Half-year Results
H1 2025 interim results show €1.5m loss but cash position improved to €1.7m following £2m placing; R&D progress on mining technologies.
- Operating loss €1.5m (prior €1.1m (H1 2024))
- Total comprehensive loss €1.5m (prior €1.3m (H1 2024))
- Cash and cash equivalents €1.7m (prior €0.6m (31 Dec 2024))
- Net liabilities €4.5m (prior €5.4m (31 Dec 2024))
- Net current assets €3.2m (prior €2.1m (31 Dec 2024))
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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.
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
General Information
Accounting policies
Basis of preparation
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.
Risks and uncertainties
www.quantumblockchaintechnologies.com. The key financial risks are liquidity and credit risk.
Critical accounting estimates
Loss per share
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) |
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.
Copies of Interim Accounts
Copies of the interim results are available at the Group’s website at www.quantumblockchaintechnologies.co.uk.
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