within blockchain technology, is
pleased to announce its Interim Results for the six months ended 30 June 2025.
For further information please contact:
Quantum Blockchain Technologies Plc
Francesco Gardin, CEO and Executive Chairman +39 335 296573
SP Angel Corporate Finance (Nominated Adviser & Broker)
Jeff Keating, Charlie Bouverat +44 (0)20 3470 0470
Leander (Financial PR)
Christian Taylor-Wilkinson +44 (0) 7795 168 157
About Quantum Blockchain Technologies Plc
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 North America. These developments further reinforce
QBT’s ambition to commercialise its disruptive technologies and secure a
strong foothold in the Bitcoin mining ecosystem.
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 Milan laboratory. In June
2025, QBT announced ongoing discussions with aftermarket control board
providers to integrate these methods, which the board believes could allow
rapid market penetration through existing miners worldwide.
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 Florida, Bitcoin 2025 Las
Vegas and Bitcoin Park in Nashville, where Method C’s AI Oracle attracted
significant attention from leading ASIC manufacturers, mining pools and
large-scale miners. These demonstrations have already led, for all three
Methods, to follow-up discussions with third-parties, under non-disclosure
agreements, underscoring the industry’s growing recognition of QBT’s
disruptive technology.
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 January 2025, the Company successfully raised £2 million (before expenses)
through a placing, ensuring it is well-funded to continue investing in its R&D
pipeline, commercialisation activities and, strengthening its balance sheet.
These funds have been directed towards expanding the R&D team, procuring
specialist hardware and reinforcing operational resilience.
With regards to the Sipiem in Fallimento Srl (“Sipiem”) legal case,
following the 2024 confirmation by the Venice Court of Appeal of a judgment in
QBT’s favour, enforcement procedures are ongoing against certain of the
Sipiem defendants’ assets despite the defendants having lodged an appeal
with the Italian Court of Cassation in January 2025. The Company, however, has
not recovered any further material assets at this stage.
Board of Directors
In May 2025, the Company announced with great sadness the passing of Peter
Fuhrman, one of its non-executive directors. Peter’s contribution to QBT and
his international experience were highly valued and he will be greatly missed.
Following this sad news, the board was pleased to appoint Vladimir Basillo
Kusznirczuk as a non-executive director. Vladimir has been QBT’s Marketing
and Business Development Manager since 2023 and brings strong commercial
experience to the board, enhancing the Company’s business development
capabilities.
Financial Review
The Group reported a total comprehensive loss and operating loss for the
period of €1.5 million (30 June 2024: loss €1.3m and loss €1.1m
respectively). There were no charges relating to the recognition of share
options within administrative expenses for both periods and no charges for
finance costs relating to the revaluation of derivatives.
At 30 June 2025, the Group had net liabilities of €4.5 million, compared to
a net liabilities position of €5.4 million at 31 December 2024. The Group
had net current assets of €3.2m compared to net current assets of €2.1m at
31 December 2024.
The Group’s cash position at the period end was €1.7m, compared to €0.6m
at 31 December 2024.
Post 30 June 2025 Events
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.
Francesco Gardin
Quantum Blockchain Technologies PLC
CEO and Chairman
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2025
Note Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
(Unaudited) (Unaudited) (Audited)
Continuing operations €’000 €’000 €’000
Revenue - - -
- - -
Administrative expenses (1,507) (1,111) (2,977)
Other operating income - - -
Operating loss (1,507) (1,111) (2,977)
Other gains and losses - - 89
Share of loss from equity-accounted associates - - (241)
Finance charges (30) (231) 124
Loss before tax (1,537) (1,342) (3,005)
Taxation - - 152
Loss for the period attributable to owners of the parent (1,537) (1,342) (2,853)
Other comprehensive income/(loss) - - -
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD ATTRIBUTABLE TO OWNERS OF THE PARENT (1,537) (1,342) (2,853)
Earnings per share:
Basic loss per share (cents) (€0.107) (€0.104) (€ 0.221)
Diluted loss per share (cents) (€0.080) (€0.056) (€ 0.150)
GROUP STATEMENTS OF FINANCIAL POSITION
AT 30 JUNE 2025
Note As at 30 June 2025 €’000 (Unaudited) As at 30 June 2024 €’000 (Unaudited) As at 31 December 2024 €’000 (Audited)
Non-current assets
Intangible assets 2 2 2
Property, plant and equipment 123 141 115
Financial assets at fair value through profit and loss 2 322 162
Investments in equity-accounted associates - 7 -
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 liabilities 3,303 4,281 2,447
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 31 DECEMBER 2024
Group Share capital €’000 Share premium account €’000 Other reserves €’000 Retained losses €’000 Total equity €’000
At 1 January 2024 9,219 54,165 14,228 (80,159) (2,547)
Total comprehensive loss for the year - - - (2,853) (2,853)
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 30 JUNE 2024
Group Share capital €’000 Share premium account €’000 Other reserves €’000 Retained losses €’000 Total equity €’000
At 1 January 2024 9,219 54,165 14,228 (80,159) (2,547)
Total comprehensive loss for the period - - - (1,342) (1,342)
