Interim Results for Six Months Ended 31 March 2026
For immediate release
27 May 2026
Sundae Bar PLC
("sundae_bar" or the "Company")Interim Results for the Six Months Ended 31 March 2026
Sundae Bar Plc (AIM: SBAR), the enterprise platform deploying AI agents for business, announces its unaudited interim results for the six months ended 31 March 2026 (the "Interim Results"). A copy of the Interim Results will shortly be available on the Company's website https://corporate.sundaebar.ai/
Chairman's report
I am pleased to present the Company's unaudited interim results for the six months ended 31 March 2026, sundae_bar's first full interim reporting period since admission to AIM on 3 June 2025.
At Admission, the Company outlined a phased strategy focused on developing the sundae_bar marketplace platform, launching a commercial beta product, onboarding developers, integrating monetisation infrastructure and growing marketplace adoption.
During the period, the Company made substantial progress against these objectives. The sundae_bar marketplace is now live and the Company completed the rollout of integrated payments infrastructure, launched its Enterprise Offering and recognised its first revenues from enterprise AI agent deployment contract, consistent with its stated objective of becoming revenue-generating within 12 months of Admission.
Alongside execution of the original marketplace strategy, the Company expanded its technical infrastructure through Subnet 121 ("SN121"), the Company's decentralised competitive AI development and benchmarking network.
The Company has transitioned from an early-stage development business into one with a live commercial platform and a growing decentralised AI development network designed to accelerate capability generation without needing to scale the internal engineering team at the same pace.
Operational Highlights
In September 2025, we formally released our strategic plan for Subnet 121 ("SN121"), the Company's decentralised evaluation environment on the Bittensor network. SN121 allows the Company to source commercially valuable AI workflows and business functions from a global developer network, where developers compete to improve capabilities against real-world demand signals identified through the sundae_bar marketplace.
Successful submissions are benchmarked and deployed onto the marketplace as standalone products or integrated into broader enterprise agent solutions. This model allows the Company to accelerate capability generation without proportionally increasing internal engineering costs, while continuously expanding its commercial AI offering and reusable library of business capabilities.
SN121 has continued to mature, with more than 1,600 submissions evaluated to date and the subnet currently generating approximately 1,296 Alpha Tokens per day to the Company in its capacity as subnet owner.
Our marketplace platform at sundaebar.ai now hosts more than 300 AI agents and workflows across functions including HR automation, marketing operations and trading. In February 2026, we launched our Enterprise Offering, enabling direct enterprise deployments while continuing to expand the platform's commercially deployable capabilities.
On 5 November 2025, the Company completed a placing of 16,666,667 ordinary shares at 6 pence per share, raising gross proceeds of £1.0 million. Alongside this, an additional 483,403 WRAP Retail Offer Shares raised a further £29,004. A further 250,000 shares were issued in February 2026 following the exercise of warrants.
Financial and Operational Review
The Company continues to generate Alpha Token emissions through its ownership and operation of SN121, together with additional staking-related rewards. During the period from October 2025 to March 2026, the Company generated a total of 302,684 Alpha Tokens.
The Board expects the Company's operating cost base to reduce during the second half of the calendar year as a result of decreasing startup revenue-share obligations related to SN121, lower developer overhead through increased internal automation, and the non-recurrence of certain one-off costs recognised during the period, including approximately £0.3 million relating to digital asset partnerships.
As the Company continues to scale marketplace activity, enterprise deployments and SN121 participation, the Board believes the business is progressing toward a significantly improved operating result.
The average Alpha Token price during the Interim Results period was £2.36, compared with an average price of £1.43 since the period end.
Post Period-End and Outlook
On 14 May 2026, the Company announced the deployment of seven autonomous AI agents across its internal technology function, effectively doubling the size of the technology team. These agents are being deployed to automate key components of the SN121 incentive mechanism, including identifying commercially valuable AI capabilities, generating evaluation challenges, benchmarking submissions, and expanding the range of deployable agent skills and enterprise workflows available through the marketplace. The deployment is expected to reduce manual workloads by over 80% and serves as a real-world demonstration of the operational capabilities being developed and commercialised through the sundae_bar platform.
The Board believes this creates a scalable development flywheel whereby real-world business demand informs new SN121 challenges, developers compete to deliver the highest-performing capabilities, and successful outputs are deployed commercially through the sundae_bar marketplace.
