LONDON - Insig AI plc (AIM:LON:INSG), a provider of data science and machine learning solutions for the asset management sector, announced its unaudited interim results for the six months ending September 30, 2024. The company reported an adjusted EBITDA loss of £0.4 million, consistent with the prior year's results. Despite the reported loss, Insig AI highlighted a significant increase in its sales pipeline and growth in revenue post the half year end.
The company noted that its sales pipeline has quadrupled to more than £2.5 million in the last six weeks due to a new business development strategy and a clearly defined value proposition. CEO Richard Bernstein expressed confidence in the company's prospects for 2025, citing increased engagement with regulators and potential strategic partners, as well as the upcoming Corporate Sustainability Reporting Directive, which is expected to drive demand for the company's services.
Insig AI's interim financials showed an operating loss of £1.4 million before adjustments for depreciation and amortization. This compares to an operating loss of £1.8 million for the same period in the previous year. The company's revenue from its core machine learning and data science business remained unchanged at £0.2 million, while cash reserves stood at £0.2 million at the end of the period, down from £0.7 million the previous year. However, a £0.3 million R&D tax refund was received after the period end.
In terms of funding, CEO Richard Bernstein invested in 1,250,000 shares at 20p, and the company raised £0.8 million at 12.5p per share between April and June 2024. Insig AI also reported increased engagement with regulators and asset managers, indicating potential for future business growth.
The company's report emphasized the importance of its AI Ready ESG Data and Data Engineering services for asset managers, which are expected to improve operational efficiency and revenue growth according to industry surveys. Board changes included the appointment of Richard Bernstein as Chief Executive and John Wilson as Independent (LON:IOG) Non-Executive Chairman.
This article is based on a press release statement from Insig AI and aims to present a balanced view of the company's interim results and future prospects.
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