Quantum Blockchain Technologies, the AIM-listed technology investment company focused on disruptive proprietary Bitcoin mining technology, continued to invest in research and development throughout the first half of 2022, according to recently published interim results.
As a company still in its R&D phase, Quantum Blockchain had no top line as of June 30.
The group’s net liabilities reduced 25% to €2.1mln against the last interim call, while an extension in bond maturity dates improved the current net asset position.
Operating losses ramped up 194% to €2.1mln (£1.8mln) equalling -€0.28 per share, partly due to recognition of share options totaling €1.3mln.
Cash and cash equivalents at the end of the first half came to €1.3mln; proceeds from a 2021 capital issue were offset by €897,000 in outflows from operating activities.
“Although the company is still dealing with some Legacy Assets (related to litigations and previous investments), QBT’s focus is fully on the technology side of the business, with an extensive team of researchers aiming on delivering a novel solution to mining BTC,” stated the company.
QBT shares are currently trading at 1.42p as of September 21.