The Company's first 1,600+ agent submissions have already contributed toward the development of multiple enterprise-focused products now entering beta deployment, including Crumble, an AI security review agent, and Scoop, an AI-powered email generation agent.
The Board believes continued automation of the SN121 incentive mechanism, combined with growing marketplace activity, enterprise deployments and Alpha Token generation, positions the Company to operate with increasing efficiency and scalability as the platform matures.
The Board's priorities for the remainder of the financial year are to continue scaling the Company's Enterprise Offering, expand the marketplace catalogue of AI agents and agent skills, increase developer participation on SN121, further automate the subnet's benchmarking and challenge-generation systems, and prudently manage the Company's combined sterling and digital asset treasury.
Enterprise adoption of AI agents is increasingly moving from experimentation into procurement, particularly around workflow automation, operational efficiency and internal business tooling. The Board believes sundae_bar is well positioned, both technically and commercially, to participate in this transition.
On behalf of the Board, I would like to thank our shareholders, employees, developer community and advisers for their continued support.
Jonathan Bixby
Chairman
Sundae Bar PLC
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
For further information, please visit https://corporate.sundaebar.ai/ or contact:
Sundae Bar Plc
Jill Kenney
+44 (0) 20 3004 9512
Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish & Asia Szusciak
+44 (0) 20 7628 3369
Clear Capital Markets Limited
(Broker)
Bob Roberts
+44 (0) 20 3869 6080
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
About sundae_bar
Following its AIM admission in June 2025, sundae_bar is building a commercial platform for AI agents focused on real business workflows.
The Company is developing AI agents and AI agent skills through Subnet 121 ("SN121"), its decentralised training and evaluation environment on the Bittensor network. SN121 enables global developers to compete to improve performance against structured, real-world benchmarks, with improvements measured through objective evaluation.
Alongside this, sundae_bar operates a live enterprise marketplace where businesses can discover, deploy, and manage specialised AI agents across operational functions including marketing, finance, research, and workflow automation.
The platform is designed to provide businesses with access to specialised AI tools through a single integrated environment, while supporting continuous improvement through open competition, structured evaluation, and commercial deployment.
Sundae Bar PLC
Statement of Comprehensive Income
for the six months ended 31st March 2026
(Unaudited)
(Unaudited)
(Audited)
Six months to
Six months to
Year ended
31 March
31 March
30 September
Notes
2026
2025
2025
£
£
£
Revenue
7,944
-
-
Other operating income
4.
711,948
-
81,512
Other operating expenses
(1,004,332)
(575,756)
(924,652)
Fair value loss on intangible assets
(290,808)
-
-
Share based payments
-
-
(358,003)
Operating loss
(575,248)
(575,756)
(1,201,143)
Acquisition costs
-
-
(685,912)
Impairment of goodwill
-
-
(25,079,236)
Finance income
6
2
6
Finance costs
-
-
(1,181)
Loss before taxation
(575,242)
(575,754)
(26,967,466)
Income tax
-
-
34,154
Loss for the period
(575,242)
(575,754)
(26,933,312)
Other comprehensive (loss)/gain
Fair value (loss)/gain on revaluation of fixed assets
(28,002)
-
28,002
Other comprehensive income
(28,002)
-
28,002
Total comprehensive loss for the period
(603,244)
(575,754)
(26,905,310)
Basic earnings per share - p
3.
(0.14)
(0.37)
(0.10)
Sundae Bar PLC
Statement of Financial Position
for the six months ended 31st March 2026
(Unaudited)
(Unaudited)
(Audited)
Six months to
Six months to
Year ended
31 March
31 March
30 September
Notes
2026
2025
2025
£
£
£
ASSETS
Non-current Assets
Intangible assets
4.
1,341,252
249,698
710,193
Current Assets
Trade and other receivables
5.
131,501
50,850
276,123
Cash and cash equivalents
468,157
83,380
658,878
Total current assets
599,658
134,230
935,001
TOTAL ASSETS
1,940,910
383,928
1,645,194
EQUITY AND LIABILITIES
Equity attributable to owners
Called up share capital
7.
