REG - Sundae Bar PLC - Interim Results for Six Months Ended 31 March 2026
27/05/2026 07:00
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RNS Number : 7823F Sundae Bar PLC 27 May 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/
(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/
(https://corporate.sundaebar.ai/) or contact:
Sundae Bar Plc Jill Kenney +44 (0) 20 3004 9512
Beaumont Cornish Limited Roland Cornish & Asia Szusciak +44 (0) 20 7628 3369
(Nominated Adviser)
Clear Capital Markets Limited Bob Roberts +44 (0) 20 3869 6080
(Broker)
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 Total
Sub-net
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 Total
Share premium
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 5(th) 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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