REG - Sundae Bar PLC - Interim Results

Sundae BarAnnouncement

27/06/2025 17:15

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RNS Number : 8369O  Sundae Bar PLC  27 June 2025

27 June 2025

 

Sundae Bar Plc

 

("sundae_bar" or the "Company")

 

Interim Results for six-month period ending 31 March 2025

 

Sundae Bar Plc (AIM: SBAR), a company creating a marketplace for AI Agents, is
pleased to announce its unaudited Interim Results for the six-month period
ended 31 March 2025. A copy of the Interim Results will shortly be available
on the Company's website corporate.sundaebar.ai

 

 

Chairman's report

 

I am pleased to present the interim results of Sundae Bar PLC (formerly Kondor
AI PLC) for the financial period from 1 October 2024 to 31 March 2025.

 

This reporting period marks a pivotal point in the Company's evolution as
during this time the Company's focus was on completing the acquisition of Ora
Technology PLC ("Ora") and moving to AIM, which completed shortly after the
period end.

 

On 7 May 2025, we formally changed our name to Sundae Bar PLC to better
reflect our strategic direction and the focus of our platform: a dynamic,
full-service marketplace for AI agents. The name change signals our transition
from a development-stage AI product to a broader technology platform aimed at
empowering AI creators in the same way e-commerce platforms have enabled
entrepreneurs.

 

A key milestone in this transformation was the acquisition of Ora, completed
shortly after the period end. Ora brings deep technical expertise, and a
complementary AI platform focused on enterprise-grade tooling. It
significantly accelerates our roadmap to developing a dynamic platform that
will serve as a marketplace for AI Agents, strengthens our engineering
capacity, and adds valuable infrastructure to support a growing suite of
modular AI services. It also reinforces our vision for Sundae Bar as a "Sundae
bar" of AI offerings-allowing users to combine capabilities tailored to their
needs, whether through prebuilt agents or customisable components.

 

Over the last couple of years, we have made substantial progress in enhancing
our product and platform capabilities. Building upon the early success of our
AI image-to-text technology, we have evolved into a more comprehensive
solution for AI creators and developers. The platform-now branded as Sundae
Bar-provides tools for creating, customizing, and monetizing AI agents,
opening scalable commercial pathways for both individual developers and
enterprise users.

 

During the period under review, the Company generated no revenue and recorded
a loss before tax of £824,808, in line with expectations for an early-stage,
high-growth technology venture. Operating expenses primarily relate to
continued product development, platform infrastructure investments, and costs
associated with corporate governance and public company compliance.

 

Corporate governance remains a priority as we mature as a public company. The
Board and its committees-covering audit and risk, remuneration, and rule
compliance-have been active in setting a robust governance foundation to
support our long-term growth.

 

Looking ahead, we remain focused on expanding the capabilities and commercial
reach of the Sundae Bar platform. As AI development enters a phase of rapid
acceleration and adoption, we believe our platform is well positioned to serve
as a vital layer for the monetisation and deployment of AI agents. The Company
successfully raised £2 million and was admitted to trading on AIM on 3 June
2025, we believe this listing will enhance our visibility and access to
capital as we continue to scale, and we look forward to building on this
strong foundation in the months ahead.

 

Post period end, on 26 June 2025 the Company also announced the launch of a
WRAP retail offer and the adoption of a Bitcoin Treasury Management Policy
reflecting the Board's belief that digital assets can serve as an effective
store of value and inflation hedge. This policy represents a financial
strategy decision and complements, but does not alter, the Company's core
business operations as an AI marketplace platform connecting AI Agent
developers with businesses.

 

On behalf of the Board, I would like to thank our shareholders, users, and
partners for their continued support, and extend a warm welcome to the new
shareholders who joined us following our recent admission to AIM.

 

Jonathan Bixby

Chairman

Sundae Bar PLC

27 June 2025

 

 

Statement of Profit or Loss

for the six months ended 31(st) March 2025

 

 

                                       Unaudited               Audited
                                       Six months ended 31     Year ended 30 September

                                       March
                                 Note  2025 (£)    2024 (£)    FY 2024 (£)
 CONTINUOUS OPERATIONS

 Revenue                               -           -           -
 Administrative expenses               (575,756)   (455,356)   (791,174)
 Other operating expenses              (249,054)   (249,054)   (498,108)
 Operating loss                        (824,810)   (704,410)   (1,289,282)
 Finance income                        2           20          932
 Loss before income tax                (824,808)   (704,390)   (1,288,350)
 Income tax                            -           -           -
 Loss for the period                   (824,808)   (704,390)   (1,288,350)

 Earnings per ordinary share:
 Basic earnings per share (p)    3     (0.53)      (0.45)      (0.83)
 Diluted earnings per share (p)  3     (0.39)      (0.33)      (0.60)

 

 

 

 

Statement of Financial Position

31(st) March 2025

 

                               Unaudited                     Audited
                               Six months ended 31 March     Year ended 30 September
                               2025 (£)        2024 (£)      FY 2024 (£)
 ASSETS
 Intangible assets             249,698        174,698        249,698