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 30 JUNE 2025
Group Share capital €’000 Share premium account €’000 Other reserves €’000 Retained losses €’000 Total equity €’000
At 1 January 2025 9,219 54,165 14,237 (83,012) 5,391
Total comprehensive loss for the period - - - (1,537) (1,536)
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 30 JUNE 2025
Six months to 30 June 2025 (Unaudited) €’000 Six months to 30 June 2024 (Unaudited) €’000 Year ended 31 December 2024 (Audited) €’000
Cash used in operations
Loss before tax (1,537) (1,342) (3,005)
Impairment of investments 228 74 241
Impairment of intercompany receivables - - 3
Impairment of other assets - - 55
Finance charges 30 231 (124)
Depreciation expense 1 28 55
Decrease/(increase) in receivables 145 176 1,240
(Decrease)/increase in payables (51) 331 (145)
Share based payments - - 9
R&D tax credit received (152) - -
Net cash (outflow)/inflow from operating activities (1,336) (502) (1,671)
Cash flows from investing activities
Purchase of property, plant and equipment 7 - 1
Interest received 31 29 -
Net cash inflow from investing activities 38 29 1
Cash flows from financing activities
Proceeds from capital issue 2,395 -
Net interest paid (2) - 51
Net cash inflow/(outflow) from financing activities 2,393 - 213
Net increase/(decrease) in cash for the period 1,095 (473) (1,457)
Cash and cash equivalents at beginning of year 604 2,057 2,057
Exchange differences 7 - 4
Cash and cash equivalents at end of period 1,706 1,584 604
NOTES TO THE FINANCIAL STATEMENTS
1. General Information
Quantum Blockchain Technologies plc is a company incorporated and domiciled in
England and Wales. The Company’s ordinary shares are traded on the AIM
market of the London Stock Exchange. The address of the registered office is
First Floor, 1 Chancery Lane, London, England, WC2A 1LF.
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 Italy and, more recently, technology sectors. The focus of
management is to pursue the monetisation of all of the Company’s existing
assets, through selected realisations, court-led recoveries of misappropriated
assets and substantial debt-recovery processes. The Company has also realigned
its strategic focus to technology related investments, with special regard to
interactive media, blockchain and AI sectors.
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 Quantum Blockchain Technologies Plc are
unaudited consolidated financial statements for the six months ended 30 June
2025 which have been prepared in accordance with UK adopted international
accounting standards. They include unaudited comparatives for the six months
ended 30 June 2024 together with audited comparatives for the year ended 31
December 2024.
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 31 December 2024 have been reported on by the company’s
auditors and have been filed with the Registrar of Companies. The report of
the auditors was qualified in respect of the valuation of the investment in
Geosim Systems Ltd. The report of the auditor also contained an emphasis of
matter paragraph in respect of a material uncertainty regarding going concern.
Aside from the limitation of scope relating to Geosim Systems Ltd, the
auditor’s report did not contain any statement under section 498 of the
Companies Act 2006.
The interim consolidated financial statements for the six months ended 30 June
2025 have been prepared on the basis of accounting policies expected to be
adopted for the year ended 31 December 2025, which are consistent with the
year ended 31 December 2024.
Going concern
The Group’s activities generated a loss of €1,537,000 (June 2024:
€1,342,000) and had net current assets of €3,176,000 as at 30 June 2025
(June 2024: net current assets €3,809,000). The Group’s operational
existence is still dependent on the ability to raise further funding either
through an equity placing on AIM, or through other external sources, to
support the on-going working capital requirements.
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 June 2025 Six months to 30 June 2024 Year to 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 ordinary shares (000’s) 1,435,993 1,291,314 1,102,309
Diluted weighted average number of ordinary shares (000’s) 2,197,383 2,043,195 1,727,130
Basic and fully diluted earnings per share:
Basic earnings per share (€0.107) (€0.104) (€0.382)
Diluted earnings per share (€0.080) (€0.056) (€0.256)
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 FCA regulations, which identify, invest in, and acquires
companies, assets and projects in the technology sector which show excellent
growth potential on a stand-alone basis, and which would add value to the
Company’s portfolio of investments.
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 Europe, but investments may also
be considered in other regions to the extent the Board considers that valuable
opportunities exist, and positive returns can be achieved.
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: Quantum
Blockchain Technologies PLC, First Floor, 1 Chancery Lane, London, England,
WC2A 1LF.
Copyright (c) 2025 PR Newswire Association,LLC. All Rights ReservedRecent news on Quantum Blockchain Technologies
See all newsREG-Quantum Blockchain Technologies Plc: Interim Results
AnnouncementREG-Quantum Blockchain Technologies Plc: Result of AGM
AnnouncementREG-Quantum Blockchain Technologies Plc: REPO Rollover
AnnouncementREG-Quantum Blockchain Technologies Plc: Final Results
AnnouncementREG-Quantum Blockchain Technologies Plc: Business Update
Announcement