429,990
180,050
412,590
Share premium
25,611,741
1,468,650
24,776,905
Share-based payment reserve
5,514,959
1,568,249
5,520,676
Revaluation surplus
-
-
28,002
Retained earnings
(29,884,060)
(2,951,261)
(29,308,818)
Total Equity and Reserves
1,672,630
265,688
1,429,355
LIABILITIES
Current Liabilities
Trade and other payables
6.
268,280
118,240
215,839
Total liabilities
268,280
118,240
215,839
Total Equity and Liabilities
1,940,910
383,928
1,645,194
Sundae Bar PLC
Cash Flow Statement
for the six months ended 31st March 2026
(Unaudited)
(Unaudited)
(Audited)
Six months to
Six months to
Year ended
31 March
31 March
30 September
2026
2025
2025
Notes
£
£
£
Net cash flow used in operating activities
1.
(735,314)
(527,263)
(1,650,810)
Cash flows from investing activities
Purchase of intangible fixed assets
(306,281)
-
(155,215)
Cash from subsidiary
-
-
134,790
Payments on behalf of group company
-
-
(118,745)
Finance costs
(1,541)
-
(1,184)
Finance income
179
2
9
Net cash flow (used in)/from investing activities
(307,643)
2
(140,345)
Cash flows from financing activities
Share issue
17,400
-
25,860
Share premium
834,836
-
2,068,734
Cost of listing - cash outflow
-
-
(255,203)
Net cash from financing activities
852,236
-
1,839,391
Net increase/(decrease) in cash and cash equivalents
(190,721)
(527,261)
48,236
Cash and cash equivalents at beginning of period/year
658,878
610,642
610,642
Cash and cash equivalents at end of period/year
468,157
83,381
658,878
Sundae Bar PLC
Notes to the Statement of Cash Flows
for the six months ended 31st March 2026
1. RECONCILIATION OF LOSS BEFORE INCOME TAX TO CASH USED IN OPERATIONS
(Unaudited)
(Unaudited)
(Audited)
Six months to
Six months to
Year ended
31 March
31 March
30 September
2026
2025
2025
£
£
£
Cash flows from operating activities
Loss for the period/year
(575,242)
(575,754)
(26,933,312)
Share-based payment charge
(5,717)
-
358,003
*Alpha emissions
(1,464,486)
-
(81,512)
Alpha disposal
450,129
-
1,899
Crypto revaluation
661,578
-
(11,942)
Impairment of goodwill
-
-
25,094,060
Decrease/(increase) in debtors
144,621
(20,443)
(245,717)
Increase in creditors
52,441
68,936
166,536
Foreign exchange differences
(173)
-
(3)
Finance costs
1,541
-
1,184
Finance income
(6)
(2)
(6)
Net cash flow used in operating activities
(735,314)
(527,263)
(1,650,810)
*Alpha emissions are excluded from the cash flow statement as the emissions increase the Alpha holdings and are not a cash movement.
Sundae Bar PLC
Statement of Changes in Equity
for the six months ended 31st March 2026
Ordinary
Share-based
share
Share
payment
Revaluation
Retained
capital
premium
reserve
reserve
earnings
Total
£
£
£
£
£
£
Balance at 30th
September 2025
412,590
24,776,905
5,520,676
28,002
(29,308,818)
1,429,355
Issue of share capital
17,150
1,011,854
-
-
-
1,029,004
Listing costs
-
(184,985)
-
-
-
(184,985)
Total comprehensive loss
-
-
-
(28,002)
(575,242)
(603,244)
Exercise of warrants
250
7,967
(5,717)
-
-
2,500
Balance at 31st
March 2026
429,990
25,611,741
5,514,959
-
(29,884,060)
1,672,630
Ordinary
Share-based
share
Share
payment
Revaluation
Retained
capital
premium
reserve
reserve
earnings
Total
£
£
£
£
£
£
Balance at 30th
September 2024
180,050
1,468,650
1,568,249
-
(2,375,507)
841,442
Issue of share capital
-
-
-
-
-
-
Listing costs
-
-
-
-
-
-
Total comprehensive loss
-
-
-
-
(575,754)
(575,754)
Issue of share options
-
-
-
-
-
-
Balance at 31st
March 2025
180,050
1,468,650
1,568,249
-
(2,951,261)
265,688
Sundae Bar PLC
Notes to the Financial Statements
for the six months ended 31st March 2026
1. Information on the Company
Sundae Bar PLC is a public company limited by shares, registered in England. The company's registered number is 13714088 and its registered office address is 6th Floor 99 Gresham Street, London, England, EC2V 7NG.