 Trade and other receivables   50,850         141,910        30,406
 Cash and cash equivalents     83,380         972,198        610,642
 Total current assets          134,230        1,114,108      641,048
 Total assets                  383,928        1,288,806      890,746

 EQUITY
 Called up share capital       180,050        180,050        180,050
 Share premium                 1,468,650      1,468,650      1,468,650
 Share-based payment reserve   747,162        249,054        498,108
 Retained earnings             (2,130,174)    (721,406)      (1,305,366)
 Total equity                  265,688        1,176,348      841,442

 LIABILITIES
 Trade and other payables      118,240        112,458        49,304
 Total liabilities             118,240        112,458        49,304
 Total equity and liabilities  383,928        1,288,806      890,746

 

 

 

 

Cash Flow Statement

for the six months ended 31(st) March 2025

 

 

                             Unaudited                                                    Audited
                             Six months ended 31 March                                    Year ended 30 September
                             2025 (£)                                      2024 (£)       FY 2024 (£)

 OPERATING ACTIVITIES
 Loss for the period                                     (824,808)        (704,390)       (1,288,350)
 Adjustments:
 Share based payment reserve                             249,054          249,054         498,108
 Finance Income                                          (2)              (20)            (932)

 Working capital adjustments
 (Increase)/decrease in trade and other receivables      (20,443)         (141,910)       (30,406)
 (Decrease)/increase in trade and other payables         68,936           95,442          32,288
 Net cash used in operating activities                   (527,263)        (501,824)       (789,292)

 Investing activities
 Purchase of intangible fixed assets                     -                (174,698)       (249,698)
 Interest received                                       2                20              932
 Net cash (used in)/from financing activities            2                (174,678)       (248,766)

 Financing activities
 Share issue                                             -                180,050         180,050
 Share premium                                           -                1,468,650       1,468,650
 Net cash (used in)/from financing activities            -                1,648,700       1,648,700

 Net decrease in cash and cash equivalents               (527,261)        972,198         610,642
 Cash and cash equivalents at start of period            610,642          -               -
 Cash and cash equivalents at end of period              83,381           972,198         610,642

 

 

 

 

Notes to the Financial Statements

for the six months ended 31(st) March 2025

 

1.     STATUTORY INFORMATION

 

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 Salisbury House, London Wall, London, United Kingdom, EC2M 5PS.

 

The principal activity of the company in the period under review was the
development of an Artificial Intelligence based application.

 

2.     BASIS OF PREPARATION

 

The interim financial statements of the Company for the six months ended 31
March 2025, which are unaudited, have been prepared in accordance with
UK-adopted international accounting standards and with those parts of the
Companies Act applicable to companies reporting under IFRS. The financial
statements have been prepared using the accounting policies consistent with
those disclosed in the 30 September 2024 annual report.

 

These financial statements have been prepared under the historical cost
convention, as modified by the revaluation of assets and liabilities at fair
value.

 

The financial information contained in the interim report does not constitute
statutory accounts as defined in Section 435 of the Companies Act 2006.  The
financial information for the six months ended 31 March 2025 and for the six
months ended 31 March 2024 have neither been audited nor reviewed by the
Company's auditors. The comparative financial information for the year ended
30 September 2024 is based on the audited financial statements for that
period.

 

As permitted this interim report has been prepared in accordance with the AQSE
Growth Market Rules for Issuers and not in accordance with IAS 34 "Interim
Financial Reporting" therefore it is not fully compliant with IFRS.

 

The financial statements are presented in Great British Pounds (GBP) rounded
to the nearest GBP1.

 

 

3.     LOSS PER SHARE

 

Loss per share is calculated by dividing the losses available to ordinary
shareholders by the weighted average of ordinary shares totalling 180,050,010
for the six months ended 31 March 2025.

 

Basic earnings per share is calculated by dividing the earnings attributable
to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.

 

Diluted earnings per share is calculated by using the weighted average number
of shares adjusted to assume the conversion of all dilutive potential ordinary
shares.

 

4.     EVENTS AFTER THE REPORTING PERIOD

 

After the period end, on 1 May 2025, the Company announced that it had
acquired more than 50% of the share capital of Ora Technology Plc ("Ora"),
resulting in ownership of 99.77% of Ora's issued share capital. As a result of
this acquisition, the Company's listing on the Aquis Stock Exchange was
cancelled. Subsequently, the Company successfully raised £2 million and was
admitted to trading on AIM on 3 June 2025.

 

On 26 June 2025 the Company also announced the launch of the WRAP Retail Offer
and the adoption of a Bitcoin Treasury Management Policy reflecting the
Board's belief that digital assets can serve as an effective store of value
and inflation hedge. Full details of these developments are available in the
Company's announcements dated 26 June 2025 available on
corporate.sundaebar.ai.

 

For further information please 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)
 Yellow Jersey PR Limited       Charles Goodwin & Annabelle Wills      +44 (0) 20 3004 9512

 (Financial PR)

 

Further information on the Company can be found on its website at sundaebar.ai
and corporate.sundaebar.ai

 

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.

 

 

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