The principal activity of the Company in the period under review was the development of an artificial intelligence based application. The Company's shares are admitted to trading on AIM, a market operated by the London Stock Exchange.
2. Basis of preparation and principal accounting policies
This interim financial information was approved for issue by the Board on 26 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 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. Earnings per share
Basic earnings per share is calculated by dividing the loss (including other comprehensive income) attributable to equity holders of the Company by the weighted average number of Ordinary Shares in issue during the period. Diluted earnings per share is not calculated as the company is loss making therefore outstanding warrants are not dilutive.
31 March
31 March
30 September
2026
2025
2025
£
£
£
Loss used to calculate basic and diluted earnings per share
(603,244)
(575,754)
(26,905,310)
Basic earnings per share - p
(0.14)
(0.37)
(0.10)
4. Intangible assets
Development costs
Cryptocurrencies
Sub-net
Total
COST
£
£
£
£
b/f 1 October 2025
435,421
199,772
75,000
710,193
Additions
-
2,746,326
-
2,746,326
Revaluation
-
(917,080)
-
(917,080)
Disposals
-
(1,198,188)
-
(1,198,188)
Impairment
-
-
-
-
NET BOOK VALUE
At 31st March 2026
435,421
830,830
75,000
1,341,252
NET BOOK VALUE
At 30th September 2025
435,421
199,772
75,000
710,193
Cryptocurrencies and Alpha Token emissions
The Company holds Alpha Tokens, which are classified as intangible assets in accordance with IAS 38. Alpha Tokens are received as emissions from the Company's ownership and operation of Subnet 121 on the Bittensor network, and are recognised as other operating income at fair value on the date of receipt, in accordance with IAS 1. As there is no active quoted market for fungible ALPHA, a level 2 valuation (per IFRS 13) is applied, based on the conversion of ALPHA to TAO and TAO to GBP using quoted market day rates.
Following initial recognition, Alpha Token holdings are carried at fair value. Increases in carrying value are recognised in other comprehensive income and credited to the revaluation reserve. Decreases that reverse previously recognised gains are charged against the revaluation reserve; all other decreases are recognised in the Statement of Profit or Loss as a fair value loss on intangible assets.
Disposals are recognised at the carrying value of the tokens at the date of sale, with any surplus or deficit recognised in the Statement of Profit or Loss.
5. Trade and other receivables
31 March
31 March
30 September
2026
2025
2025
£
£
£
Trade Debtors
7,904
-
-
Other Debtors
532
-
876
R&D tax claim
-
-
34,154
Prepayments
99,333
15,194
228,166
VAT
23,732
35,656
12,926
Trade and other receivables
131,501
50,850
276,123
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.
6. Trade and other payables
31 March
31 March
30 September
2026
2025
2025
£
£
£
Trade Creditors
43,355
93,661
20,498
Accrued Expenses
103,784
24,562
56,500
Social security payable
1,822
-
-
Other Creditors
119,319
17
138,841
Trade and other payables
268,280
118,240
215,839
All liabilities are payable on demand or have payment terms of less than 90 days.
7. Share capital and share premium
Number of Shares
Share capital
Share premium
Total
No.
£
£
£
b/f 1 October 2025
412,589,981
412,590
24,776,905
25,189,495
Issue of ordinary shares
17,150,070
17,150
1,011,854
1,029,004
Exercise of warrants
250,000
250
7,967
8,217
Listing costs
-
-
(184,985)
(184,985)
At 31st March 2026
429,990,051
429,990
25,611,741
26,041,731
On 5th November 2025, 17,150,070 shares were allotted with a nominal value of £0.001 each with a premium of £0.06.
During the period, warrants over ordinary shares were exercised. The warrants had originally been issued with a subscription price of £0.01 per share and became exercisable following admission. As a result of the exercise, the Company issued 250,000 additional ordinary shares, with the nominal value recognised in share capital and the excess proceeds over nominal value recognised in share premium.
The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any right of redemption.
8. Significant events and transactions
There are no significant events or transactions that require disclosure.
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